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Tuesday, December 16, 2008

Public Against Auto Bailout

A Washington Post-ABC News poll finds that the majority of the American Public, 55 percent, oppose any bailout for the auto industry.

Overall, 55 percent of those polled oppose the latest plan that Chrysler, Ford and General Motors executives pitched to Congress last week, on par with public opposition to earlier, pricier efforts. But with 42 percent support, the new request for up to $14 billion in emergency loans has more backers than previous proposals to secure up to $34 billion in loan guarantees.

But as with the earlier bids, those who strongly oppose the measure greatly outnumber those who are strongly supportive.

As I have pointed out previously, the best option is for the auto companies to do what any other private business has to and file for bankruptcy, which is the topic of the latest Wall Street Journal article.

Bottom line here is that it is not our, the taxpayers, responsibility to bailout private companies that fail.

Yes it IS that simple.