Pelosi Meeting with Automakers

Speaker Pelosi is meeting with automakers to potentially help them with a bailout. GM, Ford and Chrysler are broken businesses that do not pose systematic risk to the US or the World like the banks did/do. There is absolutely no reason to bail them out and we don't even understand the logic behind the first $25B. We congress will give "the People's" (meaning taxpayers) money to you (the automakers) so you can modernize your plants to build fuel efficient cars. Well isn't this how the market is supposed to work without the intervention of the government? Seems Honda and Toyota made these adjustments without being bailed out by a government. Why should "We the People" bailout inept companies that have no long-term impact on the US/World. The main problem these businesses have outside of their pension obligations is their cost structure. GM pays its average worker $40 per hour vs. Honda's $24 per hour. Until the cost structure gets in line these companies will not compete, why should "We the People" subsidize them for bad business decisions?

The Big 3 should go into bankruptcy, break the unions, bring down pay of the average worker, and then they can compete if they build a good product. It is still questionable if they can build a good product because the unions are killing these workers and the companies. I know this will cause job losses at the outset, but Honda and Toyota have been building plants in the US for years and will continue to do so. Also, unlike the rescue of the banks, I do not see how the government can get its money back from the Big 3, if they do not fail now, they will fail later, and the government will have wasted "We the People's" hard earned money. I know people say that if we let them go into bankruptcy nobody will buy a car from a bankrupt company. That simply isn't true as the market will operate as the market always does, and if people are worried about that then I have no problem with the government guaranteeing the warranties on these cars because my guess is these companies will be around for the foreseeable future and the government will never have to write a check from "We the People's" bank account. Take a stand and let these faulty companies fail. The government wouldn't bail you or me out if we had this problem, nor would I or, hopefully, you expect them to. What we expect from our people. we should expect from these companies.