restlesscrane152 said:The reason they stepped in to bail out the auto industry? Simple. It’s one of the last massive pillars left in America. We're talking about millions of jobs on the line—not just at places like General Motors or Chrysler, but for all the suppliers and support businesses too. Huge stakes!
And yeah, you could totally call it socialism. I mean, the government stepping in to save jobs just so workers don't end up out on the street? That's basically the definition!
I wonder why they didn't step in at the very start of the 2007 crisis when the banking system, specifically Fannie Mae and Freddie Mac, began to crumble; instead, they waited until they were weakened and then moved to nationalize them. They even took over the largest bank.
Then there were the two massive banks, like Lehman Brothers, which I believe shed 1,500 employees immediately and lost $2.8 trillion in just a matter of days.
Then you have the third giant, Merrill Lynch, which lost $19.2 billion and declared bankruptcy. It was taken over by Bank of America, and everything seemed fine until about a month later when they announced they were cutting 35,000 jobs.
As for AIG—which we see on the MU jerseys—once the crisis hit, the government stepped in with an $85 billion credit line.
What happens to the small businesses? There are rumors that 1,600 small retail enterprises will lose everything and be forced to lay off their staff. Nobody seems interested in helping them.
And I am not even just talking about the state taking over the auto industry; I mean any large corporation. This is pure socialism. Imagine being a citizen, paying your taxes and saving your money, only to have a government that promises security buy up private companies with your money just to bail someone out. You get nothing from those acquisitions, and if the crisis persists—with the dollar losing value and oil prices dropping globally—it might just mean the crisis spreads further into the American economy. So, you work your whole life and pay into the system, only for the government to make a bad call on a buyout, leaving them unable to honor your hard work. Or worse, they announce layoffs because the budget is overextended. I think anyone would protest in that situation, much like what happened in France.
Thanks