To put it in perspective, if 3 million jobs will be lost, the 25 billion that would have gone into the bailout will pay the unemployment benefits on those 3 million workers for only 4 months. Think everybody will be back at work in 4 months? Dream on. . .
The big 3 would have a fighting chance if they could get out from under those ridiculous union contracts. The easy way would be the bailout, with requirement that they do so; however, with the Dems in charge, that will never happen. Only practical way is Chapter 11, and a bankruptcy judge will do the job with the stroke of a pen.
BTW, a large part of this is the credit crunch, not lack of interest in buying cars. Local Ford/ Toyota dealer had 27 deals put together one Saturday a couple weeks ago, but could only get financing put together on 5 of them. The other 22 went home disappointed. The folks who aren't buying are the more well heeled and conservative ones, who don't need in-house financing. When's the last time someone traded in a car on a new one, who really needed the new car? Most new car buyers do so because they want to, not need to. The wiser among us are just driving that perfectly serviceable 3 year old car another year or two, until things stabilize.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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