I read a quote of yours the other day in the New York Times, “I wish they could see the pride you take in building these great cars, American-made cars. And my message to them is: Don’t bet against the American worker; don’t lose faith in the American people; don’t lose faith in American industry. We are coming back.” The lack of faith Mr. President is not in the critics of bailing out American industries like the auto or the banking, but in your lack of faith that we as a people, an economy could survive without government wisdom and money.
If General Motors had been allowed to fail, the price to take it over would have either come as a purchase of the business and equipments or an increase in production of other manufacturers automobile products. Ford, Inc. is a wonderful example in a business that did not take the risks, avoided collapse and did not take federal bailout money and is not showing real profits and not propped up profits from a non refundable 25 billion dollar bailout like G.M.
The American worker is the most productive worker in the world and will in the long run work its way back to a strong economy. What has happened in this America, one were a 700 billion dollar bailout of banks and Wallstreet business and another 800 billion “stimulus” plan that has only been marginally distributed is another house of cards just like the previous one built on the housing industry. It too will soon collapse and at some point it must collapse to have a true restart and a true foundation to build an economy that is the real come back.
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