Your opinions, from the Big 3 to TARP
Kai Ryssdal reviews your letters and comments about a bailout of the Big Three automakers, serial-return shoppers, and a suggested new name for the Troubled Asset Relief Program -- with a stronger acronym.
Letters in a computer with red mailbox flag (iStockPhoto)
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TEXT OF LETTERS
Kai Ryssdal: Lots of you have had thoughts about our coverage of the auto industry the past couple of weeks, so I figure we'll start there.
The Big 3 are in limbo about what kind of help they might get, if any. Congress is going to hear Detroit's pleas to avoid bankruptcy once again after Thanksgiving.
HoePhua Ng from Colorado Springs, Colorado, points out that Chapter 11 doesn't always mean the end.
HoePhua Ng: They can wipe out all legacy problems and start with a clean slate. This should make them more competitve and hopefully more agile.
Martin Sager of Ann Arbor, Michigan, not to far from Detroit, says that even though Detroit CEOs didn't make a good case while they were in Washington, what they really do need is time.
Martin Sager: The auto industry saw the writing on the wall and started retooling a couple of years ago to become much leaner. We need to give them a chance to complete that transformation and start bringing those new products to market.
Speaking of products and markets, a couple of weeks ago we brought you a story about buyer's remorse. People buying something and then turning around and taking it right back after they realize they can't afford it.
Craig Ward's a bicycle retailer in Sterling, New Jersey. He says serial returners ought to think about cost before they buy.
Craig Ward: Those who shop for thrill cost retailers something that can't be recovered -- our time.
Last week our series Working profiled a miner in the Congo. A lot of you wrote to say that that story was a great example of what a global economy means to people outside this country.
Andrew Jacknain from Washington D.C. said the story touched him for a different reason.
Andrew Jacknain: There seemed to me to be a universality in this story for all people who have to face deprivation, all people who have a very difficult time keeping their family together.
On that theme of family, Jose Velez of Dallas, Texas, wrote in response to our report last week -- the one that said some financial business that aren't banks are trying to become banks so they can get their hands on bailout money. He says taxpayers could learn a thing or two.
Jose Velez: Why don't struggling American families start applying for bank status so that they can get some bailout money too.
Finally this week, Scott Swink from Los Gatos, California, wrote with this: He says he's tired of hearing about the Troubled Asset Relief Program or TARP. With all the changes in the way that plan's being carried out by Treasury Secretary Henry Paulson, the name needs to change too.
Think about it for a second. All right.Scott Swink: Credit Relief Alternative Plan.
Comments
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From Vallejo, CA, 11/26/2008
Love your show....my husband and I listen everyday on our station KQED. This week we discussed the oil companies, Chevron, Exxon, Shell, and others, who posted the largest profits of any companies in history over the last 5 quarters... would they have any 'loans' they could offer up to the Big Detroit 3? Somehow, this makes sense to me....it seems that Detroit and other automobile towns will soon be posting 'Potterville' like headlines as the caroling season begins and the bailout season continues... where will it end?
From Ames, IA, 11/26/2008
I couldn't help but seeing on the CBS early morning show, that as much money as they have just "taken" from taxpayers for this bailout plan, that they could give $24,000 to every single person in the U.S., including baby's and everyone. I think that is disgusting how they think they can just take our tax money for something like that. Isn't this a free country, shouldn't we be able to vote on something like this? How about us as a country full of people "lending" these banks our tax money. If a bank lends us money we pay it back with interest. So lets say people not paying taxes, such as baby's etc., it wouldn't be $24,000; it would be more like $50,000 per person. Why would they not pay us back personally with interest. After all, we're lending it, and how do we know they pay the government back? I'm so sick and tired of this government doing whatever they want with my tax money, its disgusting and time for us to stand up and not take this anymore. I think they should pay us all back personally, and pay interest to us!! Or why not just give us all this money, then we would all go spend it on houses or cars, you name it, $50,000 to each person, of our own tax money, we would totally put that right back in the economy. These people in Washington are thick-headed and we need to stand up for our rights as a large group of people. Thank-you!
11/25/2008
Auto Crisis -- "The 15% Solution"
I am not an economist. So, I expect my practical approach to reviving US auto makers will be viewed as too pragmatic or maybe too slow moving in generating dollars to the big 3. Still, I think there is merit to this conceptual scheme.
'The 15% Solution" -- One possible approach to dealing with the auto crisis: The federal government should give any one who buys a fuel efficient car from the Big a 15% instant rebate back on the selling price and an extended warranty. This program could have say a 12-18 month time limit. The total of the rebate dollars and cost of the warranty would constitute a loan the auto makers would have to pay back.
If effective, this solution would immediately jump start US auto makers by giving them a huge advantage over the competition while they work on the remaining legacy issues. Auto makers would stay employed and no money (or much less) would go directly to the car makers. I realize there may be issues re my plan in that the auto makers don't get a big $$$ infusion instantly and that they may not be able to produce/convert to fuel efficient car fast enough (due to retooling and research) without some cash ASAP. That may have to be considered.
Joseph Hare,
Hingham, MA
JoeHareJr@Aol.com
From WA, 11/25/2008
TARP - Toxic Asset Reward Program
Allowing people to create such an opaque market is criminal. Enough said.
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