Financial Help
When was the last time we (the US government) helped GM? Ford? Chrysler? Oh yes, the government provided $1.5 billion in loans to Chrysler in 1979. Without going into too much detail, Chrysler was able to achieve $2 billion in cost saving and concessions. Chrysler ultimately was able to turn a profit of $1.7 billion in the second quarter of 1984, and the government netted a profit of $660 million from it’s investment in Chrysler. Chrysler was also able to repay the loans early.
Other than that incident, Google cannot recall any other instances of a government “bailout” of any one of the three domestic automakers. Besides, I and many people agree that it is important to help our own industries, especially one of the largest, and one of a very few that is still in this country!
