Bailout

Above President Obama speaks at a GM plant.
"Obama defends auto bailouts, touts new fuel rules"

Overall Summary:

Following controversy dealing with the governments bailout of the auto industry President Obama pays a visit to a General Motors plant. President Obama also announced a necessity in developing more fuel efficient automobiles in order to be a more self-sufficient nation. Obama insists that the intervention into the industry was completely necessary to the country's economy seeing as the automotive industry supports a major amount of important finances. The bail out was supported by funds from the Troubled Asset Relief Program. The White House reports that the cost of automobiles will reasonably increase to reach the fuel-efficient standards of the 21st century.

My Opinion:

I think that the automotive bailout was a waste of the country's money yet an appropriate way to secure jobs for millions of Americans. On one side, it saved a large amount of jobs from being lost by keeping the factories and dealerships going. Yet, on the other side, after more than 20 billion dollars was already spent trying to assist the dying industry, GM and Chrysler both went bankrupt. I think it was a waste to keep handing the businesses money after they had already proved they couldn't continue further in the industry. My thought is that if they already went bankrupt it is a waste to continue spending money on them when other companies, who manage by lesser means, could also use help.