I went to New York City for the first time over winter break! It was so much fun being able to walk around and see many famous buildings and avenues. While my family and I were walking around the city, I noticed that people were shopping and spending money left and right. For a county that is in a recession, not many people are cutting back and spending less. This surprised me even more when I saw newspaper articles on the street dealing with the auto industry bailout plans. Congress is giving General Motors and Chrysler a few months and $13 plus billion dollars to rescue the failing auto industry. Not only is congress giving the companies money now, but also in a few months more money will be available for them to use. The auto industry will either flourish from the emergency bailout money or will continue to fail throughout 2009. I think that auto industry in the United States will benefit shortly from the bailout money before having to make more job and factory cuts and close down more dealerships. This is because for most of 2009 the U.S. will be in a recession and consumers will not be spending as much as before. I believe that giving only one industry bailout money while our country is in a recession and in debt already is only going to make the global financial crisis worse.
Sunday, January 04, 2009
Billion Dollar Bailouts? I Thought We Were In A Recession!
I went to New York City for the first time over winter break! It was so much fun being able to walk around and see many famous buildings and avenues. While my family and I were walking around the city, I noticed that people were shopping and spending money left and right. For a county that is in a recession, not many people are cutting back and spending less. This surprised me even more when I saw newspaper articles on the street dealing with the auto industry bailout plans. Congress is giving General Motors and Chrysler a few months and $13 plus billion dollars to rescue the failing auto industry. Not only is congress giving the companies money now, but also in a few months more money will be available for them to use. The auto industry will either flourish from the emergency bailout money or will continue to fail throughout 2009. I think that auto industry in the United States will benefit shortly from the bailout money before having to make more job and factory cuts and close down more dealerships. This is because for most of 2009 the U.S. will be in a recession and consumers will not be spending as much as before. I believe that giving only one industry bailout money while our country is in a recession and in debt already is only going to make the global financial crisis worse.
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I completely agree with this. I made a post about what I saw during this break and the amount of spending was being done. I definitely do not believe that all of the companies need to get bailouts, like you said. If one company gets the bailout, the other companies can work through their problems until the recession begins to become better. There are alternates to cars that people can take advantage of. I don’t understand why people who cannot handle the amount of money they are spending do it anyways. Everyone needs to scale back on spending, especially on luxuries, such as cars.
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