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March 29, 2009 5:53PM

STOP THROWING HARD-EARNED TAXPAYER DOLLARS AT GM AND CHRYSLER

By Eric Bolling

Are they too big to fail, or too dumb to save?

I say: STOP THROWING HARD-EARNED TAXPAYER DOLLARS AT THESE FAILING BUSINESSES.

The Obama administration is expected to release a statement Monday regarding the future of bailout money to GM and Chrysler. After the last $17.3-billion round of bailout money was tossed to the failing auto makers in Detroit, we were supposed to get a plan which was to outline details of how these welfare-recipients would become profitable.

If GM and Chrysler were to release the promised plan, I would expect statements to read along these lines: “We are continually trying to cut costs but the recession continues to put pressure on our business … Yada yada yada … So we will need more money. Thank you, Mr. President.” 

Giving GM and Chrysler free money in the first place was a mistake. Giving them more money compounds that error. GIVING any business money kills a key component to its viability — innovation. 

In 1997, with its stock price near only $3, Apple Computer was forced to innovate. And, boy, did they.

On the verge of bankruptcy, Steve Jobs forced Apple to come up with groundbreaking and cutting-edge new products by giving the mandate: Innovate or die. The iPod, iMac and iPhone were then born and they have since revolutionized the way we listen to music, compute and communicate.

(I cannot imagine a world without those products).

Kudos to Ford (so far).

To date, Ford has found a way to stay “bailout free.” Those of you who follow me on FOX Business Network’s “Happy Hour,” FOX News Channel’s “Bulls and Bears” or Twitter know about my standing offer to Detroit. Last December, I offered to buy a vehicle from any (or all) of the Big 3 who did not take taxpayer money to survive.

So far, only Ford has not taken any government assistance. I am looking forward to a shiny, new Ford F-150 parked proudly in my driveway this summer.

Naming Rights?

If President Obama decides to hand out more of our money to GM and Chrysler, I have one request… Mr. President, do you mind if WE name the cars we are supporting?

I was thinking: the Chevy “Re-Volt.” Or,  how about renaming the Chrysler 300 the  “3 BILLION?”

 

37 Responses to “STOP THROWING HARD-EARNED TAXPAYER DOLLARS AT GM AND CHRYSLER”

  • RTodd says:

    My promise is to only do business with companies that DON’T take the bail out money; ever. We use to live in a world where failure was part of the equation, the part where we learned the most. I read a story sometime back that asked a simple question; who would you rather compete against? The Ivy League MBA or the immigrant that has no other option but to succeed.

  • Steve Wojnar says:

    We need more people with platforms to show up at this party. Honda, Toyota, Nissan, and Mercedes (among others) have proven that high-quality cars can be built in the U.S. While I don’t support the stupid giveaways state & local governments have provided to those car companies in order to make that happen, they don’t change the facts that quality vehicles are being built in the U.S. by American, NON-UNION workers. As with most of our “troubled” industries (education anyone? Anyone???), the problem stems not from the people doing the work (auto line workers, teachers), but from their union “representation.” Unions are about power, not progress. A bailout that broke the back of the UAW would almost . . . . almost be worth it.

    Bottom line? This is good money after bad. But until middle America and the “mainstream” media show the power elite that their re-elections are at risk if they don’t stop urinating our cash away through a fire hose? Nothing will change. Keep up the good fight, Eric (and FBN), but it MUST go mainstream to be effective.

  • Simon says:

    When will Congress EVER learn to listen to the people who put them there, to say nothing of the White House? NO MORE BAILOUT MONEY TO DETROIT. Prepackaged bankruptcy with warranty guarantee is the ONLY WAY. Keep up the good fight, Mr. Bolling.

  • Nancy says:

    Rick Wagoner gone…good deal! Obama making him quit…not so good. Will you keep on working on this? You’re my FAV.

  • Eric,
    Well Said !

    renato G.

  • Keep in mind that before the iMac and iPod booms, Apple had a ton of cash. It wasn’t growing but it had its own cult audience that kept them afloat. Detroit’s Big 3 Automakers are drowning in immeasurable debt both on and off the balance sheet. The government probably let them fail – they’ve given trillions of dollars to the banks and it would be a political disaster. Michigan is a battleground state, nobody wants to leave bad blood there.

  • CJ says:

    Many people in total agreement with you are looking for their comments which have not yet been posted. We want our blogs to be read by you, our hero.

  • bev brown says:

    The Mesiah, firing Wagoner, is just a smoke screen for The Mesiah’s Socialist Health Plan.
    The Mesiah has and is moving faster than anyone could ever have imagined a new President would or could move–even before he was sworn in, he was on the tube throwing his weight around, everyday. Not giving GM any more money, their Health Plan will go under for thousands of people and—-step in the Mesiah.

  • Axel says:

    As Steve W. said, keep up the good fight, Eric. We need you to turn up the volume on this issue and others that are unfair to taxpayers who have one option left, vote for honest people in 2010.

  • Keeva says:

    Well said, Eric! These automakers have been coasting for decades and ignoring the reality of their businesses. They have allowed the UAW to dictate literally everything and only put up token resistance in negotiations.

    On the other side, the WH forcing an auto CEO to step down while leaving Pandit and Lewis in place is just wrong. Compared to these 2 guys, Waggoner is CEO of the decade. I do not favor government dictating any of this, but it seems wrong to focus all that anger on GM while letting the incompetent and lying management at Citi and BofA dop whatever without comment.

    Remember, Waggoner and company lost buckets of money – their money. Pandit and Lewis lost EVERYONE’s money!

  • Steve says:

    Eric,

    You should start an anti-bailout buyers campaign. If they took govt money, dont buy their cars.

    We should force them into what should already be their reality.

    Why should car industry get NOT ONLY large sums of taxpayer money, bUT ALSO consumer who buy their cars.

    STOP BUYING BAILOUT NOW !!.

  • Diane of TX says:

    How dare a President use taxpayer money to pay back his political supporters. We all know that he won’t allow the auto companies to go bankrupt because a judge would do the sensible thing and break the Union Contract. The head of the UAW should also be fired, but we know that Obama wouldn’t fire his biggest supporter.

  • Axel says:

    I agree, Steve. I have to buy a new car very soon, but WILL NOT buy a bailout car!

  • Larry says:

    Well maybe now the UAW (U ain’t worth it) will do some thinking about concessions as they are going to loose their jobs. I worked as an outside contractor in a UAW plant and saw the lazy overpaid whiners get out of doing their jobs everyday.

  • Robert R Smith says:

    This is a good start but what we really need is to just stop buying and payong taxes. Let the country go bankrupt then we can get rid of the Federal Reserve and go back to money printed and coined by Congress. The nation can and should by out the Reserve and send them packin at the Fderal Reserves loss.

  • Tom Austin says:

    Eric, I’m well ready to join my friends & family for the tax day tea party and I hope more Americans stand up and send the message to the congress & Ohama “Enough Is Enough”

  • GM can build a Plug In & Out diesel/CNG fueled hybrid truck, sized to meet the needs of 80,000,000 working Americans, in any of their closed truck factories, now. Working Americans must have them, now. None of us can haul our crews, tools, machinery, generators, and two thousand concrete blocks, in the silly fly weight Plug In only electrics that are now the flavor of the day. The few million of those and the fuel/electric mini cars ever sold will allow our cadre of millionaire extremist environmentalists to make statements on greening America, while our GDP does not get built, serviced, or delivered, when OPEC’s terror financiers tighten the tap, next time. Working truck owners can save 30 to 60 percent of our liquid transport fuels, or replace them with bio-fuels, or US CNG fuels, now, if we can buy GM’s World Truck hybrids, using present technology batteries, and charging from the grid at off peak electric rates, and charging to the grid, or to our spare battery pod trailers, during peak electric rate hours, to pay for our investment in a million mile GM truck that lets us live off grid, farm all electric, and cut OPEC’s terror financiers off at the knees. The rest of the world’s workers need the same vehicles, now, to power their family compound, or village when the truck is not on the highway, and to use the locally produced bio-diesel that American farmers and co-ops will use to leave the grid entirely, except when we sell the grid our power, at bonus rates

  • Casey says:

    Ford = Rearden Steel. Life imitating art. Kinda’ scary.

  • Tom says:

    I just ordered a new Ford Fusion. I’m also looking at their bonds. GM and Chrysler should have gone into CH 11 in the first place. The bailout money was just a sop to the UAW. Now Obama, can say (ala Clinton re: Bin Laden), “”I did everything I could’ to save the car companies and UAW jobs and benefits.”

  • becky says:

    We just bought our Ford Truck instead of GM this year. Obama and UAW can walk off the peer for all I care!

    Thank You Ford for doing the right thing!

  • Bob Brooks says:

    I am 69 yrs.old and have bought GM cars and trucks all my life and so have my 3 sons. We will never buy anything in the future but Fords and I encourge everyone I meet to switch to Ford also. I truly hope Ford can make it on there own and I hate the fact that my tax money is going to bolster the UAW.GM and Chrysler should have gone into ch.11.

  • Is it principled carbon copy ? Already saw the yet info on this location

    Watch

  • Jim McCarthy says:

    Kudo’s to Ford for doing it right. No way to support GM with still too many brands. Keep cadillac, chevy, corvette and chevy trucks.
    By the way dont ya think wgoner got stale after 30 years at GM, very nice for him to leave with a 23 million retirement package. Shouldnt that be under the same scrutiny as other “legacy” costs most fox folks want to cut? The new guys sounds workmanlike but we’ll see. keep up the good work eric but lose cody if ya can. he is going postal. maybe he could sidekick for beck!!!!

  • Sue says:

    I agree with most everyone but I do believe Bush gave the first bailout to GM and Chrysler. I didn’t agree with that and I don’t agree that we should give them anymore. I didn’t realize how crappy GM was making their cars until all this happened. Ford had crappy cars for a long time. Fix Or Repair Daily is what they used to call them. Now some people say we should buy American. An American wouldn’t make a crappy car. No more bailout for anyone. I will definitely vote ALL Republican next time…

  • Hey, nice tips. I’ll buy a bottle of beer to the man from that forum who told me to visit your blog :)

  • nice, really nice!

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