Bailout Watch 242: Obama Doesn't Want To Write A Blank Check

Bertel Schmitt
by Bertel Schmitt

“Tax payers can’t be expected to pony up more money for an auto industry that is resistant to change.” Doesn’t want to be kicking the can further down the road either.

Bertel Schmitt
Bertel Schmitt

Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href=""> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href=""> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.

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  • Gforce Gforce on Nov 26, 2008

    Banks being in the "financial" sector should have had better early warning systems that the auto industry in my opinion. Ironically the auto industry's failure is partly attributed to "bean counters".

  • Gforce Gforce on Nov 26, 2008

    It's unacceptable for banks to fail like this in my opinion, after all they are in the "financial" sector. Auto industry should be given an inch and get the bail-out. Ironically the American auto industry's problem is partly attributed to "bean counters" interference.

  • Gforce Gforce on Nov 26, 2008

    No bail outs should be granted to banks, they are in the FINANCIAL sector after all and should be best positioned in forecasting the markets well ahead of time. Ironic that the auto industry is in the mess, partly due to "bean counters" interference, allegedly.

  • Geeber Geeber on Nov 26, 2008

    no_slushbox: The thing about “

    eople who own houses may not like it, but that’s just tough” is that a majority of voters own houses, which, for those that don’t own houses, is just tough. But a house is only worth what someone can pay for it. It's now apparent that housing prices have been artificially inflated by exotic mortgages and giving loans to anyone with a pulse. Prices are going to fall, as lenders return to sane lending standards, and many people simply pull out of the market. If the government tries to prevent this (and it certainly can try), it will quickly discover the futility of such a move.