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Clinton willing to back government bailout of Detroit 3

Clinton willing to back government bailout of Detroit 3

Ralph Hanson April 15th, 2008 Ralph Hanson By Ralph Hanson Author April 15th, 2008
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December 31st, 1969 Democratic presidential candidate Hillary Clinton has revealed she would back a government-bailout to protect the Detroit 3 automakers from going bankrupt if the need arose. Her words mirror similar comments from Democrat rival Barack Obama, who in February said he would also help the auto industry if elected as president. Clinton is keen to see manufacturing jobs remain in the U.S. and according to her own statistics one in eight jobs are related to the auto industry. Speaking with the Pittsburgh Post-Gazette, she said she would not let any of the Detroit 3 go out of business but warned that there would need to be some return. “We don't want to just keep investing in the car companies unless they change their direction," she explained. In response, Ford and GM said they don't need a bailout but welcome Clinton’s support of the industry. Her comments are in stark contrast to George Bush’s 2006 announcement that he would not support a government bailout of GM or Ford if they were to go bankrupt, claiming they need to “build a product that's relevant."
Clinton willing to back government bailout of Detroit 3

Clinton willing to back government bailout of Detroit 3

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Democratic presidential candidate Hillary Clinton has revealed she would back a government-bailout to protect the Detroit 3 automakers from going bankrupt if the need arose. Her words mirror similar comments from Democrat rival Barack Obama, who in February said he would also help the auto industry if elected as president.

Clinton is keen to see manufacturing jobs remain in the U.S. and according to her own statistics one in eight jobs are related to the auto industry. Speaking with the Pittsburgh Post-Gazette, she said she would not let any of the Detroit 3 go out of business but warned that there would need to be some return. “We don't want to just keep investing in the car companies unless they change their direction," she explained.

In response, Ford and GM said they don't need a bailout but welcome Clinton’s support of the industry.

Her comments are in stark contrast to George Bush’s 2006 announcement that he would not support a government bailout of GM or Ford if they were to go bankrupt, claiming they need to “build a product that's relevant."

Tags: Industry

Posted in: News


Comments (6 total)

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  1. By chris #1, Posted: 4/15/2008

    oh great, way to piss off the rich import buyers who typically hate the american car companies,... i mean,.. the "democrats".

    can you say "President McCain?"

  2. By Fritz #2, Posted: 4/15/2008

    I believe this is called fascism...

  3. By smith #3, Posted: 4/15/2008

    i like Pres Bush's response "build a product thats relevant!!"

  4. By NEal k #4, Posted: 4/15/2008

    if she gets elected the us will crumble from the hilda beast... the only thing shes gonna do is raise taxes

  5. By chris #5, Posted: 4/15/2008

    fritz: it's called good business.

    you have to realize; government is just like church and your local market. its all business. if the government puts some money into local automotive industry, then that industry stands a better chance to do well. they sell more products that you get to tax. they employ more people that you can tax. those people buy houses that you can tax, and they buy products that you can tax. even more importantly, if the USA car makers can get to the point where europe starts importing our cars, then you can push down that gigantic trade deficit you have with china. whats the big deal? look into just how much control china has over the US government.

    I was thinking that the typical democrat is the rich white collar type but now that I think about it, Detroit and just about every blue collar city is hugely democratic. so maybe she actually knows what shes doing.

    It makes sense from a governments stand point.

  6. By HECTOR #6, Posted: 4/15/2008

    Chris: It's call socialism and lack of knowledge of history.

    This assertion that Clinton II would bail out the Detroit 3 is nothing more than her socialistic belief that it's the government's responsibility to involve itself in private business because government - in that hypothetical case, Hillary - knows better than the free market.

    Chrysler was bailed out in the early 80s by the US govt and for the ensuing 3 decades they have been making bad cars and now they're in horrible shape. So the more things change the more they stay the same. Not having learned from the Chrysler debacle she now proposes to do the same with all Big 3.

    If a business is failing it's usually because the free market has decided so. Chrysler should have died decades ago and it's only barely alive today due to the huge influx of cash from American taxpayers. Now Hillary would do the same again.

    We deserve the president we vote for.

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