The auto industry of the country is in serious problem now that the bail-out package has been rejected by the Senate and the hopes of getting emergency financial assistance from White House are also dying. The Bush Administration is seriously considering an orderly bankruptcy as a possible way to deal with this problem.
Car makers have already started closing down their plants. Chrysler closed 30 of its factories for a period of one month saying that the period of closure can be increased from one month.
I think that the market should be allowed to adjust according to its own dynamics. I personally feel that public money should not be used for supporting private companies. Big companies and banks are seeking huge financial assistance from government in order to survive, but no one seems to care about ordinary people who are finding it difficult to meet their financial obligations.
The auto industry of the country is in serious problem now that the bail-out package has been rejected by the Senate and the hopes of getting emergency financial assistance from White House are also dying. The Bush Administration is seriously considering an orderly bankruptcy as a possible way to deal with this problem.
Car makers have already started closing down their plants. Chrysler closed 30 of its factories for a period of one month saying that the period of closure can be increased from one month.
I think that the market should be allowed to adjust according to its own dynamics. I personally feel that public money should not be used for supporting private companies. Big companies and banks are seeking huge financial assistance from government in order to survive, but no one seems to care about ordinary people who are finding it difficult to meet their financial obligations.
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