5
   

I've changed my mind on the bailouts.

 
 
IRFRANK
 
Reply Thu 10 Feb, 2011 03:52 pm
I've had a change of opinion about something I thought I had figured out. I lost my job in IT in Oct. 2008. You remember when Wall Street nearly folded and set us all on our ear. Then the auto industry went begging to our govt asking for loans. Loans none of the rest of us could get. Like most of us, I was upset by that. I though maybe GM might of been a decent risk, but Chrysler? How many times do we bail out Chrysler?

Now, two years later, I have a new job. With an automotive supplier. And guess what, one of our big customers is Chrysler. I have no doubt that if we had let Chrysler fail, and/or GM, this job would not be available. It was tough for this 63 year old that isn't quite ready to retire to be out of work for two years. Selling computers at Best Buy was interesting, but at $10 an hour, not getting the job done.

Now, GM is doing well, Chrysler, better, and we will see. The economy seems to be turned around and maybe even improving. There are many signs that things are getting better. Not as quickly as we want, but this was not a normal recession. Things have changed for good, and we (everybody) needs to find new ways to compete or find income.

I for one am glad the govt bailed out Chrysler, if I can keep this job for another 4 or 5 years I can retire on my terms, not out of necessity.

I wonder how many thousand others had a similar experience.

I am still pissed at Wall Street though.

 
engineer
 
  3  
Reply Thu 10 Feb, 2011 05:08 pm
@IRFRANK,
Of course we'll never know what would have happened without it, but I agree that the bailout probably saved us a whole lot of hurt and that years down the line, economists will look back and say "nice save".
IRFRANK
 
  1  
Reply Thu 10 Feb, 2011 06:10 pm
@engineer,
right, and it may have been the low cost solution too. as usual, short term emotion and anger usually leads to poor decisions. it's always easy to blame it all on the other guy.
Ceili
 
  1  
Reply Thu 10 Feb, 2011 06:11 pm
@IRFRANK,
I'm happy for you, it's tough finding another job. Good luck and hopeful the good times will keep on rolling.
0 Replies
 
JPB
 
  1  
Reply Thu 10 Feb, 2011 09:06 pm
@IRFRANK,
This made me smile.

I'm glad you've found fruitful employment.

And, as a 63 year old who was looking for two years, your story gives me hope for Mr B who is approaching his 1 year anniversary.
0 Replies
 
 

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