My Turn, Your Turn: Bond Bailout - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

11.13.08

My Turn, Your Turn: Bond Bailout

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By Gary McNair - bio|email
Posted by Debra Worley - email

WILMINGTON, NC (WECT) - It didn't take me long to change my mind about the big $700 billion bailout.  I was for it.  But three simple letters have changed my mind: AIG.

Looking back - I was probably like many of you.  I was so scared about the economy collapsing I was in favor of any prevention. 

But after AIG received around $150 billion and then hearing they sent their executives on a junket to a posh resort in Arizona, I was livid. 

This is like loaning your brother-in-law money to save his marriage, only to have him spend it on booze and women.

And now we are being told that we may have to bail out the auto industry. 

All this makes me wonder what ever happened to Chapter 11 Bankruptcy and reorganization?

It used to be that companies used that as a last resort instead of getting a bailout and checking into a nice resort. 

That's my turn.  Now it's your turn.  To comment on this segment, or anything else, email me at yourturn@wect.com.

 

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Viewer Responses:

Mr Mc Nair;

Just wanted to let you know you are "right on" with your news cast Thursday night, I couldn't agree with you more, is there anyone watching the IGA or for that matter  anyone recieving these funds, there should be a watch dog group watching the spending, I can only guess they really don't need the money that bad.

As for the auto industry they have been killing this country for years with their sub standard quality cars and their big pay checks when will they wake up, the big three still want to sell these big V8 trucks  in the middle of a fuel shortage.

Thanks for the opportunity to respond to you, enjoy your show!

Jeff Oxnard
Sunset Beach

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My daughter and I were watching this morning.  My daughter is nine years old.  She turned to me and said if AIG sends their exec's on vacations, what will the auto industry do.  I looked at her and asked what would she do.  She thought for a few minutes, then she said, "if I was the big wig at a one of those car manufacturers, I would quit making those big trucks and suv's.  And use all those people to help make green cars, or ask for ideas on green cars."  After I looked me and said she agreed with the guy on tv.  I asked why, she said "why don't they declaire chapt. 11 and do all of what he said. Then all that money could be used to help people who can't afford a nice Thanksgiving or Christmas.'

Thanks
T. Smith

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I watched your commentary on the bailout and I agree with you 200%.  Whether the government will open their eyes and admit it or not, we are in a deep recession.  How will a bailout to the big car companies help when the average american cannot afford to buy their vehicles anyway.  Even if the money was spent on producing fuel efficient vehicles, from the news I've seen, the prices are so high no one can  afford them either.  If the government wants to give away money they should start bailing out the people that put the money there to begin with.    The people in my family, along with most of the United States, has always worked and paid our taxes because it is the responsible thing to do.  This past year we gave up our annual vacation because of gas prices and the overall expenses of traveling.  How nice it must have been for the executives and their spouses or whoever to be pampered and treated like royalty at some nice resort.  I say NO to any further bailouts or "copouts" to any of these companies who have profited very well from the American people.  They have played their game and now its time to pay.  Let them sweat like the rest of the people about making ends meet.  Thanks for hearing my opinion, and I'll continue to listen to yours.  

Edna Lewis, Whiteville NC.

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Gary:

I totally agree with you, however as being a former banker, I never agreed with any of the bail-out funds to start with, especially with me as a tax payer signing a blank check for all these banks/financial institutions and now probably the big "3" car manufacturers.  Let's face it, Americans and business's are all living on borrowed funds, spending more than they are taking in, do I as a taxpayer want to pay for this spending, when I have always kept my spending in control ---NO!!!

Our country needs to get back to days of "ole", have a personal investment in anything you own, which includes a reasonable down payment on homes, cars, etc, credit cards need to be issued to individuals that qualify.

But what can we do, we individuals that have kept all our credit under control????  I say let them file bankruptcy and reorganize or I could quit filing taxes and go to jail/prison???  Do they have enough room with all the other law-breakers???  I do not see this credit problem going away anytime in the near future, again people are spending much more than they are making and don't seem to want to stop (look at the big restaurants-flipping out credit cards to pay).  I use a credit card but I pay in full every month too.

S. Rogers
Surf City, NC

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Gary,

You are right on in your commentary.  Airlines have gone through bankruptcy and are still flying as have a number of other companies in different industries that are still in business.  It is not the job of government to "give" anyone anything.

Neil Cavuto of the Fox network had the best idea I have heard and endorse whole heartedly.  It should be a requirement that the CEO of any company who asks for a government bailout step down without a golden parachute prior to consideration of the bailout.  That would surely slow the parade of those with their hands out.

Stan Nawrocki

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