Americans Question Detroit Bailout

Taxpayers say auto industry needs to modernize or die

By Jess Kilby, Newser Staff

Posted Nov 17, 2008 4:55 AM CST

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Americans Question Detroit Bailout — GM shares have plunged to their lowest price since the days of World War II as investors continued to dump their shares amid panic that the automaker could be in danger of collapse. (AP Photo/Gene J. Puskar)

Americans are deeply skeptical about bailing out Detroit automakers, Reuters reports. While many acknowledge that job losses will be heavy if the industry is allowed to go under, there’s a widespread belief that shoring up the manufacturers’ outdated business model would be unfair—and an enormous waste of money.

"They need to restructure. If they get bailed out they are not going to do it,” said an Atlanta paint contractor. A New York security director added: “It’s like nature's law: Only the fit survive."
(More General Motors stories.)

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