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Benefits to Bailing Out the Big 3 - Essay Example

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Summary to essay on topic "Benefits to Bailing Out the Big 3"
Yes the Billions of Dollars for a Federal Bailout of Chrysler, Ford, and GM makes great sense for Americans. Yet, a number of people disagree entirely; feeling that such a bail out could cause trouble for the American people. Some even say that allowing the government to give so much money to these three companies will cause America to become more like a socialistic country because the government will seize control of these companies and regulate how they will conduct business…
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Download file "Benefits to Bailing Out the Big 3" to see previous pages... Sure, these companies will be subject to certain conditions when borrowing federal money; however, it is no different if they were to borrow from a bank. Banks also like to see what the borrowed money will be used for, and in some instances, they like to see an entire plan drafted up before letting the money go.
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Lenders like to see that the one they are lending to has a purpose for borrowing from them, and the borrower is subject to those terms until the loan is paid off. While numerous individuals put a lot of effort into disputing why helping these three companies with their losses is not a good idea, there are a number of reasons why the bail out of these three companies makes great sense for the American people.
First of all, we must look at how long these three companies have been in business, as well as the history behind these companies. Ford has been in business since 1903, when it was first founded by Henry Ford, Sr. The first car manufactured by the ford family, known as the Model T, was ready to deliver to the public in 1925. This company was the first to put the first car on the road, as well as the first to make cars available to the masses. Ford made sure just about anyone could afford to have a car, as they did whatever possible to cater to those of the middle class. Not to mention, Ford is big on human rights and providing jobs to the jobless, and their priority has always been to make sure that everyone working for them receives fair wages, as they were the first to enact a five dollar a day policy. Ford has been proven to make a large impact on America, even today. Ford has always done business in this fashion since their very beginning, as they have always been all about the people (NPR), (Ford Motor Company).
Then, there is General Motors, a company that has been around almost just as long as Ford. General Motors is the manufacturer of some of the most popular cars, such as the Cadillac, the Pontiac, and the Hummer, a car that a lot of people try to get their hands on to drive in ultimate luxury ("Merchandise," General Motors). General Motors was founded in 1908 by William C. Durant, and has now become the world's largest manufacturer of cars. Though General Motors has had a rocky history-the company sinking into debt after doing well for two years, Durant resigning from his company in 1920 to later file for personal bankruptcy, a violent sit-down strike in Flint Michigan by hourly workers in the year 1937, another strike occurring for one hundred and thirteen days between 1945 and 1946, being convicted of conspiracy in 1949, losing more than $750,000,000 in 1980 due to the drop in sales on cars and trucks, and another strike that occurred in 1998 that almost shut down all of General Motor's production in North America-they have accomplished a great deal. Some of the accomplishments of General Motors was that a Cadillac was made with the first electric self starter in history, General Motors accounted for twelve percent of the car market in the United States, they expanded to working overseas, first starting in Britain and Germany between 1925 to 1929, their market shares rose to 41% in 1941, were the first to manufacture cars with air conditioning,, and they have gone as far as to selling cars in ...Download file "Benefits to Bailing Out the Big 3" to see next pagesRead More
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