Capitalism is a beautiful thing. Simply put the most basic definition of capitalism is "an economic and social system in which individuals can maximize profits because they own the means of production".
When you own the means of production means that production company is your responsibility. And it's not just owning a company, it's ensuring the product is viable, the product is safe, the workers get paid, your taxes get paid and you, yourself get paid. Now somewhere along the line, the Unions came in and originally they were a great idea, but later as greed took hold in the upper echelons, the original idea of the good a union could do got lost.
Along with the unions, the heads of the auto industry lost sight of what capitalism means. They own their auto manufacturing plants. Have you ever seen so many recalls for inferior products as you have in the last decade. Did that stop the head of GM from buying a new private jet? Of course not best weight loss tablets. Recalls cost money, lapses in good design cost money in the form of not selling vehicles, huge amounts of money demanded by the unions cost the auto industry money, plus there's advertising, supplies and other overhead.
Now they have completely over-spent, they are in debt to the tune of billions and the auto industry says they must be bailed out now or the U.S. economy is going to go belly up.
I don't want to see anyone lose their jobs, I don't want to see American auto manufacturers fail. This is no better than giving a family credit cards and loans and telling them to spend, spend, spend and when they do and they wind up seriously on debt, simply putting them on welfare and letting them repeat their mistakes.
There must be changes in the auto industry. The same actions can't be repeated over and over and expect a different outcome. However if the spending and bad business decisions continue after another bail out- which is looking more favorable, then it's no better than putting a spendthrift family on welfare and expecting them to figure it out.
There needs to be some accountability if the auto industry is going to be bailed out on the backs of the American people. Lowered wages for CEO's, caps on union wages, oversight committee or an outside firm to go over the books and make sure the money is spent wisely and decisions are made with a good amount of due diligence instead of blindly writing checks to "buddies" in the industry.
It will be interesting to see if the auto industry gets their bail out they are crying so loudly for and what they are ultimately willing to give up to get it.