I’ve got to give my wife a lot of credit, since last night she had an idea that could save the auto industry.
We were reading an article in the paper about the record profits Big Oil is hauling in… $44 billion in the last quarter. That translates to $176 billion in profits over a year. That’s PROFITS, not revenue. How much is the auto industry asking for? A measly $25 to $50 billion? I’m sure you see where my wife went with this.
Let’s let Big Oil bail out the Big 3.
It makes so much sense! The oil companies wouldn’t be living the good life if it weren’t for regular citizens like you and me buying and driving cars. The oil and auto industries rely heavily on one another, and Big Oil is sitting on the cash it could loan to the Big 3.
Of course, Big Oil may not have the vested interest in forcing automakers to adhere to strict fuel economy standards, but they do have the money and the influence to demand competitiveness while saving U.S. taxpayers from footing the bailout bill.
Imagine the scenario: Big Oil foots the bill and bails out the Big 3. Now they have a substantial financial interest in whether or not the automakers survive. If they do, Big Oil gets their loans paid back and earns even more profit. If the Big 3 still go under, Big Oil doesn’t get their money back.
And that’s not a group that likes to let profits slip away and would do whatever they must to ensure they get paid and the automakers succeed.
What do you think of Big Oil bailing out the Big 3 instead of the government?