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To Loan or Not to Loan . . . Sadly it's not a question!
December 17, 2008
When my first automobile purchase came about I'd not the money to buy the car outright and had to use the car companies financing to get my new car from the lot to my driveway. I made a finance agreement with them that said I could have the car for the price I paid but would over the course of years pay almost one third more for the vehicle in car loan's interest. Now years later it's the auto manufacturers who want a loan from me and millions of other taxpaying citizens of the country. Now, I am not one to complain when there is a way to make a bit more interest on my savings account or my retirement accounts.
I certainly will never complain for acquiring more reserve assets so that in later years either my family or I may in turn make life a bit easier. Needless to say the bailout of the auto industry has caught my attention and the attention of others. I think that they are thinking the same thing as I am, Where's the payment book, and how much interest am I going to make on this "bailout" loan? What's the re-payment schedule? Will I see the interest along with hundreds of millions of other citizens in the form of a yearly tax incentive or will the funds disperse themselves to enhance the quality of my and other citizen's lives? Will the interest help ease the medical expenses of those who cannot afford quality health care? Will some be allotted to enhance our failing education system and the enhancement of knowledge for our younger generations? Will the auto industry curtail spending? Will the employees of these companies sacrifice any personal funds to enhance the viability of the manufacturers that they work for?
There is an old lesson that sometimes is learned. The story goes something to the affect of loaning a friend ten dollars. After this loan every time you see this person they make some excuse to why they cannot pay you back at the time. Over the next few weeks or months that individual may just simply avoid you and granted by that time the avoidance might be worth more than the excuses. If you are smart you will acquire the following philosophy and thus life lesson. It cost you only ten dollars to find out the "value" of a "friend." Will this be the attitude of the auto-makers? They will be happy to take the loan but then I am wondering if they will stop taking the same elevator to the office?
If someone told you that you were stupid or an idiot chances are good that orally or physically you would challenge the claim. When the representatives of the big three auto-makers made their first trip to the capitol seeking funds each took the journey to Washington in their one of their companies private aircraft. We the people as well as our representatives took notice of the contempt of these auto makers transportation choices. So they come back driving each company's version of environmentally economic company cars! This reporter assumes only that the players in this recovery matter cannot be the best of poker players if they can't hide their original hands? Then we all say its okay, just a slight mistake? If this is indeed the forethought and attitude of the nations car manufacturing moguls I am having a difficult time allowing them access to more allowance yet alone allowing them anywhere near the piggy bank. Sadly it is the belief that this presentation by the big three and their persistence along with the White House claiming that during this recession the auto industry must survive means regardless of what We the people think the decision has been made in our ( the countries ) best interests. Three months ago the only thing I was a bit peeved about was the price of gas. I knew of course that the housing market was in bad shape and the economy was not at top form yet these are the variables of a democratic society with a free market policy. Prices as they do go up and also as they do wages for some workers do not which accounts for budgeting and accountability. We have though a well trained society, trained by our media and our government to believe in our entitlement to toys and neat little things that we can covet. This is all well and good also, people should be allowed to enjoy their lives in what they feel is the best way to do so and if that means curio cabinets chock full of odds and ends then so be it. We all certainly have our little addictions.
If we taxpaying citizens of the country are going to make loans perhaps we should all see the terms of the agreement. I cannot purchase anything without a contract, a form of re-payment with an addition of interest. This is the American Way! Why would we excuse the banks and automobile companies that just got to big for their britches?
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For too long I've messed with the wiring in my head. Now it shorts out more oft than not. But at my age I just sit and enjoy the sparks. RJM '07
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