By David Ball
PORT ARTHUR — Even as the Big Three automaker bosses were asking for an expanded $34 billion rescue package from Congress they say they need to survive, some Southeast Texans had their own opinions on the process.
Nationally, with time on the current Congress running out, opposition to the bailout appeared to be as strong as last week — before Detroit’s Big Three auto chiefs returned to Capitol Hill with more detailed plans on how they would spend the money.
Patricia and Mary Ann Zagone believe the automakers shouldn’t receive the money.
“They put themselves in the predicament because of their exorbitant prices. Americans need to live within their means,” Patricia said. “They should not try to keep up with the Joneses.”
Mary Ann added no one bails her out when she needs help.
One woman who wished to remain anonymous said she would hate to see the auto industry go under.
“Too many would be out of work and it would be rough on their kids. I think we’re doing pretty good to help the economy,” she said.
Sue Brown said she hasn’t had a lot of time to think about the situation, but believes everybody needs help.
“They need to do it. It would be good,” she said.
Cheryl Gassiott believes the automobile managers shouldn’t be so greedy.
“The top dogs shouldn’t live such a lavish lifestyle. It’s poor management,” Gassiott said. “These CEOs need to live like middle class Americans for one year and see how that feels.”
Cecil Michael just purchased a brand new Chevrolet Tahoe and said he would give the money to the Big Three if he could.
“We need the cars and we should take this moment to help them, and in turn, they should contribute more to the community,” he said.
Michael said the bailout of banks this fall was different to him because he believes banks need to limit their overhead and they really don’t save consumers money.
Raynetta Waller doesn’t believe the auto makers should receive the money until a study is completed on their economic viability.
“GM has a lot of cash. A company GM owns 80 percent of has lots of capital for sale, Waller said. “It’s pretty sad. We can’t give them the money without a viability study. And then they said the money would last them only a few months. These guys don’t know what they’re doing.”
Another woman who wished to remain anonymous gave an absolute no to money for the auto companies.
“They made their debt. What are we going to do next, give small stores each $1 million? I know we can’t let them go under, but they need to live within their means,” she said.
Several lawmakers in both parties are pressing the automakers to consider a so-called “pre-packaged” bankruptcy in which they would negotiate with creditors in advance and downsize, then file for Chapter 11 protection in hopes of emerging quickly as stronger companies. The Big Three have publicly shunned the notion, saying it would kill sales by destroying customers’ confidence — but executives have indicated in recent days that it might ultimately be necessary.
The bailout remains unpopular with the public. Sixty-one percent oppose providing the auto companies with billions in federal assistance, according to a CNN-Opinion Research Corp. poll released on Wednesday. Fifty-three percent said it would not help the country’s economy.
The Associated Press contribute to this article.
