So, I was watching the news last night, and they had Representative Joe Knollenberg (R-MI9) on Neil Cavuto’s show discussing the bailout of the auto industry. Watch this and I’ll discuss it below:
He talks about bankruptcy not working, because Delphi has been in bankruptcy for years, and then says that if a company goes into bankruptcy, people won’t buy cars from them. Well, why would somebody STOP buying cars just because the company is in bankruptcy? That makes absolutely no sense. People would still buy cars. People still bought tickets on Northwest Airlines when they were in bankruptcy.
And then here’s the biggest line I heard:
Cavuto: Where do you draw the line with our money?
Knollenberg: It is not your money.
Cavuto: It is! It is taxpayers money.
Knollenberg: You’ve said you wanted me on this show. Let me have a little chance to talk.
Then Knollenberg goes on to say that people won’t buy cars because of the credit crisis, and Cavuto brings up the fact that giving $25 billion to the auto industry won’t help end that credit crisis. In fact, it won’t touch it at all. Knollenberg said it’s basically just a means of keeping the companies afloat until they can start selling more cars.
I have to say that I was deeply disappointed by Representative Knollenberg here. I was also disappointed that he voted for the original bailout.
The fact that he said that this is not taxpayers’ money was just appalling.
I like Rep. Knollenberg, but he definitely went down a notch in my mind when I saw this interview.
Tags: 9th District, Auto Industry, Automakers, Automotive Industry, Bailout, Bankruptcy, Car, Chapter 11, Congress, Delphi, Economic Crisis, Economics, economy, Finances, Financial Bailout, Fox, Government, House of Representatives, Joe Knollenberg, Michigan, Money, Neil Cavuto, Politics, Representative, Republican