Should the US bailout the big three automakers?

[olddog]

The reason Chrysler was bailed out in the late 1970's was not to save a car maker. At the time Chrysler built tanks (and more) for the military, and it was a national security issue.

Also Chrysler had completed years of research & developement and was about to sell turbin powered automobiles. The military new that turbin powered autos would lead to other companies and countries learning how to mass produce cheap, high quality, turbin engines, thus giving away a military advantage. They did not want this to happen.

The deal was that Chrysler stopped all work on the turbin engine car and sell the tank division to another company, in exchange for the loan to re-tool and build the fricking K-car of all things.

So let's be clear, the bail out of Chrysler had little to do with saving jobs or anything that was talked about at the time.

Also there was a plan of how the company would become proffitable again and restructuring was part of the deal. All I have heard so far is give me money or bad things will happen. Kind of sounds like extortion and racketeering (however it is spelled).