Monday, December 22, 2008

Loan to automakers was the right move, poll says

Before U.S. automakers got their assistance money from the federal government, polls showed most Americans opposed a government bailout of the domestic auto industry.
But now that President George W. Bush has tapped the TARP (the $700 billion rescue package for the financial industry) to aid General Motors and Chrysler, most Americans in a new poll say they approve of the move.
Bush gave the two companies $13.4 billion in loans on Friday, amid dire forecasts of the companies possibly facing bankruptcy or other threats to their existence.
A poll of 1,013 adults commissioned by CNN and conducted by Opinion Research Corp. indicated that 63 percent backed the move.
However, 70 percent of respondents said that's it; no more aid should be given.
The poll also found that:
• 28 percent of respondents think that GM and Chrysler will pay back most or all of the loans.
• 65 percent believe a bankruptcy filing by a U.S. automaker would create further serious problems for the nation's economy.
• 34 percent said that they would be somewhat or very likely to buy a vehicle from a company in bankruptcy protection.
• 82 percent hold unfavorable views of U.S. automaker executives.
• 61 percent hold unfavorable views of leaders of the auto workers’ union.
• 73 percent hold favorable views U.S. automakers' workers.
The poll had a margin of error of plus or minus 3 percentage points.

No comments: