Laura Ingraham hosted an auto industry bailout debate between Pat Buchanan (pro bailout) and Jonathan Hoenig (anti bailout).
Buchanan said the US must retain its manufacturing base - and that there will be a huge market in rising markets such as China, India, etc. - and that it would be suicidal to have the auto industry go down. Hoenig said that a bailout of Detroit is theft and that money should be earned and that the free market is shunning the Bit Three. Buchanan said that Japan goes into a country and undercut them rather than letting the free market work. He would set tariffs and quotas on foreign auto makers and that we allow our industries to die. He said that free trading wasn't in the original GOP platforms.
Hoenig said to compete and win means someone must compete and that Japan is competing better and that the Big Three aren't so big anymore. He said that Reagan put a tariff on Japanese motorcycles. Buchanan says that tariff money goes back to taxpayers. Buchanan says country comes first while Hoenig says consumer comes first. Ingraham said there are several million jobs in the US connected to the auto industry. Hoenig said that the failure of the Big Three is critical for a recovery.
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