That is a staggering loss, on top of the job loss. And job loss means non-profits and many others lose out as well because folks without jobs cannot give and spend money.
Precisely why I believe that some sort of bailout is necessary.
But keep this in mind ... it's not just automotive related companies that are hurting. Virtually all businesses are hurting right now. During recessionary times, businesses become very fragile. Add a banking crisis on top of that, and the fact that banks are requiring more of companies in terms of financial performance, and you have an uncomfortable and exquisitely delicate situation.
This is why it is crucial that our government, at all levels, look to see what can be done to bolster and support and encourage businesses. Businesses are what drive the jobs which become the backbone of our economy. The government doesn't drive jobs. Entitlement programs don't drive jobs.
Let's do whatever we must now in order to support businesses before more bailouts are necessary.
In my own backyard, the state of Ohio is a mess right now, thanks to a governor who has been impotent at creating jobs and bringing business to Ohio. Instead, he has created a situation that is one of the five worst states in the country for encouraging businesses to thrive and create jobs. All this despite having one of the best work forces in the country.
It's a shame. If you don't support and encourage businesses, you won't have businesses. And if you don't have businesses, you don't have jobs.