NACOGDOCHES, TX (KTRE) - The fallen icon of American industry is now under control of the American government. "I think the government wouldn't be involved unless it was the last debt solution," said Rex Perry, owner of Rex Perry Autoplex in Nacogdoches.
As a third-generation GM dealership owner, Perry grew up in the car business. He said the government had to step-in to protect the industy he has invested his life into. "It's very possible if the government wasn't involved, General Motors and Chrysler could have maybe been chopped up into pieces and sold and not have those American jobs for the future," said Perry.
Others believe the people of America should be able to choose their future. "Government should be sitting on top at that over in the White House having people protect us, make our laws, not come over here and tell our businesses what they can and can't do," said Kennith Ocker, frustrated with government's decision.
Taxpayers will end up with a 60% stake in GM. "I was talking to my dad this morning and he said a couple of people have asked him about it, he said you might as well just go on down there and buy a new GM product, you're just buying one from yourself," said Perry.
Perry said owners of GM cars won't be affected by the company's bankruptcy filing. "The federal government, like it or not, they've guaranteed that customers won't have any problems with warranty claims," said Perry.
Some people feel that is not the government's place. "They need to just keep their nose out of business and let the economy handle itself," said Ocker.
Perry said despite GM's downturn, he still has "total confidence" in GM. "When the dust clears it's going to be a much stronger, more viable company," said Perry. "I'm excited about it."