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Nevada Senator Against Bailouts, Whether Casino or Auto
WASHINGTON, D.C. --
A Senator from Nevada has spoken out against any bailout of the US auto industry, pointing out that the casino industry in his state is hurting equally badly, yet the government shouldn't be making decisions properly left to the marketplace.
Senator John Ensign said government bailouts are a move toward the establishment of socialism in the US, and that by salvaging companies that have made poor business decisions, " the government (would be) picking the winners and losers instead of the market."
Ensign noted that the hotel and gaming industry was suffering also, "and we don't hear people saying, Oh, let's bail out the tourism industry." Ensign said that resorts and casinos across the country, as well as in Nevada, would be closing for business. He asked, if government bails out a poorly-run auto industry, where does the bailout stop?
Station Casinos has been fighting off being forced by dbtors into bankruptcy protection, yet may have to file if bank covenants can't be renegotiated. Both Las Vegas Sands and MGM Mirage have faced severe liquidity problems.
Still, many citizens figure that gambling companies deserve to face their difficulties after years of raking in profits from patrons, while the auto industry retains sentimental identification from the years when the US dominated manufacturing.
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