GM: $12B needed to keep operating ("There isn't a Plan B," - Bail-US-Out or Pay Big-Time)

AP on Yahoo ^ | 12/2/08 | Ken Thomas - ap

[NormsRevenge]

WASHINGTON – General Motors Corp. said Tuesday it needs $12 billion in government loans to keep operating, telling Congress in a bluntly worded report that its collapse could have "severe, long-term consequences to the U.S. economy."

GM said it would seek up to $18 billion from the government: $12 billion in loans, including $4 billion by the end of December, and a separate $6 billion line of credit in case market conditions worsen.

"Absent such assistance, the company will default in the near term, very likely precipitating a total collapse of the domestic industry," GM said, contending its collapse would have "a ripple effect that will have severe, long-term consequences to the U.S. economy."

"There isn't a Plan B," said Chief Operating Officer Fritz Henderson. "Absent support, frankly, the company just can't fund its operations." He said GM would need $10 billion to $12 billion by late March.

[NormsRevenge]

Take a number.. NEXT!

The last time the Congre$$ was threatened only 2 months ago to Bail-US-Out or havoc&chaos will abound, it cost us 700 billion or so we were told... the actually figures are in the billions and we don't really know who is getting bailed-out.

They were right about the havoc&chaos part at least, the bail-out line has grown dramatically longer since.

[2ndDivisionVet]

Hey GUYS, it’s Billy Maise here. I’ve got a really great offer for you. This goverment is really worth $89.95. but today it’s not $89.95, not $69.95. nooooooo, it’s not even $39.95...you see folks we are giving all of the money away, yes, me and Lesco are selling you this really great goverment giveaway book. All the secrets are here. Bail out corrupt banks for billions! Give FREE money to loser car manufacturers ! Take from the rich producer class and give BIG BUCKS to the lazy folk who refuse to work and produce nothing but babies. Its all here and anyone can afford this book. Call now and we will throw in a set of German made cut the fat knives. That way you can cut all that fat off your collective butts and stop begging from the goverment. BUY NOW ! This price will not last long. All of this for the insane price of only $9.95...that’s right folks, you know you can trust Billy Maise, the TV con man. We are giving the goverment away for only $9.95 plus shipping and handling. Act Now !!!!

[Drango]

I need a pony.

[webschooner]

The great UAW BAILOUT of 2008

[TornadoAlley3]

So let the chips fall let them fall where they may.

[MARTIAL MONK]

I just wanted pie but $18 billion sounds good,too. That or I stop operating.

[alrea]

They could make tanks for the Saudis.

[Thebaddog]

They aren’t worth that much. Let them fail.

[Paladin2]

BWANNY and Chris really stepped in it (along with the Oil Nazi Pelosi (NO OIL for YOU!)).

[NormsRevenge]

Too bad the old method of handling a crisis didn’t still apply.

Used to be you would identify what caused the problem and fix it before you poured more good money after bad... but the dems are up to their eyebrows in dealing dirty with banks and forcing banks to make bad loans, all the while covering for their cohorts at the quasigubamintal agencies , Fannie and Freddy, as they pocketed donations from many involved in loosening the rules in the first place.

I Hope that Changes but it hasn’t so far. The dems are in major CYA mode and the media turns their heads away from reporting the obvious.

All the while, with predictions of doom and gloom, the Congre$$ made the taxpayers bend over again, albeit with guns held to their heads to vote for the bail-out or face certain doom.

Regardless we got the whole enchilada anyway, the smooth talking one has acted and proposed to do whatever it takes to rectify the situation as the ecopnomy tanks.

Hollow words from and empty suit and a Congre$$ that has lost its way and is close to losing the Republic as well.. some might say this is not by accident. You be the Judge.

and now,, you know the rest of the story.. (well, not really, but you got the drift)

[NormsRevenge]

Heck, I can get it for $1.95 on eBay. ;-)

[mo]

hey...don’t send me a billion by next week....I’ll just stop paying taxes....

[granite]

If the gubmit want to throw our money away, why not give huge tax breaks and interest free loans to everyone who buys a vehicle from the big 3 and let the problem fix itself?

[HamiltonJay]

Declare BK, restructure and then fight your way back to the top.. in the mean time your competitors will take some of your market share and employ some of your laid off workers, others will find jobs in other industries, retrain, or even start their own businesses.

Survival of the fittest, and GM has been rediculously unfit for a long long time.

[Dallas59]

Maybe Maxine Waters was right....Socialize them....or give them $12 billion tax payer dollars. Either way it’s the same thing.

[irishjuggler]

why not give huge tax breaks and interest free loans to everyone who buys a vehicle from the big 3 and let the problem fix itself?

I like your idea, as it addresses the demand side of the equation. I mean, you can give the Detroit 3 all the money in the world, but if not enough people want to buy their cars, it'll be a pointless exercise.

[TheWasteLand]

There’s always a plan B: it’s called bankruptcy. And it’s exactly the prescription the arrogant, out of touch mandarins who run GM need.

[FoxPro]

Why dosent the government give every family in the country a $1000 voucher toward the purchase of a new car?

It would basically cost the same.

[NormsRevenge]

Bankruptcy is not an option per Pelosi.

[razorback-bert]

I thought we bailed out the credit markets, so they could lend again.

So why aren’t they lending to the US auto makers?