Bush: Automakers will get $13.4B from TARP plus an additional $4B later if they become 'viable.'

money.cnn.com ^ | 12/19/2008 | staff

[kellynla]

Bush: Automakers will get $13.4B from TARP plus an additional $4B later if they become 'viable.' More soon

[sam_paine]

“In 2007, GM sold 9.37 million cars worldwide.
Toyota, that same year, sold 9.37 million cars worldwide. GM lost 38.7
billion. Toyota made 17.7 billion. Therein lies the problem.”

[tennmountainman]

Jorge Buskey, The Socialists President.

[Sir Francis Dashwood]

Here’s the kicker though,when they collapse,the “loan” is defaulted on ,money spent,and taxpayers will still be on the hook for it.

Exactly.

The US Treasury should move in and buy GMAC and use the income stream to pay back the taxpayers. Cerberus has already agreed to take 30 cents on the dollar.

Then, General Motors with about 10 billion could sink or swim.

[Psycho_Bunny]

"The loans are three-year loans but the money will have to be repaid immediately if the firms do not show themselves to be viable by March 31. It is expected that the companies will have to negotiate new agreements with unions and creditors in order to do so."

Had they declared bankruptcy they could have had a strong hand in forcing new agreements with unions and creditors. Now they have to negotiate with the same groups that they've spent decades proving they don't know how to negotiate with.

I am so over this president.

[Night Hides Not]

FORD does not have a dog in this hunt, that will probably come later in the “o” era.

While my wife's car was in the shop, we had the use of a new Ford Taurus for two weeks. We both liked the way it drove, and the options that came with it.

There's a good chance I'll be replacing my clunker with a Taurus in '09.

[edge10]

Second worst president of my lifetime, worst Republican by far.

[70th Division]

Actually to a recent poll most Americans do not want to see the big three fail. Sorry those are the facts.

[Psycho_Bunny]

"Cerberus has already agreed to take 30 cents on the dollar."

I'm confused....doesn't Cerberus own Chrysler? What does that have to do with GM? Do they own GM also?

[Red Badger]

Bailout: Rewards BAD behavior (no change)
Bankruptcy: Punishes BAD behavior (Change we can believe in).........

[ReleaseTheHounds]

I hate to be turning this cynical, but does anyone else speculate that President Bush saved this latest “bailout” offer for today’s Options Expiration Friday hoping that this will give the stock market a little lift going into an expected more quiet Christmas week? What a sad “legacy” as the President fades from office.

[Sir Francis Dashwood]

FORD does not have a dog in this hunt, that will probably come later in the “o” era.

The US Treasury should move in and buy GMAC and use the income stream to pay back the taxpayers. Cerberus has already agreed to take 30 cents on the dollar.

Then, General Motors with about 10 billion could sink or swim.

Bush is so damned clueless here and the Obama crew is even worse.

[70th Division]

The Ford 150 was the best selling truck in the nation last year. The big three must get rid of the jobs bank, get rid of silly work rules and lower wages to be in line with foreign competitors. This all according to the president. If the big 3 go down. We will be in a depression. Plain and simple. You want that?

[kellynla]

Yea, well I agree with Jay Leno who said “Chinese don’t watch my program, so I buy American made.”

In my 30 years in business, the Japanese, Germans, Koreans, French NEVER purchased any of my merchandise so aside from the fact that my father would roll over in his grave if I purchased a Japanese or German vehicle; I will continue to support Americans and buy American!

And before I leave you all, the Chevy Corvette & Cadillac CTS were two of the top ten in Car & Driver for 2009 and they were repeat performers from last year. And GM along with Honda were the only two car mfgs. to have TWO of the top ten. So anyone saying that America can’t build very good vehicles doesn’t know what the heck they are talking about.

Have a good day all, ‘cause I am! LOL

[Red Badger]

Cerberus and GM both have financial divisions, ie GMAC, that would merge as a cost savings to both..............

[ding_dong_daddy_from_dumas]

And the UAW will show its gratitude to Bush in the future by voting for .... 2 guesses.

[Dawn531]

We swore off the Big 3 years ago after a couple bad experiences. My dad’s Chrysler w/13,000 miles is in the shop this week getting a new transmission (third time he’s had it in the shop for transmission problems since he bought it.)

Not buying from the Big 3 isn’t a hard decision for us.

[Red_Devil 232]

This is Krap! The UAW has got to love this. They survive into the next Obamanation administration and a Congress that is in heavy shameless and dishonest debt to the UAW.

Obama has (will today) anointed Hilda Solis as Sec. of Labor, a DemoRat Congress Critter from California who is nothing but a shill for the unions. She is a big time supporter of Card Check - except when it comes to electing officials to the Congressional Hispanic Caucus - where she demanded secrete ballots. Apparently she did not like to be intimidated when casting her vote!

[netmilsmom]

I’m for bankruptcy too but this is coming from Treasury Department’s Troubled Asset Relief Program or the 700 Billion we have already given.

If left to Obama, it would have been money on top.

Not that it was a good idea at all but better to use the 700B bailout than new money.

[Sir Francis Dashwood]

GMAC is the finance arm for General Motors. Yes, Cerberus owns a portion of it...

[70th Division]

Oh good idea. Buy from a foreign company that already subidises their companies. And the profit does not stay in America, it goes over seas. Now that makes no sence. Make the UAW change. The big three build good cars. The Chevy Malibu was car of the year. The F-150 was the best selling truck in America.