Posted on 12/19/2008 5:59:48 AM PST by kellynla
Bush: Automakers will get $13.4B from TARP plus an additional $4B later if they become 'viable.' More soon
(Excerpt) Read more at money.cnn.com ...
As the wife of a Saturn dealership owner I resent that remark. You can’t punish everyone just because the UAW is involved. If AIG got a bailout why is it not fair for GM?
And by the way I was against the first bailout.
This is a world wide car recession. Toyota is projectiong a 9 Billion loss next year.
It’s from the Treasury Department’s Troubled Asset Relief Program or the 700B already spent.
We’re not getting it back anyway.
I know what GMAC is....I did business with them for years - they’re idiots...I just didn’t know Cerberus was involved with them.
Chrysler could do just fine all on its own. They need to get rid of Saab, sell off a few things, and discontinue some of the unprofitable models. Dodge isn’t in very good shape...
The point is the Democrats are owned by the unions and will never make the UAW change. The ONLY weapon we have left is to vote with our feet and ignore their products.
Oh yes.. The Airline Industry. Step on up!
Accounting, Aerospace, Agriculture, Apparel, Bicycles, Bowling, Broadcasting, Cameras, Computers, Construction, Cosmetics, Defense, Daycare, Department Stores, Dry Cleaning, Education, Electronics, Energy, Gardening, Golf, Grocery, Healthcare, Hotels, Legal, Luggage, Motion Picture, Music, Pet Supplies, Pharmaceuticals, Porta-Potty, Publishing, Real Estate, Restaurants, Skateboards, Software, Telecommunications, Toys, Transportation, Travel, Umbrellas, Violins, Water Skis, Xylophones, Yo-Yos, Zippers...
They are not getting the idea that this loan is from Treasury Department’s Troubled Asset Relief Program. The 700B dollar bailout given before.
Two differences, this COULD be paid back unlike the AIG or bank money
And if Bush didn’t do this, Obama surely would have bailed them out with new money from our pockets.
True. But They're projecting a short term $9B loss, and GM and others are looking at at least three-four times that loss, still selling about the same amount of cars.
Do you not see the relative cost structure problem?
It is NOT just the recession, it's that Big3 overhead is so much higher, and the labor contract are predicated on an ever increasing consumption for sustaining future pensions that even a minor downturn is catastrophic for the big3.
LABORPAINS.ORG -- Ever wondered what a UAW contract looks like? Pictured above is all 22 pounds of Ford’s 2,215 page 2007 master contract. Those 2,215 pages probably don’t include much regarding efficiency and competitiveness. What you’ll find are hundreds of rules, regulations, and letters of understanding that have hamstrung the auto companies for years.
Great! So you're against bail outs that don't help you but for bail outs that do. On that basis you can resent my refusal to even consider Detroit iron all you want. But, as long as the cost of those cars includes a hefty amount for retiree benefits and above market wages, even if the car has the same price, the other companies can put better components in the car. Costs have to be in the total price somewhere. I want the money I pay for a car to be in the car, not in UAW perks and benefits. If you were concerned about the quality/value ratio of the cars you sell, you wouldn't sell anything related to Detroit.
oh, I wasn’t trivializing the $90! It’s the principle of the matter...
The Private entity Cerberus owns a hunk of GMAC, GM’s Financing arm.. However Cerberus will not aid Chrysler or GMAC or open its books.. ..
In the acquisition of Chrysler from Daimler, the bottom line was basically Cerberus bought Chrysler Financial ( Chrysler Credit) and Daimler threw in the Chrysler brand gratis.....
Kinda like building a 17 billion dollar house and paying to give it away..
Before Illness I worked for both and there was NO love lost between the German's and the Chrysler division..
Benz was Darn glad to say by,by..
What difference does it make if the TARP money goes to the financing arms of automakers or some overadvertising commercial bank? It's still pissed down a rathole, one way or another. We'll never see it back in any form from either source.
But this shoves the problem conveniently off to Zero's administration. He will have ENORMOUS pressures to do even more than Bush did, and will have to tell somebody 'no' at some point. Even if he gives the Big Three and the UAW everything they could possibly want, it won't sell cars, and will just increase the pressure from the other interest groups for Barry to wave his magic wand and make them whole.
He cannot do that indefinitely, every such move in that direction is another step in shutting down the economy. He will make this the Obamanation Depression. And the naive, stupid people who thought that chanting "Change" was enough will see just how very wrong they were. We know we've got a lot of hurting to do before we can get the ship righted again, we need it to be sooner rather than later to be able to survive it.
It’s not about Detroit being unable to build good, quality cars. They do. It is about not supporting the UAW. I live here in Michigan, and for the first time in 30 years I will more than likely purchase a Toyota or Honda in the next year or two. I’m tired of the UAW. I may not get a say in DC when it comes to spending my tax money, but I sure has heck have a say when it comes to the money I am allowed to keep and I do not want any of it going to the UAW.
So what's the big deal? People drive like a bat outta hell here anyway!
401K; forget about it.
Pension Plan; not in this lifetime.
Only those in public sector jobs will be able to retire, and quite well I should add.
We should make like the British and burn Washington to the ground- the sooner the better.
Ford is not getting any money.
What GM needs to do, however, is to bring back the 57 Chevy. 
Precious few of us are objective when it comes to our own interests, tuffie1, and I am consistent in having been against the Goldman, er, make that the AIG, bailout, the other finance bailouts and, most of all, the auto dinosaur bailout.
But I don’t think anyone would argue that AIG ‘deserved’ its bailout, only that it was too critical a pin in our financial system to be pulled out at that time. And, a couple of long-propped up, union-ruined manufacturers aren’t so critical to the core functioning of our whole economy.
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