Posted on 12/19/2008 6:11:11 AM PST by WackySam
Edited on 12/19/2008 6:14:22 AM PST by Admin Moderator. [history]
Dec. 19 (Bloomberg) -- General Motors Corp. and Chrysler LLC will get $13.4 billion in government loans to keep operating in exchange for a restructuring under a rescue plan that President George W. Bush will announce this morning.
The money will be drawn from the Troubled Asset Relief Program and the automakers will get an additional $4 billion from the fund in February, according to a statement from the Bush administration. The money would allow GM and Chrysler to keep operating until March.
(Excerpt) Read more at news.yahoo.com ...
“Under the terms of the plan, if the companies can’t demonstrate financial viability by March 31 the loans will be called and the money must be returned, the statement said.”
Get out the utensils, it’s time to cook the books.
State intervention is yet again the first resort of our “conservative” president.
And what conditions is Bush placing on the UAW?
Bush’s parting shot to the GOP and America. Sad.
How can it be returned if it’s already spent?
None, and the Auto Companies will be in the same fix within 6 months.
Yesterday he was talking a gov’t run bankruptcy. What happened to that idea? That would’ve allowed the Big 3 to nullify or restructure it’s union contracts.
But now they’re simply being given money with a vague missive to have a plan in place in 3 months. Whoop dee do.
It is part of the same pattern. He was quite willing to sacrifice the bill of rights because of one emergency. Now, he is willing to sacrifice the free market for another.
None.
Bad idea, bad idea, bad idea. Of course, we can’t let the big dogs just declare bankruptcy like everybody else who has mismanaged their business. Face the consequences of your actions? Puhleeeeeeze!
Makes me wanna barf.
Colonel, USAFR
“GM and Chrysler Will Get $17.4 Billion in U.S. Loans to Survive” that will actually be a welfare handout because the loan will never be repaid.
I still want to buy a Chevy HHR SS Panel, dammit.
They’re going to have to give me the deal of the century for me to shell out the bucks.
Either way it’s lunacy.
I'm sure this makes sense to Peggy the Mooch.
I love that movie.
“You guys are being a bunch of Yokohama mamas...no offense.” ~ Michael Keaton
My god, how could he say that with a straight face. How are they suppose to pay that back. I hope the debt isn’t discharged in a bankruptcy.
The good news is that this gives enough time for outraged people to threaten the Senators that they will be voted out if they vote for money for these UAW crooks. Of course, probably wont’ make any difference.
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