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 ...
The downside to letting them go bankrupt is that really means the people who lent THEM money are hurt. That would be a lot of suppliers who sold them parts, who haven’t been paid yet. Is it the suppliers fault that the automakers are run poorly?
My idea of a compromise was for the government to skip the automakers, and instead pay off the suppliers. IT would still help the automakers since they would have liabilities wiped off the books, but at least not a dime of my money would go to pay the salaries of the people who messed up.
I doubt it... This will not help them even 6 months.
I'm guessing 2 months at the most.
Our poor children.
And BINGO was his name-o...
Is Bush hoping the UAW and the Big 3 will come to some sort of agreement in 3 months? That’s a laugh...not to mention even if that miracle happens, it’s not going to change the bottom line overnight.
Individually, no, but as a whole, all they need to do is look at how the majority voted in the last election, and the answer is not only yes, but hell yes!
The word weak comes to mind right now. Gross. We are being forced to bail out companies that produce products the public does not want.
Bush trying to simply stave off the collapse until after he leaves office so he can argue that it didn’t happen on his watch. This is nearly as silly as Clinton and Greenspan hiding the Clinton recession until Bush took office. No body here is going to look to good in history.
“And what conditions is Bush placing on the UAW?”
Probably the same that were put on the banks. At least this is a loan with the expectation of payback at some point if they survive. The banks were handed wagon loads of cash, not strings, no payback.
My dad retired with 30 years at Ford. I’m almost thankful he’s not alive to see this fiasco unfold.
The UAW got their bailout. Now who will buy their cars? I noted the stock futures went up slightly for a few minutes and the right back down again. Wall street wasn't fooled.
60% of the public DO NOT SUPPORT our money being given away to the banks or these boobs. What about this do these politicians not understand ?
what is their stock doing on the news of this?
I’ll never buy another UAW car. If things go the right way, there won’t be any such thing anyway.
Bush Bailout Billions (1) vs the REAL Billions Used to Survive NOW (2)
Notes
(1) http://end-times-data.blogspot.com/2008/10/cash-run-begins-in-swiss-banks-short.html
(2) LARGEST ECONOMIC ATTACK in History is UNDERWAY
http://engforum.pravda.ru/showthread.php?t=235292
Fore hasn’t made a minivan in a few years.
no but it was still funny read the fine print too
Unbelieveable! This after Chrysler announces it will pay it’s workers 95% to stay home for a month. And the UAW still says they don’t have any blame for the Big 3 going under. Meanwhile, the company I work for cuts my pay 5% and cuts my hours right before Christmas.
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