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Global markets dive as Obama rejects carmakers' plea
The Times(UK) ^ | 03/30/09 | Christine Seib

Posted on 03/30/2009 8:57:02 AM PDT by TigerLikesRooster

Global markets dive as Obama rejects carmakers' plea

Christine Seib in New York

Global stock markets dived today after the White House denied General Motors (GM) and Chrysler multi-billion dollar bailouts and threatened to push the ailing carmakers into bankruptcy if they do not implement aggressive restructuring plans.

The Obama Administration effectively seized control of the companies – ousting General Motors’ chairman and chief executive and pushed Chrysler toward a merger – after finding that the carmakers’ own restructuring plans “did not establish a credible path to viability”.

The Dow Jones industrial average tumbled 215.37 points to 7,560.81 within minutes of opening while in London, the FTSE 100 index of leading companies fell 104.59 points to 3,794.26. In Germany, the DAX declined 145.88 points and in France, the CAC fell 89 points to 4,057.67.

In a document released at midnight last night, the White House set out its key findings on the two companies after more than a month of intensive talks between the President's auto taskforce, GM and Chrysler's managements and other stakeholders.

GM last December received a $13.4 billion bailout and had asked for a further $16.4 billion, while Chrysler got $4 billion and wanted up to $6 billion more.

(Excerpt) Read more at business.timesonline.co.uk ...


TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS: bailout; big3; obama
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1 posted on 03/30/2009 8:57:03 AM PDT by TigerLikesRooster
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To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...

Ping!


2 posted on 03/30/2009 8:57:33 AM PDT by TigerLikesRooster (from "Irrational Exuberance" to "Mark to Zero": from '96 to '09)
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To: TigerLikesRooster

So who is right? Those that say bankruptcy is ok and the market will fix itself, or those that think bailouts are ok?


3 posted on 03/30/2009 9:00:10 AM PDT by stuartcr (If the end doesn't justify the means...why have different means?)
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To: TigerLikesRooster

Keep going ZERO we all will be in tent city.


4 posted on 03/30/2009 9:00:34 AM PDT by bikerman (Obama lied;the Country died.)
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To: TigerLikesRooster

I don’t guess a “credible path to viability” would include getting rid of the unions?


5 posted on 03/30/2009 9:00:43 AM PDT by Roos_Girl (Ask me about the $99 per night special!)
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To: TigerLikesRooster
Obama may or may not be the anit-Christ, but there is no doubt he is the anit-Capitalist.
6 posted on 03/30/2009 9:01:03 AM PDT by Always Right (Obama: more arrogant than Bill Clinton, more naive than Jimmy Carter, and more liberal than LBJ.)
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To: TigerLikesRooster; SumProVita; HardStarboard; BradyLS; Ernest_at_the_Beach; dervish; Twotone; ...
The List, ping

I believe that the US stock markets are down this morning also...

7 posted on 03/30/2009 9:02:24 AM PDT by Nachum (the complete list at www.nachumlist.com)
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To: Roos_Girl
You cannot be doing what he is doing accidentally. Near tripling the debt, humongous deficits, crashing the dollar with the printing press, attacking producers.
8 posted on 03/30/2009 9:02:31 AM PDT by lakertaker (Libertarian Party since 1998)
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To: lakertaker

Agreed.


9 posted on 03/30/2009 9:03:15 AM PDT by Roos_Girl (Ask me about the $99 per night special!)
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To: stuartcr
Bankruptcy is the solution but no the bankruptcy that Obama is seeking. Obama goal is to drive the company for bankruptcy so his socialist administration will have a 100% control over them.
10 posted on 03/30/2009 9:03:47 AM PDT by jveritas (God Bless our brave troops)
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To: stuartcr
So who is right? Those that say bankruptcy is ok and the market will fix itself, or those that think bailouts are ok?

Looks like Obama has a unique compromise strategy here: dump as many tax dollars into failed companies as the voters will tolerate, and then let the company finally fail. This combines all the fraud and waste of a bailout with all the disruption of a market failure. The socialist in our White House is as talented with our economy as he is with our military.

11 posted on 03/30/2009 9:04:17 AM PDT by TurtleUp (Turtle up: cancel optional spending until 2012, and boycott TARP/stimulus companies forever!)
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To: stuartcr
As president, I say bailouts are bad.

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12 posted on 03/30/2009 9:06:07 AM PDT by newfreep ("Liberalism is just Communism sold by the drink." - P.J. O'Rourke)
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To: jveritas

I see.


13 posted on 03/30/2009 9:06:10 AM PDT by stuartcr (If the end doesn't justify the means...why have different means?)
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To: TigerLikesRooster

Both GM and the UAW are going to be very sorry that GM took even a nickel from the govt. Once the “community organizer” is done with them the UAW will discover that a 25% pay cut is preferable to no paycheck at all.


14 posted on 03/30/2009 9:06:38 AM PDT by Seruzawa (Obamalama lied, the republic died.)
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To: TigerLikesRooster

I hope Ford makes it.


15 posted on 03/30/2009 9:06:48 AM PDT by ryan71 (TERM LIMITS!!!!)
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To: lakertaker
You cannot be doing what he is doing accidentally. Near tripling the debt, humongous deficits, crashing the dollar with the printing press, attacking producers.

If course it's not by accident. It's not just stupidity, either. This is a bloodless Communist Coup d'état.

Where is the Constitutional authority for the Government to funnel billions of our dollars to foreign bankers, seize private firms, fire corporate CEOs, or backup auto warrantees?

This central government is now a domestic enemy of We the People.

16 posted on 03/30/2009 9:08:22 AM PDT by Zeddicus
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To: jveritas
Obama's car for the working class. The union boss's ride and his ride will be something - uh, more luxurious as is appropriate to their ruling status.


17 posted on 03/30/2009 9:10:08 AM PDT by RushingWater
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To: Nachum

they were down 299 when i saw he was speaking on this issue...


18 posted on 03/30/2009 9:10:25 AM PDT by tatsinfla
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To: TigerLikesRooster

“In a document released at midnight last night....”

?


19 posted on 03/30/2009 9:13:43 AM PDT by Western Phil
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To: TigerLikesRooster

Replacing GM management has been long overdue. Look at the decay of GM stock market price over the past 5 years, and their telling Las Vegas billionaires “Go Away!”. The message is that the Obama piggy bank is not infinite. Obama may not be a total disaster.


20 posted on 03/30/2009 9:14:38 AM PDT by dr huer
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