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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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To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...
2
posted on
03/30/2009 8:57:33 AM PDT
by
TigerLikesRooster
(from "Irrational Exuberance" to "Mark to Zero": from '96 to '09)
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?)
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.)
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!)
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.)
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)
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)
To: lakertaker
9
posted on
03/30/2009 9:03:15 AM PDT
by
Roos_Girl
(Ask me about the $99 per night special!)
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)
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!)
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)
To: jveritas
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?)
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.)
To: TigerLikesRooster
15
posted on
03/30/2009 9:06:48 AM PDT
by
ryan71
(TERM LIMITS!!!!)
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
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.
To: Nachum
they were down 299 when i saw he was speaking on this issue...
To: TigerLikesRooster
“In a document released at midnight last night....”
?
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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