GM: $12B needed to keep operating ("There isn't a Plan B," - Bail-US-Out or Pay Big-Time)

AP on Yahoo ^ | 12/2/08 | Ken Thomas - ap

[NormsRevenge]

WASHINGTON – General Motors Corp. said Tuesday it needs $12 billion in government loans to keep operating, telling Congress in a bluntly worded report that its collapse could have "severe, long-term consequences to the U.S. economy."

GM said it would seek up to $18 billion from the government: $12 billion in loans, including $4 billion by the end of December, and a separate $6 billion line of credit in case market conditions worsen.

"Absent such assistance, the company will default in the near term, very likely precipitating a total collapse of the domestic industry," GM said, contending its collapse would have "a ripple effect that will have severe, long-term consequences to the U.S. economy."

"There isn't a Plan B," said Chief Operating Officer Fritz Henderson. "Absent support, frankly, the company just can't fund its operations." He said GM would need $10 billion to $12 billion by late March.

[rockinqsranch]

“I need a pony.”

Ponies are just like Government actually. Shovel money in the front end, and get nothing but .... out the back end.

[TheWasteLand]

And by Pelosi, you mean the UAW, since they are one and the same.

[SERKIT]

Let’s cut out the middleman. If we (taxpayers) are to OK the deal, it will inflate the national debt and require T-bonds to be sold bought up by.....the Chinese. Why not sell the “big 3” to China and cut out the middleman?

[Seven plus One]

...but if not enough people want to buy their cars, it'll be a pointless exercise.

What if even with all those breaks they still didn't want to buy their cars?

[Redbob]

Sure there’s a “Plan ‘B’” - declare bankruptcy and reorganize along lines that make sense.

A bailout now simply defers GM’s “Judgment Day,” it doesn’t avoid it.

[JasonC]

Because they know the auto makers would never succeed in paying them back. They'd just had every cent of it to the union goons who "own" them, then turn to the lenders and say "sorry".

[Las Vegas Ron]

Used to be you would identify what caused the problem and fix it

Needs to be shouted loud and often!

[brushcop]

Hey GUYS, it’s Billy Maise here...

HAHAHA! You should've written that in all caps like Billy speaks! Good shot.

[Ancient Drive]

you know... I’ll go with “or else..”. I think it’s about time these bloated conglomerates lived in the real world. let the market assimilate them.

[irishjuggler]

What if even with all those breaks they still didn't want to buy their cars?

Then you'd have a problem. I do think, though, that big incentives on the demand side could work. Let's say that you're trying to decide between buying a Toyota Camry and a comparably-equipped Chevy Malibu, and all of a sudden the Malibu will result in a savings of five or six thousand dollars on your income tax bill. Which one do you buy? Some people will, for a number of reasons, still buy the Camry, but more than a few will likely decide to pocket the savings.

[Ancient Drive]

HEY GUYS, IT’S BILLY MAISE HERE. I’VE GOT A REALLY GREAT OFFER FOR YOU. THIS GOVERMENT IS REALLY WORTH $89.95. BUT TODAY IT’S NOT $89.95, NOT $69.95. NOOOOOOO, IT’S NOT EVEN $39.95...YOU SEE FOLKS WE ARE GIVING ALL OF THE MONEY AWAY, YES, ME AND LESCO ARE SELLING YOU THIS REALLY GREAT GOVERMENT GIVEAWAY BOOK. ALL THE SECRETS ARE HERE. BAIL OUT CORRUPT BANKS FOR BILLIONS! GIVE FREE MONEY TO LOSER CAR MANUFACTURERS ! TAKE FROM THE RICH PRODUCER CLASS AND GIVE BIG BUCKS TO THE LAZY FOLK WHO REFUSE TO WORK AND PRODUCE NOTHING BUT BABIES. ITS ALL HERE AND ANYONE CAN AFFORD THIS BOOK. CALL NOW AND WE WILL THROW IN A SET OF GERMAN MADE CUT THE FAT KNIVES. THAT WAY YOU CAN CUT ALL THAT FAT OFF YOUR COLLECTIVE BUTTS AND STOP BEGGING FROM THE GOVERMENT. BUY NOW ! THIS PRICE WILL NOT LAST LONG. ALL OF THIS FOR THE INSANE PRICE OF ONLY $9.95...THAT’S RIGHT FOLKS, YOU KNOW YOU CAN TRUST BILLY MAISE, THE TV CON MAN. WE ARE GIVING THE GOVERMENT AWAY FOR ONLY $9.95 PLUS SHIPPING AND HANDLING. ACT NOW !!!!

[Gator113]

“Absent such assistance, the company will default in the near term....”

Then let it default. Let’s get on with the Depression while some of us still have money to rebuild.

Congress needs to be sent to prison, every damn one of those crooks.

[ken21]

the democrat plantation includes—

gm, ford, and chrysler.

[Glacier Honey]

Good one!

[SunkenCiv]

I can paint you a picture for $39.95...

GM said it would seek up to $18 billion from the government: $12 billion in loans, including $4 billion by the end of December, and a separate $6 billion line of credit in case market conditions worsen.

[Glacier Honey]

This might sound like a silly question but here goes...

Do Honda, Toyota and Nissan have to abide by the same cafe standards Bush/congress voted in last year for the big 3?

Besides that question - let them fail. I was raised a ford girl but my next truck is going to be a Toyota

[Secret Agent Man]

I am officially declaring myself a frickin farmer and asking for my hundreds of thousands of dollars for the 2,000 acres I am not planting this year.

Get on the bailout bandwagon. /sarc

[musicman]

[STE=Q]

I thought we bailed out the credit markets, so they could lend again?

So why aren’t they lending to the US auto makers?

LOL!!!

All these hearings... and your two simple and logical questions well highlight what a joke the whole government bailout fiasco really is.

STE=Q

[musicman]

"If the gubmit want to throw our money away, why not give huge tax breaks and interest free loans to everyone who buys a vehicle from the big 3 and let the problem fix itself? "