15B for the Automakers

[TGregg]

OK, 15B for you. Who's next?

Congress, White House talking $15B auto bailout

WASHINGTON – Jolted by the loss of thousands of jobs, congressional Democrats and the White House reached for agreement Friday on about $15 billion in bailout loans for the beleaguered auto industry. President George W. Bush warned that at least one of the Big Three carmakers might not survive the current economic crisis

http://news.yahoo.com/s/ap/congress_autos

 

[TGregg]

"Congress will insist that any legislation include rigorous and ongoing oversight to guarantee that taxpayers are protected and that resources are directed to ensure the long-term viability and competitiveness of the American automobile industry," Pelosi's statement said.

ROTFLMAO! Sure, that'll happen right after Pelosi says she wants to torture terrorists.

Stand by for minority quotas, green cars, CAFE increases, a stronger UAW and more bailouts to pay for it all. Going to Uncle Sam with your hat in your hand is worse than going to old man Potter for a loan.

In a subsequent statement, she added that the billions originally ticketed for development of more environmentally friendly cars would be repaid "within a matter of weeks."

OK, this must be a SNL skit, right?

 

[richrf]

Good news. While I understand there are lots of good people out there who love the idea that our manufacturing base should be destroyed (why not have everything made overseas?), and people should line up on bread lines, I am glad that most Americans have good common sense, and have elected officials who know how to take care of America first. Good for Obama. Good for Pelosi. And good for all Americans who stand my their own first.

 

[Susannah]

How long does $15B keep them afloat? It's a lot less than what they were asking for.

 

[richrf]

Quote from Susannah:

How long does $15B keep them afloat? It's a lot less than what they were asking for.

It all depends. Chrysler may have to go. Of course, the whole industry has to be downsized, since they are geared to produce much more than they can sell. Plus, the dealer network is overblown and has to be reduced in size. Lots of pain, no matter what. But, I will say this ... whatever it takes, it will be a lot less than the $150 billion that Bush/Paulsen gave to their pals at AIG - one the handful of companies that was primarily behind the CDS (credit default swaps), that brought our country to its knees. I would like to see every one of those guys working for $25/hour. Of course, no one in Treasury is talking about that.

 

[Moreagr]

it should be a top down compromise both should give up the waste.

the middle that worked or works for these companies are getting screwed. lower biz admin to engineeers have been thrown out of jobs.

 

[MarginCalled]

Bailout plan, completely opposed to by 99 percent of the public, rammed through by a lisping Elmer Fudd.

 

[bond tr4der]

Let em have the $15 billion. They'll squander it all in less than 4 months. Plus we're in a fucking recession; No one will be buying overpriced shitty cars from clowns on the verge of bankruptcy.

 

[richrf]

Quote from bond tr4der:

Let em have the $15 billion. They'll squander it all in less than 4 months. Plus we're in a fucking recession; No one will be buying overpriced shitty cars from clowns on the verge of bankruptcy.

They will be getting this and much more. This is not about destroying out economy and losing millions of jobs, so that a few shorts can make some easy bucks, this is about saving our critical manufacturing base so that we are not reliant on foreign nations - for economic and national security reasons. Rather have inexpensive green cars than sending hundreds of billions of dollars overseas to the Middle East and Russia. Unlike Kudlow and Right Wing radio, I am long on America.

 

[harkm]

Quote from richrf:

Good news. While I understand there are lots of good people out there who love the idea that our manufacturing base should be destroyed (why not have everything made overseas?), and people should line up on bread lines, I am glad that most Americans have good common sense, and have elected officials who know how to take care of America first. Good for Obama. Good for Pelosi. And good for all Americans who stand my their own first.

You do understand that bankruptcy only means that the assets change from the guys running it now to someone else, right?