Citi and Auto industry

[Wallace]

Congress were blindsided by the financials - citi and said yes to the bailout because
they didn't know any better and it's Paulson's problem anyway, but they've been given
a second try thanks to the B3 and they'll run them thru hoops before they finally say
'ok here's the money' demonstrating to their constituents and public at large how smart
and fiscally prudent they are even while not knowing what's going on

the financials need recapitalization, the B3 need reoganization - Ch 11

 

[zdreg]

the less pain the american economy suffers now the more it will suffer later. people who says that jobs should not be destroyed as co's falter are
lacking in understanding of how capitalism is supposed to work. failure to punish co's with poor business models which stops the creation of new enterprises which are the wave of the future. failing co's are wasting assets which could be used for future progress. His is a static view and not a dynamic view of how progress under capitalism. co's die and new ones rise.
the automobile co's should have been transforming themselves in the last thirty years into transportation co's instead of becoming gold minesfor management and labor. they also became playthings for the financial shenanigans of the likes of kekorian etc. they deserve to fade and die away.

 

[CaptainObvious]

Quote from 151:

I'd like to start by saying I am for the most part against saving any company from destruction regardless of the reason for its demise.

However, if we (or I mean our elected officials) are going to be saving companies I sure as hell can't support giving citi 20b and denying the entire American auto industry 25.

No one can convince me that it would be more difficult to replace citi than GM Ford and Chrysler.

No one can convince me that more jobs would be lost.

Someone might be able to convince me that citi is more important to the economy but at this time I do not know how.

Why are we at the drop of a hat giving them money and promises yet we make the auto manufactures jump through hoops?

100% F'N right! This is what the CEO's from the big 3 should do. Fly down on their private jets each loaded up with strippers. When they get to that joke called a congressional hearing the line should go something like this. That business plan you told us to work on...well you can see we've been busy with other stuff. And that 25 bill we were talking about...now it's 50. We'll need it by the end of business today or we're jettin' back, closing down every god damn plant we have, stopping payment to every f'n creditor, then taking the rest of the year off and you cocksuckers can decide what you're going to do with the shit storm that follows. Then get up and leave.
If this Citi deal can get done over the weekend, doing a deal with the big 3 should be no issue at all. A real demonstration in class prejudice if there ever was one.