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Treasury ready to prevent collapse of automakers


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#1 Jase

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Posted 12 December 2008 - 11:28 AM

In the end, what the people want doesn't really matter, does it? Democracy, Schmemockracy.

http://biz.yahoo.com...sury_autos.html

WASHINGTON (AP) -- The Treasury Department said Friday it's prepared to act to avoid any possible collapse of nation's three largest auto companies given that rescue efforts in Congress have failed.

"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," said Treasury spokeswoman Brookly McLaughlin.


General Motors Corp., Chrysler LLC and Ford Motor Co. failed to secure $14 billion in emergency loans after efforts collapsed in the Senate late Thursday. The Senate rejected the bailout 52-35 on a procedural vote.


Another chapter in a sad, sad, horror story.

#2 mmmbeans

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Posted 12 December 2008 - 11:32 AM

we live in a republic.

#3 Jase

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Posted 12 December 2008 - 11:33 AM

yeah, but you can't rhyme "republic" with a word that has "mock" in it.

#4 mmmbeans

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Posted 12 December 2008 - 11:38 AM

yeah, but you can't rhyme "republic" with a word that has "mock" in it.


more proof that it doesn't matter what the people want...

#5 Kurb

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Posted 12 December 2008 - 11:58 AM

USSA

Gotta save them UNIONS!

Heaven forbid people get paid reasonably and the companies make better products!

#6 Inimicus

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Posted 12 December 2008 - 12:10 PM

wow that article isn't at all skewed...

/sarcasm

Its not like the UAW didn't do its part to submarine the bailout.

#7 Panthro

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Posted 12 December 2008 - 01:28 PM

I mean we already bailed out greed why not bail out badly run businesses as well.

#8 Carolina Husker

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Posted 12 December 2008 - 02:04 PM

I just don't get any of it anymore.

We all know that Ford is a poorly run company and that the Unions need to be broken and everyone start over from scratch for this thing to ever work.

Why can't they just file Chapter 11, break all the bad contracts, eliminate the waste, and re-structure like a profitable company?

#9 Scrumtrilescent

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Posted 12 December 2008 - 02:10 PM

Ford is the only one of the three that's probably able to make it. Their new hybrid cars and the last safety rankings have them tied with Toyota at the top. If they can clean the fat out, they should be fine.

HAHAHAHA at that last sentence, though.

#10 mmmbeans

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Posted 12 December 2008 - 02:12 PM

if this country lost upwards of 3million jobs we would see severe global depression, we would have more people on government assistance because those three generations of people who will have lost their pensions in "restructuring" will need some sort of stipend to live on. And they will have lost what was left of their customer base, nobody will buy from a company that plunged the world into economic meltdown. simply put, it would be a disaster.

#11 Carolina Husker

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Posted 12 December 2008 - 02:14 PM

Chapter 11 would allow them to break parasitic union contracts, particularly the "job bank." They're a long way from being profitable, but Chapter 11 is a better alternative to a bailout IYAM.

#12 APCegr

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Posted 12 December 2008 - 02:21 PM

This is bullshit... You can't bailout three of the largest employers in the Country? but you can give AIG 50 billion for what? To give their exec? bonuses, if they dont bail-out GM, Ford, Chrysler you knwo how many people will lose their jobs??? Yeah sure they make a shitty product, but it will put thousands out of work in an already tough time, you dont bail them out, all the chevy lovers lose their parts.. think about, we should bailed out some of them before the banks, i make some stupid financial decisions but i do not seeing me getting help from the government why the fug should take care of them because of their ignorance with money...

#13 Jase

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Posted 12 December 2008 - 02:24 PM

This is bullsh*t... You can't bailout three of the largest employers in the Country? but you can give AIG 50 billion for what? To give their exec? bonuses, if they dont bail-out GM, Ford, Chrysler you knwo how many people will lose their jobs??? Yeah sure they make a sh*tty product, but it will put thousands out of work in an already tough time, you dont bail them out, all the chevy lovers lose their parts.. think about, we should bailed out some of them before the banks, i make some stupid financial decisions but i do not seeing me getting help from the government why the f*ck should take care of them because of their ignorance with money...


Where do you think the gravy train should make its last stop?

Or should I say, the stolen money train.

#14 Carolina Husker

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Posted 12 December 2008 - 02:24 PM

AK?

#15 Panthro

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Posted 12 December 2008 - 02:25 PM

If we want to bail out anyone and fix the economy the gov't should wipe out all outstanding student loans. That would allow for the group within their 20-30's to buy houses, cars, services...

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