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Jase

Treasury ready to prevent collapse of automakers

34 posts in this topic

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

http://biz.yahoo.com/ap/081212/treasury_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.

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

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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...

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USSA

Gotta save them UNIONS!

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

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

/sarcasm

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

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

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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?

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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.

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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.

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