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Treasury ready to prevent collapse of automakers


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#16 Carolina Husker

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Posted 12 December 2008 - 02:27 PM

We'll need to know more about these "services" you're referring to.

#17 mmmbeans

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Posted 12 December 2008 - 02:28 PM

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

Or should I say, the stolen money train.


to be fair, the Auto Bailout is unlike the financial in that it is a loan. The automakers are required to pay back the money that they are being given. I'm not happy about it, but I understand the value of saving upwards of 3million jobs. The financial bailout is the travesty here.

#18 Panthro

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Posted 12 December 2008 - 02:29 PM

We'll need to know more about these "services" you're referring to.


AMP's

#19 Jase

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Posted 12 December 2008 - 02:29 PM

to be fair, the Auto Bailout is unlike the financial in that it is a loan. The automakers are required to pay back the money that they are being given. I'm not happy about it, but I understand the value of saving upwards of 3million jobs. The financial bailout is the travesty here.


What happens to this "loan" if the company in question turns around and files for bankruptcy anyway?

#20 mmmbeans

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Posted 12 December 2008 - 02:34 PM

What happens to this "loan" if the company in question turns around and files for bankruptcy anyway?


of course that's a risk, but once again, there really is no alternative. 3million jobs and 4% of the GDP is an unacceptable loss at this point in time. Add into that the cost of the extra weight put on our social system by those 3 million, we're paying for it one way or another, at least this way there's the possibility of return.

#21 Scrumtrilescent

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Posted 12 December 2008 - 02:35 PM

Someone said nixing student loan debt??

#22 Jase

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Posted 12 December 2008 - 02:37 PM

http://www.bloomberg...V2_Q&refer=home

Dec. 12 (Bloomberg) -- The Bush administration dropped its opposition to using the $700 billion bank bailout fund to provide financing for U.S. automakers after the Senate yesterday failed to approve emergency loans.


The administration’s willingness to give short-term help to General Motors Corp. and Chrysler LLC eased the concern of at least some investors that the companies will collapse and worsen what is already the longest recession since the early 1980s. Stocks pared their losses.


“Congress has really punted the ball over to the White House,” John Bogle, 79, founder of the $80.6 billion Vanguard 500 Index Fund, said in a Bloomberg Television interview. “That will give them temporary stopgap aid. I do not think General Motors is going to go out of business.”

No loan. :(

Edited by Jase, 12 December 2008 - 02:43 PM.


#23 Panthro

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Posted 12 December 2008 - 02:39 PM

Someone said nixing student loan debt??


I shall be writing a proposal and sending it to Obama.

#24 Inimicus

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Posted 12 December 2008 - 02:54 PM

You do realize that it was the UAWs refusal to bring wages in line with the industries non union shops that killed this thing?

Its not big bad Washington DC that's being stupid here. Its the greedy ass unions that kept this from getting done. The very blue collar people that this was supposed to save gave DC the finger.

#25 Jase

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Posted 12 December 2008 - 02:59 PM

It's f*cking both of them.

#26 Carolina Husker

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Posted 12 December 2008 - 03:21 PM

You do realize that it was the UAWs refusal to bring wages in line with the industries non union shops that killed this thing?

Its not big bad Washington DC that's being stupid here. Its the greedy ass unions that kept this from getting done. The very blue collar people that this was supposed to save gave DC the finger.


Yeah, pretty much. The Big 3 have some culpability in this too, but at this point it's the UAW that's not willing to play ball. They're basically holding Detroit hostage. Again.

Which is why Chapter 11 seems like the best thing that the Big 3 can expect at this point. It breaks all their Union contracts and allows them to restructure from the bottom up.

#27 Inimicus

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Posted 12 December 2008 - 03:25 PM

At this point I'm a big fan of sending them to Bankruptcy Court for restructuring.

Unfortunately some folks are going to lose their jobs but its better than bailing them out.

#28 natty

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Posted 12 December 2008 - 03:36 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...


The financial industry doesn't employ people?

#29 Htar

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Posted 12 December 2008 - 06:39 PM

Unions have served their purpose, and the latest escapade is proof positive that they are more concerned with their own power than the employees they represent...UAW worker makes 77.00 an hour in pay and benefits...Japanese autoworkers make 44.00 an hour in wage and benefits...The japanese model makes money, the US model not so much. Lots of blame to go around, but plenty to place on the UAW as well.

#30 Jangler

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Posted 12 December 2008 - 07:07 PM

Clinton could have done something 10 years ago, But no..... Digital TV was more important.


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