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12-19-2008, 09:40 AM | #1 | |
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Bush: GM, Chrysler to receive $17.4b federal loans
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12-19-2008, 09:41 AM | #2 |
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good for them
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12-19-2008, 10:09 AM | #3 |
Always under your radar!
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Good.... now we wait till March 31st to see this outcome.
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12-19-2008, 10:10 AM | #4 |
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This is crap. The companies have had 20 years to turn themselves around and did not do it, and now they have to have a viable plan in 3 months... Thats laughable.
I guess that depends on your definition of viable. Who judges its viability? Just cut your losses and file for a controlled bankruptcy now |
12-19-2008, 10:29 AM | #5 |
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Prediction:
-GM & Chrysler Exec's get a $1.4 million Christmas bonus -Fly whole company to Bermuda for "morale building" -Complains to congress on March 29th that the global economy will collapse if they don't get another 24 billion You heard it here first |
12-19-2008, 10:34 AM | #6 |
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12-19-2008, 10:41 AM | #7 |
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12-19-2008, 11:28 AM | #8 |
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Why should their suppliers workers have their wages cut? That is bulldung. Bush, you are telling ME that because I own a business and supply parts, already as cheap as I can possibly go, you feel I need to cut my wages - and provide proof, to help them out. The parts I sell are marked up over 1000% by GM and Ford.
F.U. |
12-19-2008, 12:06 PM | #9 |
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12-19-2008, 12:11 PM | #10 |
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"must have thorough plans in place by March 31 or the loans will have to be repaid and the automakers will be forced into a controlled chapter 11 bankruptcy."
They're operating in the red, so they will not be able to pay back 17.4 billion in 3 months... Even foreign automakers are not posting these kinds of gains. Why not just save 17.4billion and set up that controlled ch. 11 now instead of stringing them out for a while until they file for it at the end of March? And I really wish people would stop comparing our financial predicament to the great depression. It's really a low blow to people who had to live through the great depression in the working class. It's getting pretty safe to say that basically nobody on this forum is old enough to have been of working age during the 1930's so I don't really think many of us have a concept of just how bad it was for some people back then. |
12-19-2008, 12:13 PM | #11 | |
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12-19-2008, 12:15 PM | #12 |
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12-19-2008, 12:17 PM | #13 |
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That's probably the only positive thing I see in this. I mean I don't have a problem with somebody working hard and making a living out of it, but modern labor unions take job security to a level that is just way too high and they're literally chasing jobs out of the country in many manufacturing industries.
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12-19-2008, 12:40 PM | #14 |
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Nothing to see here ... just your hard-earned tax dollars being set on fire when everyone knows the ultimate outcome.
Perfect example of W throwing the ball into the new kid's lot ... Yo, Obama ... Think fast! |
12-19-2008, 12:43 PM | #15 |
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Well, I'll give Bush credit for at least making a decision rather than put his head in the sand and letting advisers make cryptic comments.
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12-19-2008, 12:49 PM | #16 | |
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12-19-2008, 12:55 PM | #17 | ||
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" Oh ...this is such a mess! .... oh well.... time for my vacation K thnx bye" --- I'm not thrilled by the idea of giving them free cash, but having more than 2 million people out of work & that number is swelling fast, really takes away much choice on the matter. this quote catches my eye: Quote:
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12-19-2008, 12:58 PM | #18 | |
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12-19-2008, 01:05 PM | #19 |
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Something something teach a man to fish something something.
People don't want hand-outs. They want to keep their jobs and want to keep working. Giving out LOANS (not "Free money") to keep these companies going - especially at a time of severe economic distress - is the only answer. Everyone is so short-sighted these days it's scary ... building cars has historically been a very profitable business. Because GM and Chrysler's management have screwed things up for quite some time now does not negate that fact. If need be, replace each and every executive at these companies and start from there, but simply letting them go under is not the way to go. And bankruptcy is not the answer either because that would force every one of their suppliers (who are already hurting quite bad) to go under too, along with hundreds of thousands of jobs... domino effect. |
12-19-2008, 01:30 PM | #20 |
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Let them enjoy it while it last, we'll see if they put it to good use on March 31st ! If not then they should !
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12-19-2008, 02:03 PM | #21 |
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12-19-2008, 02:06 PM | #22 |
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woo hoooooo, keep the crappy american cars alive! i will never buy american. UNLESS they give me a Chevy Vette ZR1 for 1/2 the price then maybe, just maybe. lol!
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12-19-2008, 02:17 PM | #23 | |
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Allowing them to go into some kind of controlled bankruptcy does not equal bread lines for 2 million people. GM is too big to just vanish. What it needs is to trim the fat. Get rid of the dead weight. IF that means a lay off of 20% of the work force, then thats what it takes. The loan is a token amount that literally is just throwing money away. It will do nothing in the long run unless the entire company changes vastly, from the dealer networks, to the manufacturing lines, etc. That is impossible in 3 months. A company as top heavy as GM is, combined with the unions, is like telling a fat guy to run uphill with an anchor tied to his waist... What happens after march 21st? They bring forth a plan to get them out of trouble, now what... do they get 50 billion more to enact the plan, then 100 billion more to rescue subcontractors, then 75 billion more to renovate factories... It has to come to a head eventually, the airlines have all gone through a bankruptcy or two and they managed to come back leaner and more efficient. GM needs a good enema |
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12-19-2008, 03:07 PM | #24 |
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You don't understand that in bankruptcy, the people that are owed money by GM will receive pennies on the dollar... GM's suppliers can NOT survive like that. They are already in a huge bind as it is. It's not just the bankruptcy of GM... that would cause all these other supplies to follow suit. If those suppliers go, then other automakers will be greatly effected also. Again, domino effect.
Oh yea, and no one is expecting for GM to keep all it's employees - but laying off XX,XXX number of people to keep X,XXX,XXX employed is what it's gonna take. |
12-19-2008, 03:16 PM | #25 | |
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