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9-7-08: Auto Industry wants $50 billion public bail out

dmcowen674

No Lifer
Oct 13, 1999
54,894
46
91
www.alienbabeltech.com
Fucking bastards, they deserve nothing less than to be out of business.

They pushed the god damn gas guzzling land barges.

9-7-2008 http://news.yahoo.com/s/ap/20080907/ap_on_go_co/automakers_congress;_ylt=As9B80mkzPFc6AppQkj4tIqs0NUE

Auto industry to press Congress for $50B in loans

Auto industry allies hope to secure up to $50 billion in government loans this month that would pay to modernize plants and help struggling car makers build more fuel-efficient vehicles.

"This industry could fall down, literally, or be absorbed if they don't get something in place very soon. I think it's that severe," said Rep. Joe Knollenberg, R-Mich. "Something has to happen pretty quickly because they can't compete paying 15 to 20 percent (interest)."

Democrat Barack Obama has criticized Republican rival John McCain for not supporting the full $50 billion loan program.
========================================================

Obama has it wrong.

The existing auto companies should go down in flames hard and fast.

They fucked over America and they should not be rewarded for it.
 

ProfJohn

Lifer
Jul 28, 2006
18,251
5
0
So you want all the American companies to go out of business and all the jobs to go over seas??
 

dmcowen674

No Lifer
Oct 13, 1999
54,894
46
91
www.alienbabeltech.com
Originally posted by: ProfJohn
So you want all the American companies to go out of business and all the jobs to go over seas??
Currupt corporate giants? Absolutely

They are ones sending the jobs overseas :roll:

Real Americans will step in and make the jobs right here.

Nice try MRR shill try again.
 

StageLeft

No Lifer
Sep 29, 2000
70,150
2
0
Originally posted by: ProfJohn
So you want all the American companies to go out of business and all the jobs to go over seas??
Do you want all businesses to be privatized when they are failing?

The big 3 have been going down the toilet for years. We all know this. It's time to fvcking let them die. Opinions on freddie mac or fannie aside, the complete destruction of these companies won't end in any worse-case depression-scenarios. Other auto manufacturers are doing fine. These ones deserve to die. Let them croak, this bailout sh*t is ridiculous here.
 

blackangst1

Lifer
Feb 23, 2005
20,991
853
126
Originally posted by: dmcowen674
Originally posted by: ProfJohn
So you want all the American companies to go out of business and all the jobs to go over seas??
Currupt corporate giants? Absolutely

They are ones sending the jobs overseas :roll:
Link you partisan fuck? Dont you have your own board to hate America on?
 

BoberFett

Lifer
Oct 9, 1999
37,563
9
81
How many Americans are employed either directly or indirectly by the Big 3? Sorry, they're too big to fail.
 

JSt0rm

Lifer
Sep 5, 2000
27,399
3,943
126
Actually look at Tesla. An american company that has already stated the goal for their electric car is to build a 30k sedan. Obviously right now they are in the high end but thats to get the technology absorbed. I say we give them 50 billion dollars and have a new forward thinking company move up the line.
 

JSt0rm

Lifer
Sep 5, 2000
27,399
3,943
126
and isn't this gutter capitalism we live in? C'mon grow some fucking balls you people. When all these people are starving I bet we get some good ideas and hard work coming out of that fear of starvation.
 

StageLeft

No Lifer
Sep 29, 2000
70,150
2
0
Originally posted by: JSt0rm01
Actually look at Tesla. An american company that has already stated the goal for their electric car is to build a 30k sedan. Obviously right now they are in the high end but thats to get the technology absorbed. I say we give them 50 billion dollars and have a new forward thinking company move up the line.
Or hell even spend the $50B on loans to ex employees of Big 3 when they inevitably die. They are completely ridiculous and deserve their non-public-assisted fate.

 

Sacrilege

Senior member
Sep 6, 2007
647
0
0
The term "too big to fail" should be replaced with "too politically connected to fail."

At least it's a loan and not a direct subsidy.

But, can the foreign car companies now whine about Detroit, the same way militarily subsidized Boeing whines and whines about Airbus?
 

StageLeft

No Lifer
Sep 29, 2000
70,150
2
0
Originally posted by: Toastedlightly
I thought this was a loan, not a free "bail out". Your title is very misleading Dave.
To his defense, many news orgs are calling this a bailout. It's not in the same sense as the previous ones, but any means of a substantial helping out would qualify as a bailout and giving these companies loans that nobody else will is a bailout IMO.

 

smack Down

Diamond Member
Sep 10, 2005
4,507
0
0
Originally posted by: BoberFett
How many Americans are employed either directly or indirectly by the Big 3? Sorry, they're too big to fail.
Bull shit, bankruptcy will have zero impact on the employees. The bond holders would get wiped out but that is what is supposed to happen when you make bad investments.
 

brencat

Platinum Member
Feb 26, 2007
2,170
3
76
Originally posted by: smack Down
Originally posted by: BoberFett
How many Americans are employed either directly or indirectly by the Big 3? Sorry, they're too big to fail.
Bull shit, bankruptcy will have zero impact on the employees. The bond holders would get wiped out but that is what is supposed to happen when you make bad investments.
I think you mean common stockholders would be wiped out. Bond holders are creditors and are first in line at table in bankruptcy.

The order is: Senior secured debt (includes bank debt), senior unsecured debt , subordinated debt, junior sub debt, preferred stock, and finally common stock at the bottom.

Aside from that, I agree, let them fail. Their paths downward were charted over 20 yrs ago when they promised job guarantees and ridiculous benefits to workers both current and retired, while being unable to make a decent car in at least that long.
 
Apr 17, 2003
37,622
0
76
For once I agree with Dave. The big three is just a bunch of mismanaged tools who haven't done anything right for years.
 

Craig234

Lifer
May 1, 2006
38,548
345
126
We're presented with a false dillema: either use taxpayer money to reward mismanaged executives to protect the nation's interests, or let our own auto industry be destroyed.

Neither is very acceptable, and which of the two terrible choices people pick says something about their particular politics (pro-corporate, anti-corporate).

The real solution would be, IMO, to 'save' the companies, with requirements for serious reforms in the interest of the nation - liberal reforms - as well as liberal trade policies.

The fact that that solution isn't even on the discussion list for the topic shows just how screwed up the political culture is. Under FDR, IMO, my plan would likely be the plan.
 

cliftonite

Diamond Member
Jul 15, 2001
6,874
44
91
Originally posted by: blackangst1
Originally posted by: dmcowen674
Originally posted by: ProfJohn
So you want all the American companies to go out of business and all the jobs to go over seas??
Currupt corporate giants? Absolutely

They are ones sending the jobs overseas :roll:
Link you partisan fuck? Dont you have your own board to hate America on?
One of the biggest partisan fucks calling someone else a partisan fuck, oh the ironing.
 

cliftonite

Diamond Member
Jul 15, 2001
6,874
44
91
Originally posted by: ProfJohn
So you want all the American companies to go out of business and all the jobs to go over seas??
So will there be strings attached to this bailout that ensures jobs dont go overseas?
 

blackangst1

Lifer
Feb 23, 2005
20,991
853
126
Originally posted by: JSt0rm01
and isn't this gutter capitalism we live in? C'mon grow some fucking balls you people. When all these people are starving I bet we get some good ideas and hard work coming out of that fear of starvation.
Youre right. The best ideas come from need.
 

ChunkiMunki

Senior member
Dec 21, 2001
449
0
0
why don't we just identify all companies and industries that are "too big to fail" and take them over right now, quit messin' around, man.....jeez.
 

blackangst1

Lifer
Feb 23, 2005
20,991
853
126
Originally posted by: smack Down
Originally posted by: BoberFett
How many Americans are employed either directly or indirectly by the Big 3? Sorry, they're too big to fail.
Bull shit, bankruptcy will have zero impact on the employees. The bond holders would get wiped out but that is what is supposed to happen when you make bad products.
Fixed for accuracy.
 
Oct 30, 2004
11,429
20
81
They built crappy vehicles for years and then failed to build fuel efficient vehicles when just about anyone who knows anything about the world could have stated that "as the world's population rises and as the demand for oil increases one day the oil will run out and the price will go up". Having to pay mechanics to repair vehicles with crappy build quality is not enough, so now they want to tax us?

Thank goodness we have Japanese vehicles that are made in America in addition to "American" vehicles that are made in May-hee-co.
 

blackangst1

Lifer
Feb 23, 2005
20,991
853
126
Originally posted by: cliftonite
Originally posted by: blackangst1
Originally posted by: dmcowen674
Originally posted by: ProfJohn
So you want all the American companies to go out of business and all the jobs to go over seas??
Currupt corporate giants? Absolutely

They are ones sending the jobs overseas :roll:
Link you partisan fuck? Dont you have your own board to hate America on?
One of the biggest partisan fucks calling someone else a partisan fuck, oh the ironing.
:) We ALLLL do it big boy ;)
 

winnar111

Banned
Mar 10, 2008
2,847
0
0
Originally posted by: Skoorb
Originally posted by: ProfJohn
So you want all the American companies to go out of business and all the jobs to go over seas??
Do you want all businesses to be privatized when they are failing?

The big 3 have been going down the toilet for years. We all know this. It's time to fvcking let them die. Opinions on freddie mac or fannie aside, the complete destruction of these companies won't end in any worse-case depression-scenarios. Other auto manufacturers are doing fine. These ones deserve to die. Let them croak, this bailout sh*t is ridiculous here.
This.
 

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