Leaders in Congress Agree on Auto Bailout Plan!

[rudeguy]

Originally posted by: Eli

Originally posted by: Eli
So what if it doesn't pass the vote?

Hope they aren't counting their chickens before they hatch.

lol

quoting yourself is a banable offence as decided in ATOT vs grasshopper.

I have reported you to the moderator.

 

[Squisher]

Originally posted by: LS21
good
fuck em

No, it'll be more fuck us.

 

[rudeguy]

Originally posted by: Fenixgoon

Originally posted by: rudeguy


The UAW needs to fail. I am from MI, so I would hate to see the Big 3 fail, but something has to change.

If anyone has a couple hours, I have a theory on how MI's change in the distribution of school funding was a major contributor to the Big 3's demise.

care to post? i'd be interested in reading.

ABout 15 years ago, MI changed the way they distributed school funding. It used to be based on the taxes of the school district. I went to a high school that had a large GM factory right next door. Our school was great until they changed the funding policy. They made it so that each district was funded on the number of students and maybe some other things...but the result was that our school went to hell. When the school went to hell, all the housing prices dropped like a rock. Now all these people that owned homes were sitting on houses they couldn't sell. Sound familiar? So the UAW pushed for even higher wages because their workers cost of living went way up when they had to move and buy new houses in other school districts.

Wyoming, MI is just one example of where this took place. I am sure there are many other cities and schools out there that had this kind of issue.

 

[flashbacck]

Originally posted by: dmcowen674

Originally posted by: her209
I'm predicting -1000 pts tomorrow.

on way to 3600

The various asian markets are down 4-6%, so yeah, not looking good.

I'm really surprised how much resistance the loan/bailout is facing. Usually politicians have no problems spending taxpayer money if it makes them look proactive.

I'm guessing this will be like the bank bailout, where it's rejected initially but after the market drops and everyone panics a bit, they're reconvene and pass it.

 

[dug777]

Chapter 11 baby 🙂

 

[Zee]

Originally posted by: flashbacck

Originally posted by: dmcowen674

Originally posted by: her209
I'm predicting -1000 pts tomorrow.

on way to 3600

The various asian markets are down 4-6%, so yeah, not looking good.

I'm really surprised how much resistance the loan/bailout is facing. Usually politicians have no problems spending taxpayer money if it makes them look proactive.

I'm guessing this will be like the bank bailout, where it's rejected initially but after the market drops and everyone panics a bit, they're reconvene and pass it.

i agree. i expect the UAW knows that the the damn gov't will spend taxpayers money on the big 3 and thus refuse to make any concessions because they want to continue to cash in.

Fuck the UAW

 

[Chadder007]

Originally posted by: flashbacck

Originally posted by: dmcowen674

Originally posted by: her209
I'm predicting -1000 pts tomorrow.

on way to 3600

The various asian markets are down 4-6%, so yeah, not looking good.

I'm really surprised how much resistance the loan/bailout is facing. Usually politicians have no problems spending taxpayer money if it makes them look proactive.

I'm guessing this will be like the bank bailout, where it's rejected initially but after the market drops and everyone panics a bit, they're reconvene and pass it.

But the news said the Bailout has totally failed and they can just have a vote now which won't pass..... So now do they have to hang on till Obama gets in?

 

[meltdown75]

war: eleventy billion
wall street bailout: $700 billion
big 3 bailout: $0

witnessing humanity struggle to survive in a post-apocalyptic wasteland: priceless

 

[TraumaRN]

Originally posted by: meltdown75
war: eleventy billion
wall street bailout: $700 billion
big 3 bailout: $0

witnessing humanity struggle to survive in a post-apocalyptic wasteland: priceless

Yea no doubt. I know you live about 25 minutes from me...and I know Windsor is really tied into the Auto Industry too. No fun for Canadians either.

 

[Chadder007]

This will affect a LOT more jobs than just the UAW's if something isn't done. Bush is the only one that can save them now.

 

[meltdown75]

Originally posted by: DeathBUA

Originally posted by: meltdown75
war: eleventy billion
wall street bailout: $700 billion
big 3 bailout: $0

witnessing humanity struggle to survive in a post-apocalyptic wasteland: priceless

Yea no doubt. I know you live about 25 minutes from me...and I know Windsor is really tied into the Auto Industry too. No fun for Canadians either.

no fun for anyone...

I think of the old Ford City area in Windsor (Drouillard Rd area)... already an example of a ghost town created by the crippled automotive industry and I'm just hoping the rest of this area doesn't end up like that.

 

[Queasy]

Note that the bailout was not for "The Big 3". Just GM and Chrysler. Ford already has a plan in place to get them through this so that they wouldn't have to take bailout money. There is still a very real possibility of trouble for Ford but they are in a better position than GM and definitely Chrysler. link

 

[dug777]

Originally posted by: meltdown75
war: eleventy billion
wall street bailout: $700 billion
big 3 bailout: $0

witnessing humanity struggle to survive in a post-apocalyptic wasteland: priceless

I'm not going to get into iraq, but you do understand why a bank failure is much bigger deal than a manufacturing firm?

You also do understand how Chapter 11 actually works?

Just asking, someone's got to...

 

[meltdown75]

Originally posted by: dug777

Originally posted by: meltdown75
war: eleventy billion
wall street bailout: $700 billion
big 3 bailout: $0

witnessing humanity struggle to survive in a post-apocalyptic wasteland: priceless

I'm not going to get into iraq, but you do understand why a bank failure is much bigger deal than a manufacturing firm?

You also do understand how Chapter 11 actually works?

Just asking, someone's got to...

ha! i caught a crab with my troll net 🙂

 

[dug777]

Originally posted by: meltdown75

Originally posted by: dug777

Originally posted by: meltdown75
war: eleventy billion
wall street bailout: $700 billion
big 3 bailout: $0

witnessing humanity struggle to survive in a post-apocalyptic wasteland: priceless

I'm not going to get into iraq, but you do understand why a bank failure is much bigger deal than a manufacturing firm?

You also do understand how Chapter 11 actually works?

Just asking, someone's got to...

ha! i caught a crab with my troll net 🙂

😱

How's the old 740 (iirc 😱)?

Didn't you also have an awesome old US land-barge with a huge hemi that redefined 'lazy/relaxed power/displacement'?

 

[Zim Hosein]

General Motors and Chrysler made significant progress late Thursday on a deal to secure emergency loans as part of a U.S. government aid package, sources familiar with the talks said.

The package would demand sweeping restructuring at the troubled automakers.

Emergency federal loans for the two companies could be announced by the government as early as Friday, according to the sources who were not authorized to discuss the negotiations.

GM, Chrysler Close In on Deal for US Loans

I still have hope! 😱

 

[Zim Hosein]

General Motors and Chrysler will receive up to $17.4 billion in short-term loans from the US government in return for deep concessions, including giving the government the option of taking a partial stake in the companies.

Citing danger to the national economy, the Bush administration approved an emergency bailout of the two auto makers on Friday.

"Allowing the auto companies to collapse is not a responsible course of action," President Bush said in announcing the plan at the White House. Bankruptcy, he said, would deal "an unacceptably painful blow to hardworking Americans" across the economy.

According to details of the plan made available to CNBC.com, the package involves $13.4 billion in immediate short-term financing from the $700 billion Wall Street bailout fund, known as TARP.

GM and Chrysler to Receive Up to $17.4 Billion in Loans

Hopefully GM's stock heads north! 🙂