So now the big 3 want $50B. Apparently $25B is not enough.

[StageLeft]

link

Big shocker, heck it wasn't long ago at all--a few days--the sane of us said that $25B wasn't going to make a difference and these companies were dead anyway. Now they want $50B? I guess it's like asking your dad for a new bicycle and it only costs $100 and when he brings you to the store you quickly start to try and weasel out of him the $200 version instead.

Despicable, let these companies DIE already.

 

[sandorski]

Ford has 7.5 months worth of Cash(at current rates of spending) then it's Chapter 11 time. Not sure I'd support a Bailout, but that's a pretty tight schedule to turn around such a large Corp.

 

[JS80]

lol why the fuck is Mayor Antonio Villagrosa on Obama's economic transition team.

 

[Linux23]

These companies are too big to fail. Don't you know that already?

 

[Ktulu]

This is just retarded. They need to just get bankruptcy out of the way so they can completely restructure leaner, meaner, unionless and with all new management. They WILL not survive at this rate.

 

[rudder]

Gas prices are under $2 again. I would not be surprised if the short-term memory public did not go out and start snapping up deals on all those gas guzzlers sitting on GM lots everywhere.

 

[senseamp]

The problem with GM bankruptcy is that the government will have to take over their pension obligations, which will probably cost more than bailing them out, in addition to causing a lot more people to get laid off.

 

[Ktulu]

GM loses 4.2 billion in 3rd quarter. burns through $6.9 billion of cash during the same quarter.

All i know is something needs to happen, if not bankruptcy then what?

 

[K1052]

Chrysler and Ford will probably bleed out by spring of 09. GM is saying June 09 but they have more assets they can unload and might be able to score Chrysler and dismember it for cash.

 

[Rustler]

Not only that but WE ARE GONNA HAVE JANET NEPOLATINO DO FOR THE COUNTRY WHAT SHE DID FOR ARIZONA..................BIGGEST DEFICIT OF ALL 50 STATES AND THE EDUCATION GOVERNOR...............LAST IN EDUCATION..........................Liberalism........................REWARD FAILURE...JOY!

 

[Ktulu]

Originally posted by: Rustler
Not only that but WE ARE GONNA HAVE JANET NEPOLATINO DO FOR THE COUNTRY WHAT SHE DID FOR ARIZONA..................BIGGEST DEFICIT OF ALL 50 STATES AND THE EDUCATION GOVERNOR...............LAST IN EDUCATION..........................Liberalism........................REWARD FAILURE...JOY!

LOLWUT

 

[dullard]

Originally posted by: senseamp
The problem with GM bankruptcy is that the government will have to take over their pension obligations, which will probably cost more than bailing them out, in addition to causing a lot more people to get laid off.

The POSSIBLE problem with a GM bailout is that the bailout might not have enough power to force them to make long-term profitible vehicles (this includes just about everything GM has lobbied strongly against for years). Then we have a $25B or $50B bailout, the company still files bankruptcy, people still are laid off, AND the government still has to take over their pension obligations.

Bailouts aren't guaranteed. Lets say GM gets ~$10B from a bailout. That'll last them only until next summer - then they are out of cash. Do you really think they can suddenly become profitable in that time frame? Or do we need yet another bailout?

 

[SagaLore]

GM needed to fail a long time ago.

 

[DukeN]

Isn't this socialism?

 

[SP33Demon]

Let them die already, they are "moribund dinosaurs" (shamelessly stolen quote from Skoorb). They are nothing but a drain and won't be profitable until 2010. Not worth it.

 

[conehead433]

The money for the automakers is not a bailout, it's a loan. Sadly they'll get the money and announce about $10 billion or so in bonuses for the top execs and they will still end up declaring bankruptcy later on, and the taxpayers get screwed again while the execs make out like bandits. If we're going to be loaning or giving huge amounts of money to all the banks and automakers there should be some oversight to keep this crap from happening. We should just let them all go bankrupt. It may hurt the economy pretty badly for a while, but there should be a penalty for their greed and poorly run businesses.

 

[sactoking]

They wouldn't need this cash if:
a) they were more agile in their response to market demand
b) they weren't so capital leveraged in their manufacturing plants (which coincides with a)
-and most importantly-
c) they weren't getting ass-reamed with no reach-around by the UAW

 

[ParticleMan]

Originally posted by: senseamp
The problem with GM bankruptcy is that the government will have to take over their pension obligations, which will probably cost more than bailing them out, in addition to causing a lot more people to get laid off.

Will $50B suddenly make them better companies? No, it's just more money to lose.

 

[Jaskalas]

Originally posted by: ParticleMan
Will $50B suddenly make them better companies? No, it's just more money to lose.

$2,000 Billion for Wall Street, zero for auto makers losing their ass to foreign companies?

 

[Tab]

Wait a minute, if GM went bankrupt who would pay all the pensions for their retired employees?

 

[StageLeft]

Originally posted by: Jaskalas

Originally posted by: ParticleMan
Will $50B suddenly make them better companies? No, it's just more money to lose.

$2,000 Billion for Wall Street, zero for auto makers losing their ass to foreign companies?

Two wrongs don't make a right

 

[ParticleMan]

Originally posted by: Jaskalas

Originally posted by: ParticleMan
Will $50B suddenly make them better companies? No, it's just more money to lose.

$2,000 Billion for Wall Street, zero for auto makers losing their ass to foreign companies?

I disagree with the Wall Street bailout as well. There are better ways to fix things than to give away money by the truckload.

 

[Ricochet]

Some of that 700B to Wall St should have gone to bail out the big 3. If they go under imagine the sh!t storm that is Michigan.

 

[blahblah99]

I can't believe how long these three companies are still able to survive. They should just die already. Spend the $50B on new American car companies.

 

[SP33Demon]

Originally posted by: ricochet
Some of that 700B to Wall St should have gone to bail out the big 3. If they go under imagine the sh!t storm that is Michigan.

Obama promised the UAW. They aren't going under, sadly.