Bush Auto Bailout Decision Coming at 9AM

[No1ButPaul08]

some sort of action is expected. Likely a 14 billion low interest bridge loan (giveaway) with a car czar overseeing restructuring.

 

[rockjoa]

On cnbc
http://www.cnbc.com/id/28305363

30 more minutes from now

GM up 15%

live
http://data.cnbc.com/quotes/gm

 

[Mini-Me]

I wish Bush decided, "You know what? Screw this. I'm going to do the right thing," then announced wearing a pimp robe, " NO BAILOUT FOR YOU, SUCKAS! I'm vetoing this bitch! Yeah, that's right, all you hedge funds who just bought in yesterday expecting an official bailout announcement - your stock is worthless, bitches! Power to the peeeeepulllllllllllllll...Gee Dub, OUT!"

If only he were actually cool. Still, I guess this is a drop in the bucket compared to the other incomprehensibly large bailout (you know, the one where all the money mysteriously disappeared into a black hole), and that is really a sad statement.

 

[silverlinkx2]

Well, the good news is that all of you who are invested (or have money to invest) won't lose too much if he does vote against the bailout, I'm pretty sure the market has the bankruptcy of the Big 3 priced into itself already...

 

[No1ButPaul08]

Well, the good news is that all of you who are invested (or have money to invest) won't lose too much if he does vote against the bailout, I'm pretty sure the market has the bankruptcy of the Big 3 priced into itself already...

I disagree. I believe a bailout is already priced in

 

[silverlinkx2]

I disagree. I believe a bailout is already priced in

GM stock was one of the biggest losers on the market yesterday...

 

[No1ButPaul08]

GM stock was one of the biggest losers on the market yesterday...

Yeah, I'm thinking the market as a whole. I think it would be at 8000 real fast if the bailout didn't happen. It will probably go up a little today, I just think it would go down more if it didn't happen than it will go up when it does. Does anyone really think they aren't getting bailout out?

 

[silverlinkx2]

Yeah, I'm thinking the market as a whole. I think it would be at 8000 real fast if the bailout didn't happen. It will probably go up a little today, I just think it would go down more if it didn't happen than it will go up when it does. Does anyone really think they aren't getting bailout out?

If they wanted to they would have done so already. Personally I think it's a bit ridiculous how quickly they threw so much money at financials, but then paint the automakers as crooks for asking for less than 5% of what the government gave financials. I think its wrong for the govt to give loans/bailouts to anybody, but it's still bothersome. I honestly don't think GM will get a bailout. Bush has been odd lately, and given the spectacular failure of the last bailout, I don't see him giving one again. But that's probably just wishful thinking

 

[No1ButPaul08]

If they wanted to they would have done so already. Personally I think it's a bit ridiculous how quickly they threw so much money at financials, but then paint the automakers as crooks for asking for less than 5% of what the government gave financials. I think its wrong for the govt to give loans/bailouts to anybody, but it's still bothersome. I honestly don't think GM will get a bailout. Bush has been odd lately, and given the spectacular failure of the last bailout, I don't see him giving one again. But that's probably just wishful thinking

Yeah, it is wishful thinking, considering he just pulled the 14 billion dollar trigger.

 

[No1ButPaul08]

Dow futures have went down, although not much, since Bush took the mic

 

[silverlinkx2]

Yeah, it is wishful thinking, considering he just pulled the 14 billion dollar trigger.

I don't think I've ever been proven wrong so quickly, it's unnerving

 

[Danke]

I heard they snuck a raise for Federal judges into this bailout bill.

 

[No1ButPaul08]

I heard they snuck a raise for Federal judges into this bailout bill.

Well this wasn't really the bill that went through the house, if that's what you are refering. The bill got killed in the Senate. This was Bush using the Bank bailout money and applying it to the autos.

 

[Thrashertm]

http://biz.yahoo.com/ap/081219/meltdown_autos.html
"If they fail to produce a plan by March 31, the automakers will be required to repay the loans, which they would find very difficult."

We all know that they won't be able to pay back the loans. They will either get more money from the govt. or go bankrupt and pay back a fraction if any of the loans. We knew from the start that this was throwing good money after bad.

 

[silverlinkx2]

And so what happens when they can't pay the loans back? Does the government seize their assets? What assets could they take? Real estate? Machinery? Overstocked automobiles?

This government of ours grows scarier by the day.

 

[LibertyBrews]

March 31:
FED: Loans due people
GM/Chrysler: We don't have any money, can we have more?
FED: Of Course, Ben's firing up the printing press as we speak
GM/Chrysler: When's the next loan due?
FED: Who cares?

 

[smithtg]

Well this wasn't really the bill that went through the house, if that's what you are refering. The bill got killed in the Senate. This was Bush using the Bank bailout money and applying it to the autos.

this is all becoming way too stupid.. Consider - the congress, with authority to fund whatever the hell they want say "no" to the automakers effectively by going on vacation. So the president decides he is a dictator and can pay whoever he wants. He takes "already approved (for anything)" TARP money and gives it the the automakers in the form of a "loan" - whatever.... Im so pissed now. just pissed

Im experiencing financial hardship, can the president write me a check too?

Pretty soon, even when the TARP money is called "gone", the president (soon to be redistributor Obama) will just write checks for everyone having a "hardship"
Seriously this type of "funding" even if it were budgeted is absolutely wrong

 

[silverlinkx2]

this is all becoming way too stupid.. Consider - the congress, with authority to fund whatever the hell they want say "no" to the automakers effectively by going on vacation. So the president decides he is a dictator and can pay whoever he wants. He takes "already approved (for anything)" TARP money and gives it the the automakers in the form of a "loan" - whatever.... Im so pissed now. just pissed

Im experiencing financial hardship, can the president write me a check too?

Pretty soon, even when the TARP money is called "gone", the president (soon to be redistributor Obama) will just write checks for everyone having a "hardship"
Seriously this type of "funding" even if it were budgeted is absolutely wrong

Don't worry man, there are plenty of us who are up to our eyeballs in debt. We're screwed. The ones who say they get hurt the most are actually the ones who will get by just fine, if you're worried about your savings losing value, just buy gold and overseas currencies.

If I had the means I'd pack up and leave now, times are going to get so tough here shortly.

 

[TheBMT]

I wish Bush decided, "You know what? Screw this. I'm going to do the right thing," then announced wearing a pimp robe, " NO BAILOUT FOR YOU, SUCKAS! I'm vetoing this bitch! Yeah, that's right, all you hedge funds who just bought in yesterday expecting an official bailout announcement - your stock is worthless, bitches! Power to the peeeeepulllllllllllllll...Gee Dub, OUT!"

If only he were actually cool. Still, I guess this is a drop in the bucket compared to the other incomprehensibly large bailout (you know, the one where all the money mysteriously disappeared into a black hole), and that is really a sad statement.

Ahhhh he could. But he has to keep some credibility for his future speaking engagements.

 

[Pauls' Revere]

The automakers got the bailout.

One huge concession is that the government can become a stockholder.

GM = Goverment Motors