GM and Chrystler denied further bailout funds

[DFF]

http://www.msnbc.msn.com/id/29944834/

Chapter 11 bankruptcy protection is imminent.

 

[moostraks]

PBGC is now going to be the new tragedy du jour of the administration. Wages for all american auto workers in the US will be decreased. Those at the top (behind the scenes) will reap large profits from the continued globalization of the american worker.

 

[Kludge]

Errr, didn't GM's CEO go on the news recently saying that GM doesn't need any additional bailout money?

 

[ktorp18]

looks like someone needs to make a new video for youtube...

"Peter Schiff Was Right: Car Industry Edition"

 

[ghengis86]

in a related story, the betty ford clinic will cease given crack heads more crack

 

[Scribbler de Stebbing]

in a related story, the betty ford clinic will cease given crack heads more crack

But the meth and heroine windows have extended their hours.

 

[Original_Intent]

So I am guessing according to this thread, a lot of congressmen were shorting GM and Chrysler...

http://www.ronpaulforums.com/showthread.php?t=186278

 

[Feenix566]

It's about time those bloated companies failed. The Bush Administration could have saved a lot of Americans a lot of money if they had just let them fail like they were supposed to in the fall.

 

[HOLLYWOOD]

So I am guessing according to this thread, a lot of congressmen were shorting GM and Chrysler...

http://www.ronpaulforums.com/showthread.php?t=186278

We should be able to view all of CONGRESS chritters assets by viewing their required disclosure of assets to a somewhat of a degree.

http://www.legistorm.com/financial_disclosure.html

Hmm... Charlie Wrangel doesn't seem to disclose his $10's of thousands in revenue and 100's of thousands in property assets down in the Caribbean? They are above almost all laws.

 

[LibertyEagle]

It's about time those bloated companies failed. The Bush Administration could have saved a lot of Americans a lot of money if they had just let them fail like they were supposed to in the fall.

Ah, but then the congresscritters would've missed out on an opportunity to pocket more money for themselves.

See OI's post:
http://www.ronpaulforums.com/showpost.php?p=2048256&postcount=7

 

[TheBMT]

http://news.bbc.co.uk/2/hi/business/7972464.stm

I was reading this article and was finally glad that Bankruptcy is an option. They could have saved a couple billion if they tried this first. What really got me was how the warranties are GUARANTEED by the US govt. So now the US govt will be in the automotive warranty business?

 

[LibForestPaul]

PBGC is now going to be the new tragedy du jour of the administration. Wages for all american auto workers in the US will be decreased. Those at the top (behind the scenes) will reap large profits from the continued globalization of the american worker.

Benefits (pension and health care) for all RETIRED American auto workers will decline.

What happens to old people in BelaRus and the other former soviet kleptocracies...
.
.
.
answer, they die.

 

[devil21]

http://news.bbc.co.uk/2/hi/business/7972464.stm

I was reading this article and was finally glad that Bankruptcy is an option. They could have saved a couple billion if they tried this first. What really got me was how the warranties are GUARANTEED by the US govt. So now the US govt will be in the automotive warranty business?

That's the big "oh shit" that came out today. The Feds are going to back every GM and Chrysler (and Ford eventually I assume) warranty. Think about it. Now the US makers have even less incentive to build quality cars because they only have to foot about 15% of the warranty repair costs while the US taxpayers cover the rest! But you will still pay the full cost of the warranty on the car, as usual, and then pay it again through your taxes. This gets more absurd by the day...

 

[SLSteven]

That's the big "oh shit" that came out today. The Feds are going to back every GM and Chrysler (and Ford eventually I assume) warranty. Think about it. Now the US makers have even less incentive to build quality cars because they only have to foot about 15% of the warranty repair costs while the US taxpayers cover the rest! But you will still pay the full cost of the warranty on the car, as usual, and then pay it again through your taxes. This gets more absurd by the day...

Don't worry so much...Obama will guarantee the quality

 

[RSLudlum]

Chrysler, judged by the administration as too small to survive, got 30 days’ worth of funds to complete a partnership with Fiat SpA, the Italian manufacturer, or some other automaker.

Does anybody else see the downright truth in this?

FIAT = by authority, decree; by government decree

 

[Knighted]

I think most of us saw that the auto bailout would not end well. I suppose it could be worse - they could continue stringing GM and Chrysler along, allowing them to swindle billions more in taxpayer dollars. At least this way, the amount the government will be forced to write off will be "only" $15B at most.

 

[idiom]

Chrysler will be fine.

GM is the only one scheduled to make a big hole in the floor. After GM falls the remaining union workers at Ford will agree to anything to avoid bankruptcy.

 

[Aratus]

Errr, didn't GM's CEO go on the news recently
saying that GM doesn't need any additional bailout money?

the dude obama just fired or the next or previous guy, this CEO dude... who is most quotable
there has to be a way to salvage pension, have living wages, push hybrid vehicles and also
get GENERAL MOTORs to be viable and 21st century, and NOT at all BUGGYWHIPs INC!

 

[Aratus]

Don't worry so much...Obama will guarantee the quality

GM should go back to the basic flivver design and then restructure.
flivvers weren't as destructive. flivvers were moderately priced. depressingly...
GM is well past its IKe era heyday and has not gone neatly hybrid enuff

 

[acptulsa]

GM should go back to the basic flivver design and then restructure.
flivvers weren't as destructive. flivvers were moderately priced. depressingly...
GM is well past its IKe era heyday and has not gone neatly hybrid enuff

GM never made anything as primitive as the flivver (an alias for the Ford Model T). Furthermore, making and selling the Ford Model T in the U.S. today would be illegal as hell. It would violate so many laws that the manufacturer would probably get away with the violation of half of them because no one could find all the statutes he or she violated.