Auto Bailout Plan Finalized - Carmakers To Get $15 Billion
Officials are saying that Democratic leaders in congress and the White House have finalized a bailout deal Wednesday to spend $15 billion on loans for struggling U.S. car makers.
If all goes as planned, the plan could go into action by the end of the week, bringing money to General Motors and Chrysler, and making Ford eligible for federal aid. Without the money, GM and Chrysler may not make it to the end of the year.
Besides the $15 billion aid, the bailout plan would be headed by a Bush-appointed "car czar" to whom car manufacturers would have to report their restructuring plans by spring. If the czar feels the plans are not enough, he or she has the authority to pull the federal money and force them into bankruptcy.
Republicans - who are none too pleased with the idea - could strike down the deal, however, forcing everyone into bankruptcy anyway.
If You Are Easily Offended….
R.I.P.
FIX IT or I'll FIST IT!
That's what you get for letting unions take over your plants and making a shitty product on top of it. They should get what they deserve.
At lest will get shitty cars from it, Wall St. all we got was fucked without a kiss and how much $$ did Washington throw at those ASSHOLES ? I bet they don't even know!
I hope their plan is good enough to justify all the money lent towards their cause.
Annndddddd why do they deserve it?
Screw those assholes. They wasted good money on shit that don't matter and now tax payers clean up their luxury lounge life. Eff them. Their cars suckass too.
I say sadly these companys will file for bankruptcy by Easter.
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HOW MUCH MONEY WILL GET FUNNELLED BACK TO THE
CROOKED POLITICIANS!!!
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THE GOV OF ILLINOIS IS JUST THE TIP OF THE ICEBERG!!!
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HELL YES! GM has AMAAAZING cars now (yeah the 90s weren't great, but this is a new decade!) — we need these automakers!
I hope the Repubs and Dems DO NOT Pass another bailout!! What the Big Three need are reorganization plans - get rid of the old power hungry men who's belts are getting tighter the bigger their pockets get. When will the greed factor in our country stop??? And when will we stop throwing money around like we have it - because we sure as hell don't.
While I do understand that people are afraid of losing jobs, when a product becomes obsolete, sales go down. Just look at typewriter sales after the advent of the computer. Now, if the auto companies got rid of the ridiculous union payments, and increased efficiency, they could survive, but if not, let them go the way of the dinosaurs. And like Wanda Sykes said on Letterman,
"this is broke people paying for the wealthy". It’s “welfare for the rich". We want receipts, we want monitoring, we want updates or "PULL THE PLUG!"
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LG HEARS CLICKS ALL THE TIME WHEN SHE'S ON THE PHONE!!!
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WTF!!!! The goverment needs to get their heads out of their asses. These bailouts are only delaying another depression. Our country NEEDS to hit bottom so let it go. The longer we prolong the inevitable the harder it's going to be on the people. NO MORE FUCKING BAILOUTS!!!
WHAT A FUCKING JOKE!!!!!!! Mismanaged companies that continually put out bad products should go out of business. You don't see the government stepping in to help all the small businesses that are being affected by the recession. It makes no sense and is insane that my tax money is going to these companies. I voted Obama and I fully support the republicans in forcing these jack asses into bankruptcy!
they should file for bankruptcy. just like any other business in hard times. the airlines filed for bankruptcy, renegotiated contracts, and are still in business! if we bail out the automakers we are only bailing out the UAW.
fucking government.. should have let the fail. at the very least clean house, appoint new management and get rid of the unions. they are the ones running those companies into the ground.
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honda, toyota, all foreign cars = no unions and they are doing fine.
They should have gotten more than the losers on Wall Street. But, I'm glad someone will be watching their asses to make sure they don't piss the $$ away.
Gross mismanagement and unions are pulling the auto industry down. Let them go! A bailout only prolongs what is long overdue…they need to go under like any other private sector that produces substandard products!
stupid waste of money, these bads cant turn a profit, so lets let them tread water and fail again in a year, that sounds like a lot of money, but they will absorb and waste it sooo fast.
LET THEM FAIL FOR FUCKS SAKE
WOW. Now there's a bad decision.
THIS IS THE STUPIDEST WASTE OF MONEY!!!! They're going bankrupt FOR A REASON. They make shitty cars!!!!!! Why the fuck do think people are buying the cars of OTHER MANUFACTURERS?? This is just throwing - no WASTING - much-needed funds that should be spent ELSEWHERE completely away on one of the worst business decisions I've ever heard of. Let them go out of business. Their businesses are failing because they make crappy product. You think that's gonna change? I don't. This wasted money will just be going to delay the inevitable and then the money will have been wasted in vain. Put it to better use somewhere else. Wasting this money on this foolish venture will be the death knell of this country, I'm sure. Once it's gone, it'll be gone and THEN WHAT?? We're already in a recession. Are our dipshit leaders determined to bring on another depression? Make some decisions that actually for once make it seem like you guys have something other than shit for brains. Seriously. Stop making the Arabs happy. Every bad decision you dicks make is just causing the foundation of our country to crumble even more. It may suddenly collapse. But I suppose since it won't affect the rich fucks that caused it in the first place then I guess they won't have to care, right? Ahh…just like always. Nothing changes.
You know, the main reason for the economic slump is because a lot of people are now jobless and not spending money, which is causing more and more companies going out of business…which means more lost jobs and less spending. And it goes on and on. With all the billions of dollars being pumped into bailing out wall street, car companies, and whoever else is whining about their company going broke while flying in a nice personal jet to ask for money….is just plain ridiculous!! I think they should have those billions to give to the US people to boost spending. The had the right idea with the stimulus check—just that was too small. Most people ended up getting cheated and got $300 instead of the proposed $600. With the first bailout, everyone in the USA could have had around $6000 (give or take) per person. Now isnt that the way to solve the problem of lost spending and credit companies losing money because people couldnt pay the bill?
I think so.
Re: Xelia Kay – 20-21.
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YOU ARE VERY INTELLIGENT, DEAR!!!
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THIS IS WHAT LG'S DEAR OLD DADDY WOULD CALL
"THROWIN' GOOD MONEY AFTER BAD!"
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BEFORE LONG THE WHOLE COUNTRY WON'T HAVE A POT
TO PISS IN OR A WINDOW TO THROW IT OUT OF!!!
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IT LOOKS LIKE JESSE JACKSON JR MIGHT HAVE BEEN
THE HIGHEST BIDDER ON THE OBAMA'S SENATE SEAT!!!
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We need them to file chapt. 11, we need the Unions gone! Get rid of the Unions and we will reorg and be okay. All their stupid contracts and policital ties have "driven" our Auto Industry into the ground!
LG #23 what has happend here? There is always something!
xo!
Let's hope the Repubs hold strong on this one, though I doubt they will. Those Democrats love spending money. Why should our tax dollars help pompous dicks like the heads of the big 3. Notice how Nissan and Toyota aren't in trouble? The build cars people want to drive, they don't own corporate jets, and they don't have unions runing their business! Let the big 3 go bankrupt so they can re-organize, it's necessary. Spending more money is not going to save our economy!
REPUBLICANS KNOW IT!!!!!!!! DEMOCRATS ARE SOOOO STUPID!!!
Re: Smqueen – Amen. People have been living high off the hog for decades. It's probably going to take even longer than that to clean up the mess that THE AMERICAN PEOPLE have made. It's all about greed and credit cards, people/businesses spending money you don't have. I have never owned a credit card in my life and I've managed. But the rest of you are probably fucked right about now. Too bad. You overspent just like all the rest of America. And you should go down too. Welcome back to the 1930s!! Now go buy your guns and stock up on some food.
My company makes chocolate fire guards…we haven't been able to sell many…can I have a bail out… we are just about to introduce our ash trays for motorbikes….give us money, we are going to go bankrupt otherwise…
More debt for America's grandchildren. A sad day indeed.
Ok..So I've been engaged to one of the top ten car dealership owners before, and the fact is that they spend their money too lavishly - buying ferraris and multi-million dollar yachts. They don't need money, and I apologize if I am ignorant, but if they acted like normal people, and watched what they spent their money on, then the future of the car industry would be fine. Needless to say, my ex just announced their bankruptcy
why should the government be involved in this atrosity? THEY DUG THEIR OWN HOLE LET THEM SUFFOCATE THEMSELVES. the only thing that will happen is gas prices will soar again and we'll have to deal with POS cars for another few months..until they waste the money they dont deserve in the first place and end up in the same position.
Re: reidalicious – NO we dont NEED these car companies. our country needs more of a smart economic plan, then blowing off our money on rich cry baby men who aren't very responsible. Do you need these car companies if you got laid off from your job? yeah, i dont think so.
Please note that these congress bastids attached a pay raise for themselves and judges to this bailout bill. People are losing their jobs and they vote themselves a pay raise. People are losing their homes and these fucks vote themselves a pay raise. Businesses are closing down and these slimebucketrons tacked on a pay raise for themselves. We are going into massive government debt and they gave themselves a pay raise.
when does the government bail out the country?
It is not the automakers fault that they are annually loosing billions of dollars. The problem is not car sales alone, it is the amount of pay the UAW was demanding from the car companies. The UAW caused this whole problem, and they are aware of it. The reason foreign automakers are doing so much better is because they do not have a unionized work force.
Re: Melley –
actually without the auto companies almost all of the US industry would be overseas. not to mention all of the suppliers would go out of business, if the automakers were to go bankrupt, everyone would be affected.
Republicans will support the auto industry. Many people rely on them for work. Republicans just want them to have a plan to be successful. So taxpayers aren't throwing their hard earned dollars at a lost cause.
I HOPE this does not get passed!!! They need to file bankruptsy and reorganize!!
Don't hold your breath though. The Democratic Congress has the lowest approval rating in history, August 2008 at 9%. Then what do voters do? They elect more Democrats!!! More importantly, however, they elect repeat offenders like Union Man Frankie. Think people!!!!
Listen for announcement from Toyota cutting production by 40% at U.S. plants. Don't kid yourselves into thinking the auto crisis is not affecting all automakers. As usual the media and public seem to hate on the U.S. automakers and their union employees. There was a time, long ago and faraway, when Americans had a decent job that enabled them to support their families and enjoy some security. Today a person has to have a suit, political, and business ties, and a willingness to sell American jobs to the lowest bidder.
I like how you lied and they're NOT getting the money.
PSYCHE!!! F-u-ck the UAW!!! I worked with them for 15 years and all they did was complain, whine and bitch and moan about everything under the sun even though their union members make the most money of any UNSKILLED LABOR group in this country! There were guys I worked with who couldn't SIGN THEIR NAMES but made $25 an hour for tightening LUG NUTS on a wheel!!! Fuk 'em all!
RIGHT! BECAUSE YOU KNOW IN THIS CRAPPY ASS ECONOMY WE CAN AFFORD TO BUY CARS!!!! Seriously, everyone needs a fuckin ' bailout before being forced to move back to their parents or take temporary employment!! CARS SHOULD BE THE LAST ON THE LIST TO BE GIVEN MONEY!!! WHERE THE FUCK IS MY HELP!?!?! ME AND MY BOYFRIEND HAVE NO JOBS THANKS TO THIS CRAP ASS ECONOMY AND CARS GET AN ELEVEN DIGIT BAILOUT!!! (trust me, if i could go any higher than caps i would, i just got bad news)