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tony7914
Joined: Dec 24, 2004
Posts: 4927
Location: Peru Indiana
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 Posted: Tue Nov 18, 2008 11:45 am Post subject: Big Three beg for aid as bailout bill stalls |
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WASHINGTON (AP) -- Detroit's Big Three auto makers are begging Congress for a $25 billion government rescue, while the legislation clings to life support on Capitol Hill and top lawmakers and the White House suffer from bailout fatigue.
Democratic congressional leaders want to tap the $700 billion Wall Street rescue package for new loans to U.S. auto manufacturers and suppliers, but the White House and GOP lawmakers say the beleaguered industry shouldn't get any new funds.
President George W. Bush and GOP lawmakers instead propose diverting $25 billion in loans approved by Congress in September -- designed to help auto manufacturers retool their factories so they can make more fuel-efficient vehicles -- to cover the firms' immediate financial woes. |
Source.
I'm glad to see they are starting to think this through. I personaly don't believe they should get any aid but odds are they will. I think if they do get aid then they should have restrictions to protect the tax payers such as giving the government a say over the firms' operations through an oversight board and hard limits on executive compensation. While taking advantage of the program, the companies could not pay dividends, award bonuses to executives making more than $250,000 a year, or give golden parachute payments to top people departing from the firms |
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ejward
Joined: Jan 06, 2003
Posts: 7053
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| Posted: Tue Nov 18, 2008 12:51 pm Post subject: |
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| Yeah. And they've got to promise to make a car somebody would want to buy.
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Gezzer
Joined: Oct 19, 2008
Posts: 437
Location: Buckinghamshire England
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| Posted: Wed Nov 19, 2008 6:13 pm Post subject: |
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would it not be an idea for someone to start a thread "my ideal car"
i can't as i do not know the requirements of the average American … |
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CowpokeBob
Joined: Feb 07, 2006
Posts: 1136
Location: South Carolina, USA
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| Posted: Wed Nov 19, 2008 7:05 pm Post subject: |
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Personally I think the automakers ought not to get any money and fall into bankruptcy if that is the case, which may represent the best way for them to be able to re-organize and be profitable again. And yes alot of other companies could follow them into bankruptcy but that's the way a capitalist economy works. Sometimes you just have to get rid of the deadwood so the forest can continue to thrive. Propping up yet another poorly run company just prolongs and heightens the pain. However if Congress insist they be given a loan then convert the loan they already have been approved for. That loan is for the same amount the auto makers are asking for and let's face it. If they fail, as they claim they will without the loan building cars that get better gas mileage will be a moot point anyway.
And the Libs wonder why they're approval rating is in the gutter....  |
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CowpokeBob
Joined: Feb 07, 2006
Posts: 1136
Location: South Carolina, USA
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| Posted: Wed Nov 19, 2008 7:26 pm Post subject: [Login to view extended thread Info.] |
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| Gezzer wrote: |
would it not be an idea for someone to start a thread "my ideal car"
i can't as i do not know the requirements of the average American … |
I don't know if this forum is the appropriate one for a discussion about ideal cars but since it bears on the topic of this thread why not this thread. And you are certainly entitled to give your opinion on the ideal car Gezzer even if you don't live in the USA.
As for me I am driving my ideal 'car'. A 2008 GMC Canyon Pickup. Had to have someplace to hang the gun rack  . I custom ordered it from the factory. It gets 28 mpg by the with the 5spd transmission and 4cyl engine by the way. When reading my earlier post you may note by the make of my vehicle that I have a vested interest in what happens to General Motors and have already supported it with my hard earned money twice (my wife has a 2009 Pont. VIbe). I still say let 'em sink or swim on thier own. |
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pasquanel
Joined: Jun 20, 2005
Posts: 452
Location: Maine
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| Posted: Wed Nov 19, 2008 9:31 pm Post subject: [Login to view extended thread Info.] |
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I agree guys they should file chapter 11 and then straighten out their act. The big three have been steadily losing ground to the "foreign"
manufactures ans it's their own fault. I do find it somewhat ironic that so many of the "Big three's" vehicles are actually manufactured out of the country i.e. Canada and Mexico.
It also seemed somewhat disingenuous for the Reps to arrive begging for money in their private jets. |
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kenmabmcc
Joined: Nov 20, 2003
Posts: 7708
Location: Dunedin, New Zealand.
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| Posted: Thu Nov 20, 2008 3:22 am Post subject: [Login to view extended thread Info.] |
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| pasquanel wrote: |
It also seemed somewhat disingenuous for the Reps to arrive begging for money in their private jets. |
This should be in the humour section....  |
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tony7914
Joined: Dec 24, 2004
Posts: 4927
Location: Peru Indiana
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| Posted: Thu Nov 20, 2008 11:25 am Post subject: [Login to view extended thread Info.] |
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| pasquanel wrote: |
I agree guys they should file chapter 11 and then straighten out their act. The big three have been steadily losing ground to the "foreign"
manufactures ans it's their own fault. I do find it somewhat ironic that so many of the "Big three's" vehicles are actually manufactured out of the country i.e. Canada and Mexico.
It also seemed somewhat disingenuous for the Reps to arrive begging for money in their private jets. |
You would be surprised to know just how much car parts are built in Mexico and China. Funniest thing I ever saw was the look on a biker friend of mine when we proved how many of the parts on his Harley are made in Mexico, Canada, and now Japan. (new Harleys come with a Mikuni fuel injection system)
The best thing to do is let them sink or float on their own. The federal government has no business getting involved and would better serve the people by focusing on infrastructure and improving regulation here to insure a fair and even market. |
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Gezzer
Joined: Oct 19, 2008
Posts: 437
Location: Buckinghamshire England
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| Posted: Thu Nov 20, 2008 3:27 pm Post subject: [Login to view extended thread Info.] |
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| someone wrote in another thread about the oil companies helping out the motor industry with the costs in regard to retooling as the oil industry reliance on the motor companies … |
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tony7914
Joined: Dec 24, 2004
Posts: 4927
Location: Peru Indiana
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| Posted: Thu Nov 20, 2008 3:52 pm Post subject: [Login to view extended thread Info.] |
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| Gezzer wrote: |
| someone wrote in another thread about the oil companies helping out the motor industry with the costs in regard to retooling as the oil industry reliance on the motor companies … |
Nice idea but I doubt they would help anyone other than themselves, cars aren't the only thing that uses petroleum products. The best thing the Big 3 could do is file chapter 11 and start over so they can compete with the Japanese ( SIA is doing fine so far but you don't get paid an outrageous sum to sit and read a news paper working for them. ) |
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