well that sucks.
It’s a limited bi-partisan agreement but generally speaking yes they did.
Just postponing the inevitable. :idiots
I’m sure the bailout isn’t helping the investors trust in the stock market. Dow is at a 5 year low, dipped below 8000 today.
The good news is, the barrel of oil follows the stock market.
*fixed
:excited :banana
? Wat
There is no trust in the stock market. Hasnt been any since early fall. Hence unprecedented volatility.
Deflation = shitty news for everyone long term. Enjoy your cheap gas now.
Well we are fucked no matter what, but at least there is an obvious benefit, which helps us to not be so depressed every time we go to fill our tanks.
Actually GM, Ford and Chrysler did not get a bailout yet. They got a second chance. The senate has told them go back and come up with a business plan. The 3 CEO’s and The union dude did not present a good argument for why America needs to bail them out and keep them running. --The congress and we need a real plan so it is not just postponing the inevitable.
That said --many of the comments here do not fully grasp the impact one or all of the “big 3” will have if they go under. Not 100,000 jobs lost --More like 1,000,000 -to 2,000,000 jobs.
Think manufacturers, then think suppliers of the Big 3 and any other vehicle manufacturer. then dealers, then many of the business surrounding all of them. --All the people who lost jobs now are on unenjoyment --cannot pay for their houses ( Foreclosure—isn’t that what got us here) --then all the restaurants, retail stores, banks who wrote all the loans the car dealers got them by selling cars. It goes on and on.
If any of you know someone who was alive during the “great depression” of the 1930’s --ask them about how bad it was. over 20% un employment. The gov’t started the CCC --basically public works projects where people went and did manual labor to have some money to support their family – work camps. They built many public projects --but it was not fun.
If anyone here does not think one or all of the Big 3 going under would impact them in a major way — Look into it. It would be bad.
Now Roger Penske has a proposal that makes some sense. ( taken from an article out of USA Today sent to car dealers— yes I work at a dealership, so I am biased)
Roger Penske has been successful in just about every venture he has tried, and that’s especially true of his automotive businesses. So when Roger Penske speaks of things automotive, people tend to listen. Here’s what he had to say to USA Today on the subject of government financial aid to domestic carmakers.
Roger Penske thinks he’s found a simple answer to bailing out Detroit’s automakers — a restructuring fee that would be added to the price of every new car.
Instead of government loans to try to bridge General Motors, Ford Motor and Chrysler through their financial crisis, Mr. Penske said Thursday that he likes the idea of a fee levied on every foreign or domestic vehicle sold that could raise billions a year for automakers.
Proceeds from the fee — he suggested $200 or $500 per car — would help relieve automakers of their health and retirement burdens. It could also go to buying out under performing auto dealers. Laws in many states prevent automakers from closing dealers outright.
He gave credit for the idea to Tom Dekar, of accounting firm Deloitte & Touche. Mr. Dekar said he only wants to float the idea as his personal view to enhance discussion to solve the crisis.
The proposal would recognize automakers “as a strategic industry,” Mr. Dekar said. “Everyone is beating up the Big Three.” But he says the criticism is unfair because Detroit’s trouble can be traced largely to taking care of their workers in the industry’s heyday.
Mr. Penske says he thinks even foreign makers would line up behind a fee because they have already said the Big Three’s survival is critical to their ability to maintain their base of key suppliers.
i shoudlnt say that they got there bailout, but there getting closer, i believe they have some money left over from there hybrid program or something along those lines? anyone know anything about this?
Whatever the outcome, I think it is pretty funny to see three guys making 9 figures a year begging the government for money because their companies make $hitty products.
When you have a 9 figgy fallback plan, is your heart really into “leading” a corporation to make products people will buy?
Did you guys hear that they flew on their private jets to washington to ‘beg’ for money? Talk about ironic.
There are 24 daily nonstop flights from Detroit to the Washington area. Richard Wagoner, Alan Mulally and Robert Nardelli probably should have taken one of them.
Instead, the chief executives of the Big Three automakers opted to fly their company jets to the capital for their hearings this week before the Senate and House – an ill-timed display of corporate excess for a trio of executives begging for an additional $25 billion from the public trough this week.
“There’s a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hands,” Rep. Gary L. Ackerman (D-N.Y.) advised the pampered executives at a hearing yesterday. “It’s almost like seeing a guy show up at the soup kitchen in high-hat and tuxedo. . . . I mean, couldn’t you all have downgraded to first class or jet-pooled or something to get here?”
The Big Three said nothing, which prompted Rep. Brad Sherman (D-Calif.) to rub it in. “I’m going to ask the three executives here to raise their hand if they flew here commercial,” he said. All still at the witness table. “Second,” he continued, “I’m going ask you to raise your hand if you’re planning to sell your jet . . . and fly back commercial.” More stillness. “Let the record show no hands went up,” Sherman grandstanded.
They are simply way out of touch with reality, and unfortunately if they keep running the show, no matter how much money you throw at them, it won’t help.
It’s becomming comical at this point. I find it very interesting that the people in these high ranking positions are often the root of the problem. But, why should they strive? They have gauranteed monies. They do not have to sit around the long term like the factory workers. It’s a damn shame. Aside from some members on this forum, I think even Stevie Wonder knew GM was not producing what the market was after.
One of the biggest rules in building a product is to BUILD something that someone WANTS.
wow…I somewhat and almost significantly agree
:rofl
GM is a bunch of jacker offers IMO
^While that’s funny, a TON of small businesses make 100% of their money by “feeding” these corporate giants, so it’s kind of incorrect ;D