US Auto bailout rejected
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- sputnik20
GM is a pension company which happens to make cars. not a stunner that this isn't sustainable.
- Yup. And sill own 49% of GMAC, so their a bank of sorts as well...TheBlueOne
- dMullins0
I could honestly care less whether a bunch of families at GM lose their jobs, and whether or not a bunch of big-wig execs have to take massive pay-cuts.
It's about high-fucking-time that people realized the corruption that goes on every day in the under-belly of our backwards Capitalist society. That includes everything from making automobiles, to managing stocks on Wall Street, down to the guy making your sandwich at Subway who pockets your money instead of actually ringing you up. We've become a money-obsessed culture over the last two decades, and it's about time we got our priorities straight, and the little people own up to what they've let happen to their country, and fucking do something about it instead of whining like bitches about unemployment and bail-outs. Get serious about your life and positively affecting change in your community -- locally, regionally, nationally, whatever.
Whining with your hand out accomplishes nothing, and I would like to thank the Senate and Congress for bitch-slapping these three mismanaged corporations who think ANY American owes them a fucking penny for their failed business ventures.
GMC, Ford, Chrysler -- blow off.
- Yea you don't care because it's obviously not your family or friends... so you blow off.nicole_marie
- The full blown loss of those 3 could move the US from recession to depression. Enjoy that.ETM
- so you're gonna pay for the food and clothes my family needs in the meantime? While i positively affect change?tedismyfav
- Accept responsibility for your actions.dMullins
- Maybe your family could start shopping at a Goodwill instead of Malls every weekend?dMullins
- do you shop at goodwill dMullins?lvl_13
- so you only hate the GMC division?ribit
- My mom worked for chrysler for almost 30 years and was suppose to get retirement soon. Not sure what happens now.Frosty_spl
- Yes, I do shop at Goodwill often. Very often.dMullins
- ukit0
The original "bailout" failed too. I suspect this one will go through, once they figure out what concessions the Republicans want.
- The Republicans want to pay management and screw the workers.TheBlueOne
- Andrew_D0
I suspect MacLaren McCann as a whole, collectively shit their pants over this. The only sites my friend over there works on are GM.
- Frosty_spl0
Its not just the Big 3 that are going to burn. Toyota stock took a 10% drop this morning. You brits need to take your heads out of your asses. =)
- We fucked up our car companies years and years ago.chossy
- touche. haha.Frosty_spl
- tedismyfav0
Many of you here aren't seeing the BIG picture. Its not about 3 companies that had shitty management...it's about the 100's of companies and millions of workers that didn't make bad decisions but will still be out of a job and livelihood for their familes if it doesn't pass. Where are 5 million people gonna get new jobs?
Yes I agree foreign car companies have done better but it wasn't always like that. A large percentage of foreign cars are made in the US by US workers so all you non americans need to realize, even your cars by in large come for here. The car industry effects the whole world not just "us here in the USA"
Also open your ears. It's not a hand out like mom giving you $20 for christmas...its a LOAN, meaning it will be paid back. Its not the same as the bank bailout...not even close. That was a mistake...this bailout would not be. But...you'll see.
- loan? that will be paid back by these guys? when has THAT ever happened?sputnik2
- chossy0
It's not got much to do with the quality of the cars made, if this was the case there would have been no car industry in America to begin with. Troubles lie where people no longer want to buy a new truck or whatever every couple of years. Which is what a huge amount of the auto economy was based on. Like your mobile phones getting the newer model every couple of years or so.
I personally would never buy a new car, and would never spend more than £3000 on a car.
- sputnik20
i detest the hummers, but in case you people didn't know it's just a suburban with new body panels. and nobody complains terribly about suburbans...they've been around for ages.
yammering about who buys what sized car to do X or Y with is missing the mark. their cars are poorly union built, pathetically designed by accountants, that's why they don't sell and that's why they need to file for reorganization.
- also, if they file for reorganization very few people will lose their jobssputnik2
- nicole_marie0
I could care less about why they produced the Hummer or why there are not more Hybrid's. Yes changes need to be made, better choices and I am sure they will think longer and harder before they make shit cars again.
All I know is my friends, family are going to be losing their jobs, retirement and Michigan does not offer any other jobs for them.
- ukit0
http://www.politico.com/news/sto…
The White House, stung by its loss in the Senate and the prospect of falling markets, opened the door Friday to possibly using Treasury financial market rescue funds to prop up the auto industry until a new Congress convenes in January.
“Under normal economic conditions we would prefer that markets determine the ultimate fate of private firms,” the administration said in a statement. “However, given the current weakened state of the U.S. economy, we will consider other options if necessary – including use of the TARP program — to prevent a collapse of troubled automakers.
“A precipitous collapse of this industry would have a severe impact on our economy, and it would be irresponsible to further weaken and destabilize our economy at this time.”
- New Congress will have less Republicans...so it will probably pass thenukit
- ETM0
Big 3 go under. Welcome your full on depression.
Someone needs to develop a better aid strategy than a full blown bailout. It can't just be ignored.
- designbot0
I was interested to see what other peeps in here thought....
Personally I am glad this was rejected. Bailing them out would be like voting president Bush in for another 4 years. In other words, the auto manufacturers would be giving us "more of the same"...and who want's to pay for that? We need true ingenuity. Is it a big surprise they are in this mess? Nobody wants the shit cars they have been producing for years and years....they could have taken notes from foreign manufactures like Honda, Toyota and all the others. Companies that are innovative and producing some superb automobiles. But they didn't......and it's not the governments place to step in and bail them out with the American peoples money. I see comments like "good thing they bailed out the banks and not these guys" where is the logic in that reasoning? Any bailout is a bad idea period....and trying to justify one bailout because another already took place doesn't make any sense.
- monkeyshine0
I'm sorry but I don't support this; where is the accountability? If these companies came in with a new plan to turn this around, maybe it would be viable but unless something radical happens I don't see how this is anything but prolonging the inevitable. If we are tossing money about then lets come up with a plan to retrain and place all the workers who will be screwed by the industry (they're gonna get screwed one way or another).
- blaw0
Collection of random related thoughts:
• The auto industry affects a deep portion of the working economy. Obviously a lot of people are going to lose their job, and that is bad for everyone.
• Not all American vehicles are shit. My dodge pickup is nearing seven years old and runs great. I'm hoping to get another five years out of it. I'd bet I get more than that.
• Not all American vehicles are large and having a large vehicle is not necessarily a sign of excess. I drive a pickup because I use it. Try hauling plywood with an Audi. Not to mention four-wheel-drive is pretty much standard for winters around here.
• Lawmakers were all for dumping cash into Wall Street, the effects of which are under debate, to say the least. Is the auto industry a victim of "remember what happened last time we did this"?
• Will the auto industry/buying public be better or worse off fending for themselves?
- designbot0
^exactly
We don't need a "band-aid fix" ...yes things will get worse before they get better if we take the hard route and let these companies fail....but the bailouts will do the exact opposite. It will be a quick fix that will make things much worse in the future.
- mightcould0
Get the oil companies to bail them out...
