President Bush: Automakers to get $17.4 BILLION

wildout4

wildout4

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WASHINGTON - The Bush administration came to the rescue of the deeply troubled U.S. auto industry Friday, offering $17.4 billion in loans in exchange for concessions from carmakers and their workers.

"Allowing the auto companies to collapse is not a responsible course of action," President Bush said. Bankruptcy, He said that a bankruptcy was unlikely to work for the auto industry at this time and would deal "an unacceptably painful blow to hardworking Americans" across the economy.

One official said $13.4 billion of the money would be available this month and next, $9.4 billion for General Motors Corp. and $4 billion for Chrysler LLC. Both companies have said they soon might be unable to pay their bills without federal help. Ford Motor Co. has said it does not need immediate help.

Bush said the rescue package demanded concessions similar to those outlined in a bailout plan that was approved by the House but rejected by the Senate a week ago. It would give the automakers three months to come up with restructuring plans to become viable companies.

If they fail to produce a plan by March 31, the automakers will be required to repay the loans, which they would find very difficult.

"The time to make hard decisions to become viable is now, or the only option will be bankruptcy," Bush said. "The automakers and unions must understand what is at stake and make hard decisions necessary to reform."

Bush's plan is designed to keep the auto industry running in the short term, passing the longer-range problem on to the incoming administration of President-elect Barack Obama.


http://news.yahoo.com/s/ap/20081219/ap_on_go_pr_wh/meltdown_autoshttp://news.yahoo.com/s/a...n_go_pr_wh/meltdown_autos
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It's amazing, people are/were so willing to stay in Iraq just to "help this Iraqi people" no matter what the cost is, but when it comes tohelping out our own American people folks turn their back or have a problem with that, SMH. Sometimes you gotta do what you don't want to do in order tosurvive.
 
Originally Posted by Deuce King

It's amazing, people are/were so willing to stay in Iraq just to "help this Iraqi people" no matter what the cost is, but when it comes to helping out our own American people folks turn their back or have a problem with that, SMH. Sometimes you gotta do what you don't want to do in order to survive.
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SOOOO TRUTH


SOMETHING NEEDS TO HAPPEN TO MAKE PEOPLE SEE WHATS UP

CAUSE AFTER 9/11 PEOPLE MADE A CHANGE..FOR WORST
 
helping iraq = oil
helping us = no profit.

you do the math. It's a business at the end of the day, not the welfare of the people
 
so if they dont ship up by march 09............its bye bye?

thats what i got from the speech i watched around 9 est
 
difference is its too late to cut and run in Iraq, the US is helping a country develop properly that it made a commitment to years ago. Ford/Chrysler/GM areindependent companies that are on the verge of going bankrupt because they mishandled their business, and it wouldn't be the worst thing if they did.
 
Originally Posted by DeeNyce

^the american car industry isn't going to change, their technology, craftsmanship and quality is far far behind from their predecessors.

All it's doing is driving the american public into more debt by lending them this money.

pull the plug.
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Right! I dont wanna see any american company that has that kind of history shut down. At the same time, we shouldnt be bailing anybody out period! They werebeing greedy just like everybody else and it backfired.
 
Be nice if we still had that Iraq money to use on our own peoples.

I'm not expert on this but I'll be interested to see how this "loan" potentially turns out. As we have seen countless times, once theheadlines are gone and the media moves on to the next story the side deals start to happen, the new provisions are asked for and granted, and the moneymagically doesnt get returned.
 
Originally Posted by DeeNyce

helping iraq = oil
helping us = no profit.

you do the math. It's a business at the end of the day, not the welfare of the people
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I understand the mentality of "it's business at the end of the day" but even with that thought process in mind, being in Iraq hasnot help the US out financial in any way. Oil prices went up, gas prices went up, our national debt went up, not 1 single aspect of American life improvedfrom the invasion of Iraq, but yet instill people are still adamant about staying over there, when the price of us staying in Iraq is costing the US more thanbailing out the Big 3. Just to let people understand, if the Big 3 were to collapse at any other point in time in US history when our economy wasn't inthe tank, maybe that would be one thing, but right now our economy is in a downward spiral, and something as huge as the Big 3 going under does ALOT more harmthan I think people realize at this moment in time.
 
Bad idea. Now they will just have to wait until March 31st to file bankruptcy. Just delaying the inevitable.
 
Originally Posted by mjd77

Bad idea. Now they will just have to wait until March 31st to file bankruptcy. Just delaying the inevitable.
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same thing I was thinking. My dad works for Ford so I just want hi to get to retirement safely.
 
Bush admin and their arbitrary decisions.
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I like how, regardless of whether or not a resolution passed the house and senate, they were gonna bail em out anyway.
 
Will they even teach capitalism in economics classes in the United States any more? Or is it going to be considered Utopian like.
 
They should let the american people vote on this stuff. If they did that, I guarantee the auto industry doesn't get a dime. Capitalism is dead.
 
Well, Bush only has a month left in office so he figures he might as well add one more bad decision as the cherry on top of all the other bad ones he'salready made. Yesterday, he was talking about an organized bankruptcy, and now this. What a !!%%@*!. As angry as most americans will be about this decision, we still have the power people. Just continue not to buy from these worthless companies.
 
Originally Posted by mjd77

Well, Bush only has a month left in office so he figures he might as well add one more bad decision as the cherry on top of all the other bad ones he's already made. Yesterday, he was talking about an organized bankruptcy, and now this. What a !!%%@*!. As angry as most americans will be about this decision, we still have the power people. Just continue not to buy from these worthless companies.
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