Auto bailout FAILED, where is your God now?

Discussion in 'OT Driven' started by iCe, Dec 4, 2008.

  1. iCe

    iCe Active Member

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    http://www.msnbc.msn.com/id/28030726/

    WASHINGTON - Senate Majority Leader Harry Reid says the Democrats’ plan to tap the Wall Street rescue fund to save U.S. automakers doesn’t have the votes to pass.

    One day after Detroit’s Big Three sent survival plans to Capitol Hill in an urgent plea for $34 billion in government aid, Reid said there’s still not enough support in Congress for using some of the $700 billion bailout to help the teetering carmakers.

    He told The Associated Press in an interview, “I just don’t think we have the votes to do that now.”
    Story continues below ↓advertisement | your ad here

    The Bush administration and auto-state Republicans and Democrats are pushing instead to take a $25 billion program to help the carmakers produce green vehicles and convert that into emergency loans.

    Automakers and their union worked feverishly Wednesday to sell a skeptical Congress on a $34 billion aid plan, promising labor concessions and restructuring in advance of a second round of hearings.

    In Capitol Hill meetings, industry officials said the collapse of one or more of the Big Three carmakers could deepen the recession and undermine the companies’ ability to survive.

    “We’re on the brink with the U.S. auto manufacturing industry. We’re down to months left,” Chrysler’s vice chairman, Jim Press, told The Associated Press in an interview. “If we have a catastrophic failure of one of these car companies, in this tender environment for the economy, it’s a huge blow. It could trigger a depression.”


    Video
    Chrysler exec on autos crisis
    Dec. 3: Chrysler’s Press: ‘If one of the automakers goes down, the rest go with it.’

    CNBC

    GM’s president and chief operating officer, Fritz Henderson, who met with congressional aides, said choosing the bankruptcy route would further erode consumer confidence in his company. About 25 auto dealers also combed through the House and Senate office buildings surrounding the Capitol, lobbying for the bailout package.

    The UAW, scrambling to preserve jobs and benefits, agreed at an emergency meeting in Detroit to delay the companies’ payments to a multibillion-dollar, union-run health care trust and scale back a jobs bank in which laid-off workers are paid most of their wage. The concessions could help soothe some lawmakers who had criticized the union’s benefits as too rich when compared with those of workers at foreign-brand auto plants in the U.S..

    “It should be helpful. It’s additional evidence that the UAW’s willing to participate in the painful restructuring,” said Sen. Carl Levin, D-Mich., a top supporter of the industry.

    General Motors Corp., Chrysler LLC and Ford Motor Co. submitted three separate survival plans to Congress this week after flunking their first attempt to persuade lawmakers to throw them a lifeline.
     
  2. Firewall97

    Firewall97 Heeeeeeeeeeeeeeeeeeeeee

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    ahahahahhahh YES! :bowrofl: fuck the big three
     
  3. BLKDVLGSX

    BLKDVLGSX OT Supporter

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    :bowdown:

    let em fry, give the contracts to honda/toyota
     
  4. borborygmus

    borborygmus Guest

    good, fuck em
     
  5. Digital_High

    Digital_High New Member

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    An :06: being a smartass :coolugh:
     
  6. Firewall97

    Firewall97 Heeeeeeeeeeeeeeeeeeeeee

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    agreed. now we'll have absolute quality :o
     
  7. momentum

    momentum CAN'T STOP THIS SON!

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  8. hurleywurley

    hurleywurley OT Supporter

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    we can't help it? :eek3:
     
  9. Wonder Showzen

    Wonder Showzen Domeshotter

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    americans laughing at failing america.
     
  10. loading

    loading OT Supporter

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    they didnt even meet yet again
     
  11. Piracy

    Piracy New Member

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    i am pleased
     
  12. Jim311

    Jim311 New Member

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    ROFL he thinks a bankruptcy is going to erode consumer confidence in GM? What's their stock at now, 2 dollars? How much more could it possibly erode?
     
  13. iCe

    iCe Active Member

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    It's all about short selling baby! :wavey:
     
  14. borborygmus

    borborygmus Guest

    good, fuck em
     
  15. guest

    guest 

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    [​IMG]
    At least they underlined the problem

    [​IMG]
    At least they circled the problem

    [​IMG]
    At least the marked the problem with a star
     
  16. Kokomo

    Kokomo OT Supporter

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    lol goodbye UAW FUCK STICKS
     
  17. loading

    loading OT Supporter

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    clever ^
     
  18. Kokomo

    Kokomo OT Supporter

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    Don't worry Obama will save them
     
  19. Accords 4U2 NV

    Accords 4U2 NV OT's Resident Desi

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    :rofl: @ GM and Chrysler said they needed an immediate infusion of government cash to last until New Year’s, and both said they could drag the entire industry down if they fail. Ford wants a $9 billion “standby line of credit” in case a competitor fails.

    Chrysler said it needed $7 billion by year’s end to keep operating. GM asked for an immediate $4 billion as the first installment of a $12 billion loan, plus a $6 billion line of credit to use if conditions worsen.
     
  20. Cock Diesel

    Cock Diesel New Member

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    You don't know what you have until it's gone. Until then, keep caressing your Camry.
     
  21. Wonder Showzen

    Wonder Showzen Domeshotter

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    the only one i'd hate tos ee fail is Ford just because of it's history.
     
  22. Accords 4U2 NV

    Accords 4U2 NV OT's Resident Desi

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    mother fucking :werd:
     
  23. Kokomo

    Kokomo OT Supporter

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    Chrysler/Dodge is the weakest and most weakest of them all.
     
  24. OverLamer

    OverLamer I

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    I'm not a big fan of domestic vehicles. But if these three companies go under it will mean millions more people without jobs after all is said and done.
     
  25. jokka

    jokka OT Supporter

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    Wirelessly posted via wap.offtopic.com (BlackBerry8320/4.2.2 Profile/MIDP-2.0 Configuration/CLDC-1.1 VendorID/100)

    Say hello to 12 percent unemployment

    Factory worker
    White collar

    Equals

    A lot of employyes
     

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