Detroit automakers' rescue stalls in Senate

Detroit automakers' rescue stalls in Senate

news.yahoo.com

WASHINGTON – Detroit's Big Three automakers pleaded with Congress on Tuesday for a $25 billion lifeline to save their once-proud companies from collapse, warning of broader peril for the national economy as well.

"Our industry ... needs a bridge to span the financial chasm that has opened up before us," General Motors CEO Rick Wagoner told the Senate Banking Committee in prepared testimony. He blamed the industry's predicament not on failures by management but on the deepening global financial crisis.

(visit the link for the full news article)

Mod Edit: Altered thread title to reflect actual article headline.
Please review link: Breaking Alternative News guidelines


[edit on 11/20/2008 by maria_stardust]

What the hell, Paulson can do what ever he wants in helping himself after spending over 2.75 trillion dollars on bailing out the fat cats that caused this economic termoil.

Yet Paulson can go right around and use the money for whatever he wants, but he won't help the 3 biggest auto makers in the country survive.

What the hell is the point of the bailout and to help homeowners lower their payments and interest if they don't have jobs to even earn income to do so....

WTF is happening in this country when we have to depend on *pardon my language I'm pissed* *SNIP* like him to help us, serious, I would sign a new bill to save those industiries.

The big 3 are connected to thousands of contracted manufacturers, it would move us into a Great Depression for sure if we don't bail them out.

news.yahoo.com
(visit the link for the full news article)

[edit on 11/18/2008 by FoxStriker]

Mod Edit: Profanity/Circumvention Of Censors – Please Review This Link.

[edit on 11/18/2008 by Hal9000]

Mod Edit: Altered thread title to reflect actual article headline.
Please review link: Breaking Alternative News guidelines



[edit on 11/20/2008 by maria_stardust]

Let 'em starve, the big banks and big pharma next, and we'll spend the time working out just where all the fricking money has gone...

reply to post by The Last Man on Earth


If you really are the last man on earth, then where screwed.

Your an anachist bro, seems like you want the whole world to burn.

Your talking about millions of jobs being lost, a domino affect that will not just destroy our economy but everyone elses, a lot of raw materials are not produced here, products aren't just made and distributed here, but all over the world. Plus services and maintanance for those vehicles...

Millions of jobs lost

Fox



[edit on 11/18/2008 by FoxStriker]

Why would we want to pour our hard earned tax dollars into 3 companies that have flawed business plans.

Consumers just don't want their second rate gas guzzlers.

Originally posted by FoxStriker
reply to post by The Last Man on Earth

 

If you really are the last man on earth, then where screwed.

Your an anachist bro, seems like you want the whole world to burn.

Your talking about millions of jobs being lost, a domino affect that will not just destroy our economy but everyone elses, a lot of raw materials are not produced here, products aren't just made and distributed here, but all over the world. Plus services and maintanance for those vehicles...

Millions of jobs lost

Fox



[edit on 11/18/2008 by FoxStriker]

I know, I know, I'm just bitter as to the fact a bunch of pencil-pushers in plush high-rise buildings have somehow engineered the end of our financial security through, literally, just talking about it.

I don't want massive job losses, but I just hate the way this has all come about.

It's not like there are shortages of anything, at all, anywhere. It's just these slick, suited business types deciding that everything is unstable, and I just want rid of them, and fast.

They don't contribute, they just collect, and we don't need them in anyway, and yet our economies seem dependent on them, entirely.

It frustrates me!

Originally posted by FoxStriker
reply to post by The Last Man on Earth

 

Your talking about millions of jobs being lost, a domino affect that will not just destroy our economy but everyone elses,

Millions of jobs lost

Fox

thats the thing, these people that could be out of a job, are being used as hostages, " give us money or these people will starve " give me a break, many people already out of a job, plus the original bailout went where? it started at 700 billion and ended up at how much?

the point is, they want to rob us even more, if the big three here cant be responsable with their own money, what makes you think they will this time. they will trun around and give big holiday bonuses with the money, and then? ask for more money?

whos going to help the families being kicked out of their home NOW.

peace.

little to no money has actually truely trickled down to the homeowners in need of assistance to avoid forclosure.

Hopefully I'm not the only sane one here when I say that the bailout was designed to bail out the upper classes and the piggy banks.

But when these automakers go out of business your talking about Millions of low and middle class family having no jobs.

The Feds are making a point of reference right now, if the big 3 go down, city's wont be called Hovervilles, but Obamavilles.

They are not asking for 25 to 50 Billion to come from your pockets, but from the 700 Billion that has already been taken away from you and is already misproperly being used by Paulson and his cronies.

I'm no Republican, but really!!!

Doesn't anyone see the massive implications this will have on the working blue collar class.

reply to post by The Last Man on Earth


I gotcha...

I'm as frustrated as you are, but they are requesting from the 700 billion already taken from us....

its like picking the lesser of two evils.

I would rather it go to saving millions of jobs, than to save the Feds Banking toys.

Not a lot of money has actually reached homeowners hands for assistance, really it went down backward, all its doing is keeping the institutions alive till they formulate lay offs so they can see their stocks rise again.

I'm frustrated to bro... if it's not one thing, its another.

Originally posted by FoxStriker
little to no money has actually truely trickled down to the homeowners in need of assistance to avoid forclosure.

Hopefully I'm not the only sane one here when I say that the bailout was designed to bail out the upper classes and the piggy banks.

But when these automakers go out of business your talking about Millions of low and middle class family having no jobs.

The Feds are making a point of reference right now, if the big 3 go down, city's wont be called Hovervilles, but Obamavilles.

They are not asking for 25 to 50 Billion to come from your pockets, but from the 700 Billion that has already been taken away from you and is already misproperly being used by Paulson and his cronies.

I'm no Republican, but really!!!

Doesn't anyone see the massive implications this will have on the working blue collar class.

I think you're right on the money, and we seriously need to look at the way we allow the world to be operated.

If a few rumours can destroy a nation's economy...something is terribly wrong.

But the ignorant public won't know, won't care, will just bail them out and say thank you for the privilege of giving these useless *SNIP*-ups money because they were useless *SNIP*-ups!


Mod Edit: Profanity/Circumvention Of Censors – Please Review This Link.

[edit on 11/18/2008 by Hal9000]

Originally posted by FoxStriker
little to no money has actually truely trickled down to the homeowners in need of assistance to avoid forclosure.

agreed

Hopefully I'm not the only sane one here when I say that the bailout was designed to bail out the upper classes and the piggy banks.

why? why bailout the upperclass, dont they have enough, youre right they are greedy.

But when these automakers go out of business your talking about Millions of low and middle class family having no jobs.

ahh, but are you forgetting it is already happening, everyday more and more, why bailout people that already have, when people who have not are on the streets?

The Feds are making a point of reference right now, if the big 3 go down, city's wont be called Hovervilles, but Obamavilles.

and i see your point, things get much worse if these big three dont receive money, yeah i got that.

They are not asking for 25 to 50 Billion to come from your pockets, but from the 700 Billion that has already been taken away from you and is already misproperly being used by Paulson and his cronies.

ok, maybe i didnt see that, i thought the bailout money was spent already, and now they are taking it up more to....

I'm no Republican, but really!!!

i dont care.

Doesn't anyone see the massive implications this will have on the working blue collar class.

we are seeing it already, and yes i see it will just get worse.

peace

Foxstriker:
I'm no Republican, but really!!!


Pureevil81:
i dont care.

lmao.....

...................................................................

Around 2.7 trillion dollars are already being spent on the bailout.... if not more

25 to 50 billion dollars doesn't compare to that amount. not even close.

[edit on 11/18/2008 by FoxStriker]

reply to post by FoxStriker


exactly, so does that make it ok?

lmao, i cant believe you quoted me saying i dont care, about your political stance, i really dont, no disrespect intended.

and yes, 25-50 billion doesnt compare to 2.7 trillion, doesnt take a genius to figure that one out.

[edit on 18-11-2008 by pureevil81]

[edit on 18-11-2008 by pureevil81]

reply to post by pureevil81


thats what I mean though, does it take a genius to figure out that 2 Trillion disappeared out of nowhere, which we think is going to the bailout.

2 Trillion (Snip) dollars disappeared, most ot the authorized bailout money hasn't really been used to help, and now Paulson is changing course of the original use for the money

If it doesn't take a genius to figure this 5hit out then how come its our money thats being drained and not theirs.

Bottom line no one has done anything to properly regulate where all this money is going, and it doesn't seem like they want to.

We have no checks and balances for this and its moving this country closer to bankruptcy, the banking institutions aren't using the money properly, they're just balancing their sheets, the credit crunch is as strong as ever.

But you got to offer more than just *so what* yea it doesn't take a genius* It seems like you just don't care, yea you have the right to your opinion.

you said "exactly, so does that make it ok?

answer the question then, what will, how will it, is it worth, back it up with evidence




Mod Edit: Profanity/Circumvention Of Censors – Please Review This Link.


[edit on 18-11-2008 by asala]

reply to post by FoxStriker


the hostility im sensing is not needed, it is childish.

i think its pretty clear now, we are on the same side here, just slightly different ways of saying it.

lighten up man, i do care, enough that i say screw them. but at the same time its hard to say that because things will get much worse, and affect even more people. its called rage. ( righteous anger )

Offcourse, the bail-out money isn't used to help the common man who got shafted by the turn of events in the economy.

It's being used for much loftier ends, like making sure the board of directors of the major banks can keep on gutting their companys with vast financial bonusses. I heard one bank even paid out more in those then the total sum they got to bail them out..

I guess this is the start of a domino-effect.

First it was the banks, now the car industry.. anyone wants to bet on what sector will be next ? Every shark-in-a-suit will want his share of the paulson-funds before the well runs dry..

So, are we gonna get handouts to buy a new car, or...

It seems like everybody wants some of that money lately..I really feel very bad for the autoworkers and to compound the issue its happening at the beginning of the hoildays. All of those people who might lose thier jobs really saddens me and then with no job the chance of those people losing their homes. The other day I was out on my bike and rode past the Chevy dealership and it was closed however the time was 6pm on a weekday.

Lets petition Dick Cheney to give all of Halliburtons earnings to the autoworkers and why we are at it lets have the CEo's of the il companies give bnack some of their bonus money.. Its time to start giving back or maybe we will just have to take it back!!!!!

There's another angle to look at.

People only see "ZOMG 2.5m jobs lost if they go under!!!!!ONE!1" and posit that we must save the Big Three at any cost.

What few seem to understand is that, bailout or not, there is going to be tremendous job loss in the American auto industry. It cannot be avoided for one simple reason: the current business model of the Big Three is built around selling a certain number of vehicles per year. They must ship and sell X amount of cars and trucks to keep everyone on payroll, keep the lines running, hell just to keep the lights on.

People are not buying new cars at the rate they've been buying for the past decade. They won't be buying new cars at that rate for a very long time. The credit bubble is over. No more buying a new car every two or three years for anyone but the very rich. It's over. GM, Ford, Chrysler...they will not sell anywhere near enough cars to keep payroll at a level anywhere near what it is now. They will have no choice but to cut back on labor.

Let's assume a bailout happens; tens and tens of thousands of primary auto jobs will be lost as production is dramatically cut back - line workers, office personnel, janitors, everyone in a plant will be affected. Secondary auto jobs - suppliers and such - will face additional job losses as fewer tires, car stereos, and sheet metal is needed. Dealerships will close - they're closing fast already - putting everything from sales reps to mechanics out of work. Entire plants will shut down as they move production to foreign countries (Russia, Central & South America, etc) for the cheaper labor costs - it's much cheaper to employ someone halfway across the world for $20/day than it is to pay an American $20/hr plus bennies. It's already happening and will continue as the companies seek to save even more money.

And all of this will happen while we pump $25B into these failing businesses thanks to the American taxpayer. Massive job loss will happen, only we'll have to pay even more on top of it thanks to bailouts.

[edit on 11/18/2008 by anachryon]

At least these auto makers produce something and create jobs for the working man; give them the money. They deserve it more than the banks.