From the NY Post:Chrysler LLC on Tuesday told the U.S. government it needs even more taxpayer money to survive. General Motors is expected to do the same. Acknowledging that industry conditions are worse than expected when it made the case in December for a government bailout, Chrysler requested an additional $5 billion in government loans. It originally said it would need $3 billion more. The company had previously received $4 billion from the Treasury Department.
General Motors Corp. is expected shortly to release the details of its own restructuring plan and follow that up with a news conference at 6:30 p.m. GM has received $13.4 billion in government loans - $4 billion of that on Tuesday.
Yes, let's give more taxpayer money to these failing car companies but not to bailout hospitals!
10 comments:
Henry Ford once explained to other industrialists that he paid higher wages so that his workers could buy Fords.
Perhaps years of sending our dollars overseas has finally come to roost. See how many Chinese, Indian and Mexican workers buy Fords, Chryslers, GMs or anything else.
Let them go bankrupt and start from scratch
They are forced make garbage due to the unions and salary for life legacy packages !
A wheel hub on my dads brand new Ram warped.
(Wobbling when breaking)
We pull it off "Made in Honduras"
The other "Big 2" do the same thing.
These companys are also 15 over years behind with the electronics and engins to get the gas miliages up
A Toyota or Nisson has more parts made in America assembed by Americans!
Take a walk through the Willets point junkyards in the Ford sections for example. "Made in Mexico, Brazil, Honduras...even FRANCE.
Yes FRANCE !
1/2 of Fords 4 and 5 speed automatic transmissions are made in France!
News flash! They've been making cars in Mexico since the 1980's. Did the CEO's from Chrysler give up there millions in bonus's?
What a surprise. GM also secretly shredded hundreds of hybrids a year and a half ago because they didnt take in big profits like the SUV's.Chevron liked the idea too.
Everyone is going to be on welfare if we don't stop outsourcing these jobs. "Trade" means exactly that. What can you trade when you don't have anything? How long will people take pieces of paper with nothing behind it?
People go crazy about gold, silver, real estate, but the real wealth of our nation is the hard work and talents of our people appropriately applied. Until we start up the factories again, we will be poor.
Joe is correct.
These moron have been building high-priced garbage for years. Ford, GM, and Chrysler have been listening to the politicians rather than the paying customers.
We don't hire the politicians to do our shopping. Government has a single role regarding autos: determining safety. Nothing else.
The use of ethanol has been an imbecilic notion from the start. Food prices have gone up, food shortages have grown, and mileage is no better. The Midwest farmers are delighted by this political gift. The fact that cars are more expensive (as is gas) due to ethanol, is no concern to the farmers or the politicians.
The livestock that eats corn is now far more expensive at the supermarket as a result of their food being burned in our autos.
Let the auto manufacturers go broke and start again fresh. Maybe, this time, they will come to understand that "The customer is always right", and kick away the meddling, incompetent politicians.
Competent businesses that understand the customers' requirements never allow themselves to be rolled over by politicians and unions.
Not taking sides in this, the "Let them go broke" reminds me of a few decades ago when NYC was tottering and the rest of the country was howling for blood: "Let them go broke."
Yea, there are people and families working in those places. A good deal of the folks that live within their means - midwesterners living in depressed real estate that goes back decades.
Now you are going to kick them in the nuts?
The ripple effect economically will only be dwarfed by the shock socially.
Be careful because that is the stuff that finds its way in history books.
bottomless money pit!
corporate welfare!
epic fail!
when will this stop?
let them fail.
let new small businesses start. foster competition.
build good products and manage your books properly.
why do these companies feel they're entitled to stay in business forever?
nothing lasts forever!!!! nothing!! you failed so you need to go. that's life!
please stop rewarding stupidity!!!
let these companies fail and feel the pain for next ten years instead of feeling the pain for next 3 generations. ty.
and how is it that during those boom times these companies fail to save anything?? i mean, they were profitable at some point right?
can you imagine exxon asking for billions 5 years from now? they had record profits in the wazoo.
where do these billions in profits go? surely not to the top 20 executives..
***where do these billions in profits go? surely not to the top 20 executives***
----Retirement Homes and properties in Bahamas, Switzerland, Canary Islands, Israel for starters.
Where the shits sip cocktails with their Wall street and share other under the table "services" from Skiksa girls
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