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December 12, 2008
Auto Bailout Fails To Pass
And now they're hoping Bush bails their sorry butts out
WASHINGTON (AP) - Their efforts in Congress squashed, U.S. automakers are depending upon a reluctant White House to quickly provide a multibillion lifeline to help them avoid imminent collapse.General Motors Corp. and Chrysler LLC, which have said they could run out of cash within weeks, have few options left after the dramatic defeat in the Senate of a $14 billion bailout for the domestic auto industry.
Its demise late Thursday prompted immediate calls from lawmakers in both parties for the Bush administration to tap into the $700 billion Wall Street bailout to rescue the beleaguered auto industry. The bill failed after talks broke down over the refusal of the United Auto Workers union to meet Republican demands for aggressive wage reductions.
I really hope they don't do that. If any or all of these companies go under there will still be people buying lots of cars made here in the US, right now.
It's just the sticker says "Honda" or "Toyota."
And I like their cars better.
So the Dow is due some 300 lower this morning. We'll just have to see how things pan out. But these bailouts need to stop; I'm glad folks are finally taking a stand against this reckless, mindless government spending.
Posted by Mr. Bingley at December 12, 2008 06:16 AM
Comments
The UAW refused to make concessions before their current contract expires...they may now find their current contract is shorter than they thought. Suicide unions?
Posted by: Retread at December 12, 2008 08:01 AM
Of course Bush is going to bail them out. At this rate, by January 20th, there will be very little socialism left for Obama to implement. Heckuva job, George.
Posted by: Tainted Bill at December 12, 2008 08:09 AM
Those emperors have no clothes. Why should we taxpayers bailout their poorly-managed companies even as they simultaneously refuse to drop lawsuits challenging lower emissions standards which we then must also pay to defend? But you know, there are always options...declare bankruptcy...embrace NAFTA...relocate to Mexico...union bosses learn to speak Spanish...reduce sticker price by savings from cheaper labor and shorter life expectancies...Chevy markets the "Nova" (in Spanish meaning "doesn't go") to Latin America...
Posted by: Ave at December 12, 2008 08:27 AM
General Motors had offered buyouts to all of its 74,000 U.S. hourly employees. [5] Those workers could have elected to take a lump-sum payment of $45,000 or $62,500, depending on their job description, and retire with full benefits. [6]
Republican Sen. George V. Voinovich of Ohio, a strong bailout supporter, said the UAW was willing to make the cuts - but not until 2011.
http://nomedals.blogspot.com
is were citations are posted
Posted by: Jason at December 12, 2008 12:39 PM
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Posted by: Nrcguixq at July 13, 2009 05:09 PM
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Posted by: Nrcguixq at July 13, 2009 05:09 PM