25 billion for the big three?

Go ahead, get it off your chest.
User avatar
slats
Arianator
Posts: 109
Joined: Sat Oct 25, 2008 7:20 pm
Instruments: guitar, bass, and a midi assortment
Recording Method: Logic Express 8 < MacBookPro < Apogee Duet
Submitting as: Slats - until I come up with something better
Location: Lawn Gyland, NY

Re: 25 billion for the big three?

Post by slats » Sat Dec 13, 2008 10:11 am

Hoblit wrote:That would be an obviously unsound investment that the banks wouldn't be interested in. (Right? Wouldn't that be one of the reasons congress didn't loan?)
It was just one option off the top of my head. If I give my daughter $100 and tell her to get her brother an ice cream with some of that money - I expect her to do it. The banking industry being directed to to direct $14B of their shiny new $350B to the auto industry didn't seem like too much of a stretch to me.

But the main reason the loan didn't get thru congress is that Bush blinked too early.

The Senate was very close to getting the votes needed to pass their $14B bridge loan - until Bush tipped his hand by saying that if the bill failed, he would look to use some TARP money to help the flailing industry. As soon as he did that, the chickenshit southern republicans could then run for cover claiming "fiscal responsibility," knowing that they wouldn't be blamed for the collapse of the Big Three because Bushie had 'em covered.

This is a bridge "loan," not a huge investment, and an unusually wise move by the outgoing president to put a band-aid on the situation and let Obama take over the real headache next March. This economy cannot afford to lose another 3M jobs right now.

With a new administration and congress in place, and a little time, hopefully they can craft a more palatable plan by then.
User avatar
Billy's Little Trip
Odie
Posts: 12000
Joined: Mon Nov 13, 2006 2:56 pm
Instruments: Guitar, Bass, Vocals, Drums, Skin Flute
Recording Method: analog to digital via Presonus FireBox, Cubase and a porn machine
Submitting as: Billy's Little Trip, Billy and the Psychotics
Location: Cali fucking ornia

Re: 25 billion for the big three?

Post by Billy's Little Trip » Sat Dec 13, 2008 11:26 am

It's always interesting hearing what economists say about this. Of course, everyone has an opinion, but most of them seem to think that the big three will continue making cars no matter what. They don't deny layoffs and reduced production, but many younger union workers are leaving the union for non union jobs in the field and doing well. There have been talks of Chinese companies forming new groups and buying the companies for pennies and absorbing their debt. At the rate we're going, we're going to be owned by China. They already own like 70% of our debt, or something crazy like that. Of all the things I've said against the bailout of the big three, that's one of a few reasons I'd like to see a loan to save them. That, and Rick Wagoner's head on a stake.
User avatar
Billy's Little Trip
Odie
Posts: 12000
Joined: Mon Nov 13, 2006 2:56 pm
Instruments: Guitar, Bass, Vocals, Drums, Skin Flute
Recording Method: analog to digital via Presonus FireBox, Cubase and a porn machine
Submitting as: Billy's Little Trip, Billy and the Psychotics
Location: Cali fucking ornia

Re: 25 billion for the big three?

Post by Billy's Little Trip » Sat Dec 20, 2008 11:15 pm

Ha! Canada is kicking in 3 billion for the "big 2" bailout. After hearing the terms, Ford decided they don't really need any money after all.
I don't care what anyone says, Canada is alright in my book. They could have bought our automakers liquidated assets and lived happily ever after, but decided to help them instead.
Post Reply