Deal? or NO DEAL?

[Gerry]

Unbeknownst to many with all the election hype and other news, Big 3 Automakers (Ford, GM, Chrysler) received a $25 billion bailout last month.

Today, they are back in Washington to ask for another $25 billion.

http://www.msnbc.msn.com/id/27571540
Big 3 bosses ask Congress for ‘immediate’ help
Automakers say they need $25 billion to rescue their battered industry

"They sought an additional $25 billion in federal loans for future health care payments for retirees. They also want lawmakers’ help in winning access to the $700 billion financial bailout being run by the Treasury Department and to low-rate emergency borrowing from the Federal Reserve’s discount window, used in normal times by banks.

The loans would help the companies make required payments to health care trust funds that were created as part of a 2007 labor deal.

Last month, Congress approved $25 billion in low-interest loans for domestic automakers and suppliers to retool plants to build fuel efficient vehicles. But congressional allies of the industry have said the money will not be available quickly enough to help."

Some of today's headlines:

GM, Ford post huge losses as crisis deepens
GM suspends talks to acquire Chrysler, warns it’s running out of cash
Ford posts $129 million loss, plans more cuts
Carmaker to cut about 2,260 more white-collar jobs in North America
Ford motor co. burns through $7.7 billion in cash

Should the US Taxpayers continue to bail out failing and mis-managed companies?

[jasdon11]

Unbeknownst to many with all the election hype and other news, Big 3 Automakers (Ford, GM, Chrysler) received a $25 billion bailout last month.

Today, they are back in Washington to ask for another $25 billion.

http://www.msnbc.msn.com/id/27571540
Big 3 bosses ask Congress for ‘immediate’ help
Automakers say they need $25 billion to rescue their battered industry

"They sought an additional $25 billion in federal loans for future health care payments for retirees. They also want lawmakers’ help in winning access to the $700 billion financial bailout being run by the Treasury Department and to low-rate emergency borrowing from the Federal Reserve’s discount window, used in normal times by banks.

The loans would help the companies make required payments to health care trust funds that were created as part of a 2007 labor deal.

Last month, Congress approved $25 billion in low-interest loans for domestic automakers and suppliers to retool plants to build fuel efficient vehicles. But congressional allies of the industry have said the money will not be available quickly enough to help."

Some of today's headlines:

GM, Ford post huge losses as crisis deepens
GM suspends talks to acquire Chrysler, warns it’s running out of cash
Ford posts $129 million loss, plans more cuts
Carmaker to cut about 2,260 more white-collar jobs in North America
Ford motor co. burns through $7.7 billion in cash

Should the US Taxpayers continue to bail out failing and mis-managed companies?

Talk about getting on the bandwagon - this is just flat-out piss taking at an Olympic level....

[cursal]

Last month, Congress approved $25 billion in low-interest loans for domestic automakers and suppliers to retool plants to build fuel efficient vehicles. But congressional allies of the industry have said the money will not be available quickly enough to help."

This was around the same time of the 850 billion Bail-out package and the 700 billion dollar budget for the Wars Passed.

The 25 Billion for auto is said not to be available until next year.
They asked for more money now and with Less Strings Attached.

I say no.
When you run a business poorly you should not get rewards.
Let them all merge to save what they can. That is jungle of business.
They love the cut-through game,sending jobs overseas and now they want what?@!

I say we the people have the Corporations where we want them if they want to make a deal. I say more strings. They are ones who lobbied congress to not pass or enforce new laws for clean car technology.

Bend them over a barrel and if they go bust they still must pay. NO PARACHUTES!

[Gerry]

The complexities of all these UAW deals and contracts is mindboggling.

2 years ago when GM was facing financial disaster, the decided to keep plants open and running even though they were losing millions a day. The reason?

The UAW contract was not up for renewal for another 18 months. The current contract at the time called for GM to pay full wages for 24 months which was 18 months away!

So rather than shut plants down, pay workers to sit home, save billions and billions on overtime and raw materials for profitable lines, save God know how much on utility bills from electricity, to gas, to other power sources, and be reponsible for any subsequent workman's comp claims - GM chose to keep those plants open around the clock producing vehicles that would not and could not sell.

But at the same time, Uncle Sam makes a terrible business partner and manager - witness the history of Amtrak.

And Cursal...many financial gurus have stated exactly what you have said...time to go. This is not the first time, will not be the last, each time there are unkept promises delivered and enough is enough.

[Acro]

Disband the unions. Their use of paid lobbyists to influence politicians keeps this endless cycle alive. Shorten the lifespan of political careers. Cut the corruption to combat crime.

It's time for the Untouchables.

[draggar]

Hey, Uncle Sam, where's my bailout? Heck, I'll even take .0001% of their bailout.

It's weird how corporations who mis-managed their own investments and ones that don't get the profits they expected get the bailout but those of us who are directly affected by hard times (like my wife being out of a job for 5 months now) get nothing?

[Carter]

If this recession continue the FIAT group close soon.

[Gerry]

If this recession continue the FIAT group close soon.

Is that all of Fiat including the Aerospace department?

[cursal]

Is that all of Fiat including the Aerospace department?

The cooperations will lobby to keep that department open until they have their own private space crafts (and they will soon enough) to drop satellites in space to bounce phone/cable/etc. signals off of to make a profit.