While U.S. Senate refused the auto bail out plan, the situation of top two carmakers - General Motors and Chrysler have worsened. Both the two automakers may declare for bankruptcy protection. If any of the two carmakers file for bankruptcy, it is going to badly affect the production, plant and obviously the thousands of employees. Bankruptcy would automatically lead to collapse of different suppliers. Now its upon the President George W. Bush and his administration to decide the fate of auto industry that is already in deep recession. Will Bush administration help the ailing auto industry?
Friday Bush said he would use TARP funds to tide them over until Obama takes office, then he left the country without giving any details. We're still waiting on those details. GM and Chrysler are days away from bankruptcy--they can't make it through December, that's how much trouble they are in. I think it is inexcusable that we still don't have a detailed plan for making sure our domestic auto industry survives and is profitable. I say fire all the executes and seize the industry, just like the government did back before WWII--Seize Detroit, make them build THINGS WE NEED NOW--trains, electric cars, windmills, batteries, whatever.
Bush should be impeached. I don't care that he only has a month left to serve. Impeach him if he has a day. Hanging him would be better but we have no way to do that.
I can understand why they are headed for bankruptcy and can't feel too sorry for any of them. I have known many of their retirees who live darn well while the rest of us who worked for other industries and the government are really pinching pennies to survive, but I don't know that we should bail them out.
Our 4 yo Chrysler with low mileage developed a nasty noise under the hood. We took it to our dealership and were charged $96 just to check it out. We were then told it would cost about $1300 to redo the wheel bearings, rotate the tires and align it. We don't have that kind of money so we took it to our *shade tree* mechanic who went to redo the wheel bearings only to discover that the *lugs* (hope I remember that right) had not been tightened down on the assembly line and that was all that was wrong with it. He said that would have been all they would have done, too, for the wheel bearings and he thought they knew that was all they would have to do. When all was said and done, it cost us $300 because some overpaid jerk on the assembly line was either gone that day or just not doing his job.
I have since learned that this is not uncommon on that model and year from Chrysler. If a company should fail or thrive, it should be on the quality of their work and I seriously doubt we will ever again by a Chrysler product.
The auto companies and auto workers have had it pretty good for many years. While the rest of us were working hard and saving up for our next layoff, they were assured of nearly a full income if they were laid off plus they had great health benefits while we were paying our own medical costs. Now they want the rest of us to save them.
I think Bush is doing the right thing..about the only thing he has done I liked....he should leave these things to his successor.
I agree with you. I don't feel too sorry for them, either. And I know what you mean about how they live. There have been some to retire down here. Send those high-paying jobs down here. We'll work for less pay and still make a quality product. We wont ask for all that $$ per hour. We wont use the union. I'm tired, and so is most of America, of all these bailouts at the cost of the taxpayers. We have factories sitting idle down here. So, we are ready to work and have the factories for it. These companies made their beds, why are they not having to lie in them? Who's next, the Credit Card companies? I'm sick of Washington making the decisions to bail out all of these people. Executives wanting $10million for a yearly bonus. Gimmie a break. I hope they don't pass it. I was afraid that once the last one went through, more would like up. And it's happened. Everyone wants a handout, but takes no responsiblity for being in that shape to start with. I mean, why act responsibly if Uncle Sam is just going to pay your way out of it with other people's money?
by earnestshub 8 years ago
GM reckon that although they had a lousy year, the will be in profit this year and all the bailout money is to be paid back by June.There have been quite a few companies paying the bailout money back. Is this another positive indicator?
by pgrundy 9 years ago
Does anyone else think this is getting out of hand? I read yesterday that GM will close 5 more plants and lay off 20,000 more U.S. workers but they need $14 billion to do it. How many jobs could we lose for $28 billion? How many billion do we have to fork over to get them to eliminate ALL the jobs?...
by ib radmasters 6 years ago
Remember, an accomplishment is something that actually results in something good happening for the US. Something that is being used and taken advantage by the people. It is not just passing bills, or starting plans that won't take effect for several years. Something that is beneficial and solves a...
by phion 6 years ago
Taxpayers pay for $49,000 of the $89,000 dollars it cost to build a Chevy Volt. Sound like a good deal to you? That President Obama really wasn't joking when he said energy costs will have to sky-rocket was he? What a joke. See what happens when we rely on government?
by Susan Reid 6 years ago
Bush/Obama actions went a different direction.Auto industry now is where it is.Hearing more and more that Romney was right all along. That a traditional bankruptcy would have been more effective.Here's one take on it.What do you think?http://dealbook.nytimes.com/2012/10/23/ … utomakers/
by diabolik 9 years ago
Do you think that fiat-crysler marriage will work ?
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