Bush Announces Auto Bailout

[falcon]

Bet that thoseold Republican fossils in the USsenate are PO'd at this one. Got to callthe Inhofe and Coburn offices today and gloat.

http://news.yahoo.com/s/ap/20081219/ap_on_go_pr_wh/meltdown_autos

The Bush administration came to the rescue of the U.S. auto industry Friday, offering $17.4 billion in loans in exchange for concessions from the deeply troubled carmakers and their workers.

"Allowing the auto companies to collapse is not a responsible course of action," President Bush said, citing danger for the entire national economy as well as the carmakers. Bankruptcy, he said, would deal "an unacceptably painful blow to hardworking Americans" across the economy.

One official said $13.4 billion of the money would be available this month and next, $9.4 billion for General Motors Corp. and $4 billion for Chrysler LLC. Both companies have said they soon might be unable to pay their bills without federal help. Ford Motor Co. has said it does not need immediate help.

[burniegoeasily]

Wow. I just heard ,on the news this morning, Bush was pushing for chapter 11. Man, he changed boats quick.

[falcon]

Wow. I just heard ,on the news this morning, Bush was pushing for chapter 11. Man, he changed boats quick.

Maybe GM threatened to cancel the warranties on all those surburbans in the Bush motorcade.

[Canuck_Buck]

Interesting how Ford said it is ok and doesn't need anything just yet.

also what happens in 6 months or so, will these companies be looking for more?

[burniegoeasily]

ORIGINAL: Canuck_Buck

Interesting how Ford said it is ok and doesn't need anything just yet.

also what happens in 6 months or so, will these companies be looking for more?

Thats my concern. Putting a bandaid on an open vein.

[Germ]

ORIGINAL: Canuck_Buck

Interesting how Ford said it is ok and doesn't need anything just yet.

also what happens in 6 months or so, will these companies be looking for more?

Remember it's still a loan, not like the banks got.
6 months who knows what the economy is going to be like[&:]

[burniegoeasily]

ORIGINAL: Germ

Remember it's still a loan, not like the banks got.
6 months who knows what the economy is going to be like[&:]

That is true. Might end up like the Chrysler loans of years ago. I just hope there is a measure to keep the unions hands off of it.

[vc1111]

I hope it works and makes a big difference for all involved.

[Canuck_Buck]

Heck there's hope yet for a Ford Truck Liquidation sell off isn't there?

I wouldn't mind one of them new 2009's.

[hillbillyhunter1]

Interesting how Ford said it is ok and doesn't need anything just yet.

Perhaps Ford thought that as it was able to hold on just a hair longer it would receive the benefit of a much larger market share due to it's competitors walking the plank first