Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Obama denies bailout funds for automakers
The Associated Press ^ | March 29, 2009 | PHILIP ELLIOTT

Posted on 03/29/2009 9:31:09 PM PDT by skinkinthegrass

WASHINGTON — The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.

(Excerpt) Read more at chron.com ...


TOPICS: Business/Economy; Front Page News; Government; US: Michigan
KEYWORDS: automakers; bailouts; bho44; generalmotors; gm; uaw
Navigation: use the links below to view more comments.
first 1-5051-76 next last
...and when does the other shoe/boot drops...
1 posted on 03/29/2009 9:31:09 PM PDT by skinkinthegrass
[ Post Reply | Private Reply | View Replies]

To: skinkinthegrass

Let’s hope so...GM needs to file bankruptcy and break the union to become competitive. NOT too big to fail.


2 posted on 03/29/2009 9:32:15 PM PDT by bigbob
[ Post Reply | Private Reply | To 1 | View Replies]

To: skinkinthegrass

I did a search...nothing came back.


3 posted on 03/29/2009 9:32:41 PM PDT by skinkinthegrass (just b/c you're paranoid, doesn't mean "they" aren't out to get you.. :^)
[ Post Reply | Private Reply | To 1 | View Replies]

To: bigbob
Let’s hope so...GM needs to file bankruptcy and break the union to become competitive.

agree, the company / union / country, needs that actions.

"When buying and selling are controlled by legislation, the first things to be bought and sold are legislators." - P. J. O'Rourke
“The problem with socialism is that you eventually, run out of other people’s money.” - Margaret Thatcher
"There are two sets of rules. One set for the rulers and another for the rest of us." —Richard Yancey, former IRS tax collector

4 posted on 03/29/2009 9:34:54 PM PDT by skinkinthegrass (just b/c you're paranoid, doesn't mean "they" aren't out to get you.. :^)
[ Post Reply | Private Reply | To 2 | View Replies]

To: skinkinthegrass
GM plan was unacceptable, but AIG was?

This administation is a bunch of clowns

5 posted on 03/29/2009 9:35:39 PM PDT by stainlessbanner
[ Post Reply | Private Reply | To 1 | View Replies]

To: stainlessbanner
Unacceptable to the UAW.
6 posted on 03/29/2009 9:36:40 PM PDT by Jet Jaguar (Atlas Shrugged Mode: ON)
[ Post Reply | Private Reply | To 5 | View Replies]

To: skinkinthegrass

So can Wagoner keep his job?


7 posted on 03/29/2009 9:37:49 PM PDT by Neverforget01 (Talk is cheap...except when Congress does it.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: skinkinthegrass

BTTT


8 posted on 03/29/2009 9:37:58 PM PDT by Fiddlstix (Warning! This Is A Subliminal Tagline! Read it at your own risk!(Presented by TagLines R US))
[ Post Reply | Private Reply | To 1 | View Replies]

To: skinkinthegrass

If I were to hire a guy to break the US automobile industry, he would do exactly what obama is doing.


9 posted on 03/29/2009 9:38:33 PM PDT by Jet Jaguar (Atlas Shrugged Mode: ON)
[ Post Reply | Private Reply | To 1 | View Replies]

To: skinkinthegrass

This is getting good...


10 posted on 03/29/2009 9:41:23 PM PDT by johnny7 ("Duck I says... ")
[ Post Reply | Private Reply | To 1 | View Replies]

To: skinkinthegrass

Smokescreen! New CEO is picked. He/she comes up with new plan. More billions for the UAW.


11 posted on 03/29/2009 9:41:30 PM PDT by nowheretohide
[ Post Reply | Private Reply | To 1 | View Replies]

To: stainlessbanner
This administation is a bunch of clowns

Did you see Obama is going to guarantee the warranties on GM and Chrysler vehicles?

12 posted on 03/29/2009 9:42:56 PM PDT by Go Gordon
[ Post Reply | Private Reply | To 5 | View Replies]

To: stainlessbanner

Funny how a liberal is doing this to working men, yet has no qualms with TRILLIONS for bankers etc. People actually need cars in our society, as opposed to credit default swaps. The irony. I can’t wait to see how sad the libs are.


13 posted on 03/29/2009 9:43:40 PM PDT by PghBaldy (Bernanke has lost control- he will now buy our bonds- soon no one else will.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: nowheretohide
Smokescreen!

Yep

14 posted on 03/29/2009 9:44:39 PM PDT by RckyRaCoCo (I hear the words of Jefferson louder and louder as each day passes)
[ Post Reply | Private Reply | To 11 | View Replies]

To: nowheretohide
Smokescreen! New CEO is picked. He/she comes up with new plan. More billions for the UAW.

Exactly! And the UAW already knows it!

15 posted on 03/29/2009 9:45:36 PM PDT by kcvl
[ Post Reply | Private Reply | To 11 | View Replies]

To: skinkinthegrass
Aides note that Obama inherited the auto mess from his predecessor, President George W. Bush.

A bunch of finger-pointing babies...

16 posted on 03/29/2009 9:45:53 PM PDT by THX 1138
[ Post Reply | Private Reply | To 1 | View Replies]

To: Neverforget01

Just heard on ABC radio Wagoner resign amiist pressure from the thuggish Obama regime.


17 posted on 03/29/2009 9:45:53 PM PDT by ChiMark
[ Post Reply | Private Reply | To 7 | View Replies]

To: skinkinthegrass
Everyone calm down. GM's going to get the money. This is all show to make it look like Barry's in charge and in control.

Wagoner never would've stepped down if GM wasn't going to get the money. After all, the alternative is Bankruptcy. If GM were to go through a successful Bankruptcy preceding and come out the other end a leaner, more efficient company, whomever would be the CEO would make buckets of money on the back end.

I predict this, GM will get it's money in return for halting production on a number of SUVs and Pick-Up's and scaling back production on what's left. This is all about reducing choices to American consumers.

18 posted on 03/29/2009 9:45:57 PM PDT by Big_Monkey
[ Post Reply | Private Reply | To 1 | View Replies]

To: skinkinthegrass

Sad, but they can file bankruptcy and/or go under, like many other defunct auto manufacturers before them, including the American Motor Car Company, Edsel, and almost 1800 others that have bit the dust in America alone since car manufacturing began.

Why is this so difficult to understand? Companies go out of business. I mean, when was the last time any of you had a need for an 8-track tape? Or how often do you use clothes pins to actually hang laundry on the clothes line (the environmentalists are trying to bring that back, but not very successfully so far).

So, Detroit wouldn’t accept that people were tired of their product line and weren’t going to buy their cars. They kept making them anyway. Instead of inventing new and inventive products that fell into the consumer’s buying demands, they kept trying to force us into their cars. You can’t make people buy a product they don’t need anymore. (8-tracks and clothes pins) So, companies go under. You adapt or die.


19 posted on 03/29/2009 9:46:24 PM PDT by erkyl (The hottest places in hell are reserved for those who, in a period of moral crisis, stay neutral)
[ Post Reply | Private Reply | To 1 | View Replies]

To: skinkinthegrass
Here's what GM should do:

(1) Declare bankruptcy
(2) Void all UAW contracts
(3) Move all operations out of the U.S. to Brazil
(4) Make a car called the Chevy Hatchback that has "more junk for the trunk."

20 posted on 03/29/2009 9:46:42 PM PDT by Extremely Extreme Extremist ("President Obama, your agenda is not new, it's not change, and it's not hope" - Rush Limbaugh 02/28)
[ Post Reply | Private Reply | To 1 | View Replies]

To: skinkinthegrass
Coming soon to an Obamanation near you: The Five Year Plan
21 posted on 03/29/2009 9:47:29 PM PDT by Bubba_Leroy (The Obamanation Crisis - America Held Hostage)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jet Jaguar
Unacceptable to the UAW.

If the CEO of GM is forced to resigned, why not the UAW?
...too bad we can't force those culpable government agencies
(enforcing CAFE Std. / EPA et.al.) to do the same.

"When buying and selling are controlled by legislation, the first things to be bought and sold are legislators." - P. J. O'Rourke
“The problem with socialism is that you eventually, run out of other people’s money.” - Margaret Thatcher
"There are two sets of rules. One set for the rulers and another for the rest of us." - Richard Yancey, former IRS tax collector

22 posted on 03/29/2009 9:47:51 PM PDT by skinkinthegrass (just b/c you're paranoid, doesn't mean "they" aren't out to get you.. :^)
[ Post Reply | Private Reply | To 6 | View Replies]

To: skinkinthegrass

MARCH 30, 2009, 12:04 A.M. ET

Task Force Says GM Can Bounce Back With Changes

In its memo on the company, the task force also said that the majority of GM’s directors would be replaced and that Kent Kresa, a long-time director, would serve as interim chairman.

Despite the pessimistic view on GM’s restructuring plan, members of the task force said they are “confident that with a more fundamental restructuring, GM will emerge from this process as a stronger more competitive business.”

To help the GM, the Administration will provide it with working capital for 60 days to develop a more aggressive restructuring plan and a credible strategy to implement such a plan.”

http://online.wsj.com/article/SB123838449463268709.html?mod=googlenews_wsj


23 posted on 03/29/2009 9:48:44 PM PDT by kcvl
[ Post Reply | Private Reply | To 1 | View Replies]

To: skinkinthegrass

24 posted on 03/29/2009 9:49:31 PM PDT by bd476
[ Post Reply | Private Reply | To 1 | View Replies]

To: Big_Monkey

Who’s gonna pick the new CEO? Obama? Communism has arrived.

Good-bye U.S. auto industry. Control over production is almost complete. First the banks and now the cars then health. And Americans willingly voted for their own destruction.


25 posted on 03/29/2009 9:50:14 PM PDT by ChiMark
[ Post Reply | Private Reply | To 18 | View Replies]

To: Extremely Extreme Extremist
Move all operations out of the U.S.

Tell Obama to pound sand.

26 posted on 03/29/2009 9:50:23 PM PDT by Neverforget01 (Talk is cheap...except when Congress does it.)
[ Post Reply | Private Reply | To 20 | View Replies]

To: skinkinthegrass

US to Guarantee GM, Chrysler Warranties Amid Restructuring

The Obama administration said it would guarantee warranties on General Motors Corp. and Chrysler LLC vehicles to help mitigate any drop in sales that could occur as they undergo the tough restructuring measures recommended by the government.

The fund that will be set up will cover 125% of the expected cost of future warranty repairs to ensure enough money is available for all repair claims. GM and Chrysler will contribute 15% of the amount required in cash, with government loans providing the rest.

http://online.wsj.com/article/SB123838536264268763.html?mod=googlenews_wsj


27 posted on 03/29/2009 9:51:35 PM PDT by kcvl
[ Post Reply | Private Reply | To 1 | View Replies]

To: ChiMark
"Who’s gonna pick the new CEO? Obama?"

That's a rhetorical question, right? And, you ask it in the future tense. Rest assured, the successor has already been selected. Someone from GM will step up, temporarily. But, soon a permanent replacement will be made and you can't bet a month's pay they're an Obama donor.

28 posted on 03/29/2009 9:53:46 PM PDT by Big_Monkey
[ Post Reply | Private Reply | To 25 | View Replies]

To: skinkinthegrass

So when do I get my tax money back from the first failed bailout?


29 posted on 03/29/2009 9:54:46 PM PDT by Carling ("We've lost two people in my family because you dickheads won't cut trees down," - Warwick Spooner)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Big_Monkey

The Obama administration, however, has decided not to require the automakers to immediately repay government loan money they previously received, since that would force both companies into Chapter 11 bankruptcy.

A senior administration official told FOX News, “calling in the loans would not be a productive exercise for the American taxpayer since the companies don’t have the money [to repay the loans] and it would simply put the companies into uncontrolled Chapter 11.”

Obama was set to make the announcement at 11 a.m. Monday in the White House’s foyer.

Instead, the administration has decided to give Chrysler 30 days to work out a deal with Fiat and GM 60 days to come up with a new restructuring plan. Both companies will be provided with “some working capital” during those time periods.

A senior official said, “bankruptcy is not the goal,” although there may be a “role for a court supervised process to effect the restructuring... different from Chapter 11.”

Two additional parts of the plan include the government standing behind both car companies’ warranties during the restructuring periods and the White House naming a Labor Department official to minimize the impact of restructuring on communities where auto plants are located, by coordinating support for workers and their families.

GM and Chrysler, which employ about 140,000 workers in the U.S., face a Tuesday deadline to submit completed restructuring plans, but neither company is expected to finish its work.

GM owes roughly $28 billion to bondholders. Chrysler owes about $7 billion in first- and second-term debt, mainly to banks. GM owes about $20 billion to its retiree health care trust, while Chrysler owes $10.6 billion.

http://www.foxnews.com/politics/first100days/2009/03/30/obama-denies-bailout-funds-automakers-sets-restructure-deadline/


30 posted on 03/29/2009 9:55:05 PM PDT by kcvl
[ Post Reply | Private Reply | To 28 | View Replies]

To: skinkinthegrass

ZerO is going to give them a lot more zeroes, plus a positive integer in front of the zeroes.
he has no interest in stopping this craziness.


31 posted on 03/29/2009 9:56:16 PM PDT by genghis
[ Post Reply | Private Reply | To 1 | View Replies]

To: ChiMark
First the banks and now the cars then health. And Americans willingly voted for their own destruction.

"So this is how democracy dies--to thunderous applause.

"When buying and selling are controlled by legislation, the first things to be bought and sold are legislators." - P. J. O'Rourke
“The problem with socialism is that you eventually, run out of other people’s money.” - Margaret Thatcher
"There are two sets of rules. One set for the rulers and another for the rest of us." - Richard Yancey, former IRS tax collector

32 posted on 03/29/2009 9:56:17 PM PDT by skinkinthegrass (just b/c you're paranoid, doesn't mean "they" aren't out to get you.. :^)
[ Post Reply | Private Reply | To 25 | View Replies]

To: nowheretohide

good prediction, right on the mark
Then anotehr and another.
Libs always want to subsidize loseers, mainly because they are people libs can relate to.


33 posted on 03/29/2009 9:57:43 PM PDT by genghis
[ Post Reply | Private Reply | To 11 | View Replies]

To: Carling

The Obama administration, however, has decided not to require the automakers to immediately repay government loan money they previously received, since that would force both companies into Chapter 11 bankruptcy.


34 posted on 03/29/2009 9:58:19 PM PDT by kcvl
[ Post Reply | Private Reply | To 29 | View Replies]

To: skinkinthegrass

I’m not a fan of the illegal-alien communist usurper Obama, but I can’t find anything to criticize in this auto industry decision.


35 posted on 03/29/2009 10:02:39 PM PDT by devere
[ Post Reply | Private Reply | To 1 | View Replies]

To: skinkinthegrass

And what plan did AIG submit to warrant a bailout 10 times the size of GMs?


36 posted on 03/29/2009 10:03:01 PM PDT by FreepShop1 (www.FreepShop.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jet Jaguar

GM and Chrysler were finished before Obama came around.

They got their first round of welfare under a Republican President.


37 posted on 03/29/2009 10:04:48 PM PDT by Boiling Pots (The Politicians think we're all stupid, and they're largely correct.)
[ Post Reply | Private Reply | To 9 | View Replies]

To: genghis
Libs always want to subsidize loseers, mainly because they are people libs can relate to.

And the losers produce what the market does not want but the libs will force you to own it anyway

Locked and loaded here

38 posted on 03/29/2009 10:09:28 PM PDT by Las Vegas Ron (Wake up people, AIG executives are not the enemy, your Government is!)
[ Post Reply | Private Reply | To 33 | View Replies]

To: skinkinthegrass

I guess Obama has other plans...


39 posted on 03/29/2009 10:11:47 PM PDT by GVnana
[ Post Reply | Private Reply | To 1 | View Replies]

To: kcvl

His alligator mouth is making guarantees his hummingbird butt can’t deliver.


40 posted on 03/29/2009 10:22:37 PM PDT by Jim Robinson
[ Post Reply | Private Reply | To 27 | View Replies]

To: Extremely Extreme Extremist

I am not suggesting that GM shouldn’t file for bankruptcy, but what do you think the chances are of a liberal activist judge deciding that GM has to honor the UAW contracts in bankruptcy anyway?


41 posted on 03/29/2009 10:26:35 PM PDT by BuckeyeTexan
[ Post Reply | Private Reply | To 20 | View Replies]

To: bigbob
Let’s hope so...GM needs to file bankruptcy and break the union to become competitive. NOT too big to fail.

Yes file chapter 11 to reorganize.

42 posted on 03/29/2009 10:28:24 PM PDT by Red Steel
[ Post Reply | Private Reply | To 2 | View Replies]

To: Big_Monkey
"You can have any color you want as long as it's black" Henry Ford
43 posted on 03/29/2009 10:28:46 PM PDT by sniper63 (Silent and stealthy - one shot - one kill)
[ Post Reply | Private Reply | To 18 | View Replies]

To: Big_Monkey

I see you’re still shilling for Obama on FR,


44 posted on 03/29/2009 10:34:38 PM PDT by Red Steel
[ Post Reply | Private Reply | To 18 | View Replies]

To: skinkinthegrass

Zils for everyone!


45 posted on 03/29/2009 10:35:29 PM PDT by headstamp 2 ("Government is a disease masquerading as it's own cure")
[ Post Reply | Private Reply | To 1 | View Replies]

To: sniper63
""You can have any color you want as long as it's black" Henry Ford

Exactly. Only this time it will be - any car you want so long as it doesn't have more than 4 cylinders and goes over 55 mph.

46 posted on 03/29/2009 10:36:22 PM PDT by Big_Monkey
[ Post Reply | Private Reply | To 43 | View Replies]

To: skinkinthegrass

Mwuhahahaha!!!

Does bailing out a bunch of already-retired auto workers really increase Obama’s power? No. Does it help reduce the U.S. to “the former U.S.”? No. Does having any functioning factories in Detroit help in moving the U.S. to Third World status? No.

The answer was pre-ordained: Obama screws the already-retired auto workers.


47 posted on 03/29/2009 10:37:24 PM PDT by Arthur McGowan (If Bishop D'Arcy finds out a priest is molesting kids, he will boycott the parish's Fall Supper!!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Red Steel
"I see you’re still shilling for Obama on FR"

I think you must have responded to the wrong person.

48 posted on 03/29/2009 10:37:30 PM PDT by Big_Monkey
[ Post Reply | Private Reply | To 44 | View Replies]

To: kcvl

“The fund that will be set up will cover 125% of the expected cost of future warranty repairs to ensure enough money is available for all repair claims. GM and Chrysler will contribute 15% of the amount required in cash, with government loans providing the rest.”

Now the taxpayers are warrantying automobiles.


49 posted on 03/29/2009 10:37:51 PM PDT by headstamp 2 ("Government is a disease masquerading as it's own cure")
[ Post Reply | Private Reply | To 27 | View Replies]

To: Big_Monkey

Oh, you’re the correct guy OK.


50 posted on 03/29/2009 10:38:15 PM PDT by Red Steel
[ Post Reply | Private Reply | To 48 | View Replies]


Navigation: use the links below to view more comments.
first 1-5051-76 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson