Posted on 03/30/2009 12:02:19 PM PDT by Steelfish
Obama questions viability of GM, Chrysler
President wants painful concessions as price of industry survival
March 30: The Obama administration has said neither GM nor Chrysler submitted acceptable plans to receive more
WASHINGTON - President Barack Obama refused further long-term federal bailouts for General Motors and Chrysler, saying more concessions were needed from unions, creditors and others before they could be approved. He raised the possibility Monday of controlled bankruptcy for one or both of the beleaguered auto giants.
At the same time, eager to reassure consumers, Obama announced the federal government would immediately begin backing the warranties that new car buyers receive a step designed to signal that it is safe to purchase U.S.-made autos and trucks despite the distress of the industry.
In a statement read at the White House, Obama said he was absolutely committed to the survival of a domestic auto industry that can compete internationally. And yet, our auto industry is not moving in the right direction fast enough, he added.
(Excerpt) Read more at msnbc.msn.com ...
Bingo!,
They could have already been in bankruptcy and the tax payers would have saved billions, and many of the posters here would have had one less bitch and moan post!
We should start a pool here and whoever picks the day wins.
At least one of us will end up with some money.
Simple answer, “Bush’s fault.”
And in the end, that may be what the assessment of history will show.
Much like Hoover was blamed for the Great Depression I.
We are poised to descend into Great Depression II, and it shows no signs of ever ending before this “global warming” and its concomitant “carbon cap-and-trade” philosophy are abandoned. Both are based on seriously flawed science, and the scheme is designed for imposing controls on the direction and expansion of the economy.
The “green economy”, as envisioned, is simply not viable.
“Would you like to try our ____(Fill in blank with food being pushed this month)___, today?”.........................
I would say the story is misleading, in 0’s favor of course. The DJIA is down today because the President of the United States fired the CEO of General Motors. Bush never did anything quite like that.
Chairman and CEO Rick Wagoner, according to Fox News Radio, is getting a US$20,000,000 retirement package.
A bell rings, an angel says, `Thanks’.
Barry speaks, the stock market tanks.
The recent rise in the stock market was nothing more than a happy, fart bubble rising up in 0bama’s tub. Twerp that he is, 0 snapped it.
Sweet. The same people responsible for the quintillion-page US tax code will be writing your GM warranty? Man, that's enough to make me run right out and buy one today!
An idiot who is incapable of running a lemonade stand making these kind of decisons.
Deny the bailout and let GM decide on their own what to do.
And from the movie 300 - “Tonight we shall dine in soup kitchens!”
How so? Is it because the technologies described as "Green-" or "Eco-" survive based on massive government assistance? Can't the government just print more money?
do i need a /sarc tag?
That is an ugly chart. It not only went down, but hasn’t made any attempt to break off the bottom. It appears to just be slowly loosing ground all day. Probably because there are a lot of people holding stock they don’t want and every time the market ticks up they sell immediately.
ironically the green economy was viable during the Bush years but won’t be under the Obama years.
Ah, I see no difference.
LOL
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