Aid plan for Big Three falters in Congress , page 1
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Topic started on 20-11-2008 @ 12:43 PM by Vitchilo

Aid plan for Big Three falters in Congress


w ww.marketwatch.com
WASHINGTON (MarketWatch) -- A small bipartisan group of lawmakers have reached a deal to buoy the struggling U.S. automobile industry, finding common ground after two furious days of lobbying on Capitol Hill by the battered Big Three automakers.
Details weren't immediately available, but the office of Sen. Carl Levin, D-Mich., said agreement had been reached. Senators were set to speak to reporters at 2:30 p.m. Eastern Thursday.
It was not clear whether the compromise plan could draw enough support to get through the entire Senate, however, and reports were also circulating that Speaker of the House Nancy Pelosi would not go along with the compromise, and was pushing Congress to return again in December to continue working on a package.
(visit the link for the full news article)

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Mod Edit: Title altered to fit new original source



[edit on 11/20/2008 by Badge01]


reply posted on 20-11-2008 @ 12:45 PM by warrenb
reply to post by Vitchilo


Misleading and incorrectly titled post



It was not clear whether the compromise plan could draw enough support to get through the entire Senate, however, and reports were also circulating that Speaker of the House Nancy Pelosi would not go along with the compromise, and was pushing Congress to return again in December to continue working on a package.


*sigh*



reply posted on 20-11-2008 @ 12:49 PM by GoalPoster
Originally posted by Vitchilo


Well well well... ANOTHER bailout for corporations who doesn't really deserve it... Except maybe Ford.

GM is a complete failure since at least 5 years...

More money down the sink.

And what's funny is even after this bailout, the shares of Ford And GM are struggling.

At least Citigroup is going down and Morgan Stanley sees 0% interest rates by february...

w ww.marketwatch.com
(visit the link for the full news article)


I guess that would explain this . . . .

Somebody knows something somehwere . . .

Ford stock absolutely tanked this morning, down to $1.01. In the last half hour, it has jumped to $1.65 . . . a swing of more than 30 percent.

GM stock, which also swirled the bowl this morning at $1.70 has nearly doubled in value in the last h alf hour to $3.25.

Now, in scanning the news pretty much all day for news on the automotive sector as part of my job, I can unequivocally note that there has been absolutely no good news reported anywhere.

I'm scratching my head and wondering what the hell is going on . . . is there some behind closed doors quid pro quo thing going on amongst our senators and congresspeople?

Anyone hear anything?somehwere . . .


Other Thread Post


reply posted on 20-11-2008 @ 01:32 PM by GoalPoster
reply to post by Unit541


Exactly the point I've been trying to make. The big misconception floating around pretty much everywhere is that bankruptcy means done . . . That's Chapter 7 where they liquidate and pay off creditors.

But clearly what they're talking about here is Chapter 11, where they continue to operate under Debter in Posession Financing whereby they are closely scruitinized to by the judiciary and trustees to make sure what they're doing is fiscally sound and will right the ship.

Giving them money right now is akin to giving crack to an addict. Get's them through the short term, but long term the host whithers and dies.

The tough thing here is that there is no margin for error considering the fragile state of the economy as a whole.
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