Detroit's mighty ask for $34B in bailout

Detroit's mighty ask for $34B in bailout

www.torontosun.com

Pledging to slash workers, car lines and executive pay in return for a federal lifeline, GM and Chrysler said they needed an immediate cash infusion to last until New Year's. Chrysler LLC said it needed $7 billion by year's end, and General Motors Corp. asked for a quick $4 billion as the first installment of as much as $18 billion to stay afloat and weather even worse economic storms.

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Related News Links:
www.usatoday.com
www.busi nessweek.com
www.financialpost.com
www.webstercitynews.com

Is it me, or are we just becoming numb to all of this?

We've seen numbers with zeros that rival the number of Joan Rivers facelifts and we've read countless stories on how the financial sector bailouts have been seemingly squandered into the pockets of the corporate elite through bonuses, dividends, junkets to posh places and the like.

When I heard on the news this morning . . . as a trailer after all the other 'news' . . . that the automotive industry bumped their beggings by $9,000,000,000, my heart went into double time pretty quick.

Even if they get the dough, there are no guarantees of jobs, future success or longevity of the industry. Hell, these 'loans' are apparently for ten years at the government's interest rate, whatever the hell that is.

In terms of jobs, part of each tabled plan is to slash more jobs . . . so much for the latest bailout incarnation filtering down to 'mainstreet'.

The automotive industry's day on "The Price Is Right" is coming and they'll each get to spin the big wheel to see how much of our money they get to play with . . . how will it help us?

What good will it do to the poor bastard on the shop floor or assembly line just trying to eke out enough money to cover the day-to-day and maybe a case of wobblie pops every now and then?

Seriously, what good will it do?

www.torontosun.com
(visit the link for the full news article)

Doesnt anyone see..this is all a part of that great "change" spoken about by our new president elect.

And it isnt the first time government has bailed out a major auto maker.


Remember the 80's anyone? Chrystler bailout.


History repeating.


Cheers!!!!

reply to post by GoalPoster


Obama the "new" change for President, is saying "change". Is that change really for the people, or is it really for the all the bailout business. So who is pulling the strings of power. The BIG business asking for the bailouts is really wanting to push up their own business for the stock market! to help them get more richier. Congress should ask those business to be part owned by congress.