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Bush pulls the TARP over GM, Chrysler
Topic Started: Dec 19 2008, 07:53 AM (325 Views)
jon-nyc
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Cheers
http://www.nytimes.com/2008/12/20/business/20auto.html?hp
In my defense, I was left unsupervised.
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Frank_W
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Resident Misanthrope
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To gain access to the emergency loans, G.M. and Chrysler must agree to a range of concessions, including limits on executive pay and the elimination of their private corporate jets.


SH!T YEAH!!!!!
Anatomy Prof: "The human body has about 20 sq. meters of skin."
Me: "Man, that's a lot of lampshades!"
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Kincaid
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HOLY CARP!!!
I expect the markets will respond favorably (I'll say a 300 pt. jump).

Hope GM and Chrysler (and the UAW) use this opportunity wisely. I'd hate to see them fail. I've also heard the rumor that auto sales would be doing a lot better (but still be down significantly) if people could just get credit. I wonder how much, if any, GM and Chrysler will put into their Finance Corporations so they can lend to buyers? Anything?
Kincaid - disgusted Republican Partisan since 2006.
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jon-nyc
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Cheers
Funny you should mention that, I think all of the aid is being channeled through the finance corps, which are becoming bank holding companies. (At least that's what they were talking about doing - haven't seen all the details yet)
In my defense, I was left unsupervised.
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Axtremus
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HOLY CARP!!!
Hmmm... so GM & Chrysler will become banks so they can be legally TARPed.
Probably not too much of a stretch seeing how much these car makers finance auto loans anyway.
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QuantumIvory
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Mark
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HOLY CARP!!!
never mind.
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kathyk
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Pisa-Carp
Heard Bush's speech on NPR this AM. It's one of the few times he's sounded appropriately somber and reasonably intelligent - not that I agree with the idea of the bailout, but it's about the first time I didn't cringe listening to him. Funny that - less than a month before he's out the door.
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Mikhailoh
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I heard on NPR the conditions also include trimming UAW worker pay so that it is in line with that of non-union auto manufacturers here.
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Frank_W
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Good. I've said right along, that if there's a bailout of the automotive industry, that they can't go on with business-as-usual, or else it's just money down the toilet. The UAW doesn't want to make concessions... I wonder how the union workers feel about the union screwing them out of their jobs. Without a viable, economically sound company, there are no jobs, no workers, and therefore, no union. The union needs to really think long and hard about this.

It's like having a baby. Both parents compromise for the sake of that baby, or else it dies. The union and corporate management need to compromise, because it's the eleventh hour, and their baby is just about dead.
Anatomy Prof: "The human body has about 20 sq. meters of skin."
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QuirtEvans
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Mikhailoh
Dec 19 2008, 11:51 AM
I heard on NPR the conditions also include trimming UAW worker pay so that it is in line with that of non-union auto manufacturers here.
The deal is that they have to show viability, or they have to pay back the loan.

Bush said he didn't want to get into the terms of what the labor/management negotiation should be.
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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