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Automakers beg for aid as bailout bill stalls
- Text size
JULIE HIRSCHFELD DAVIS
Associated Press
November 18, 2008
Detroit’s Big Three auto makers are begging Congress for a $25 billion government rescue, while the legislation clings to life support on Capitol Hill and top lawmakers and the White House suffer from bailout fatigue.
- A d v e r t i s e m e n t
Democratic congressional leaders want to tap the $700 billion Wall Street rescue package for new loans to U.S. auto manufacturers and suppliers, but the White House and GOP lawmakers say the beleaguered industry shouldn’t get any new funds.
President George W. Bush and GOP lawmakers instead propose diverting $25 billion in loans approved by Congress in September – designed to help auto manufacturers retool their factories so they can make more fuel-efficient vehicles – to cover the firms’ immediate financial woes.
General Motors, Chrysler and Tesla Motors Inc. have applied for loans and Ford CEO Alan Mulally said the automaker plans to apply on Tuesday. GM, Chrysler and Ford have not disclosed the amount of funding they’re seeking from the Energy Department or for what purposes. Tesla said it was seeking about $400 million in loans for two projects.
But auto executives, backed by leading Democrats, insist they need another $25 billion in emergency loans to avert a collapse of one or more of their companies before year’s end. That would bring the total federal help for the industry to $50 billion this year.
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November 18th, 2008 at 1:49 pm
This has turned into the one of the most commercialized web sites I have ever seen. Please spare me with the: He’s just trying to cover his operating expenses. Every single page of this web site is covered with this nonsense. He has privatized this website just like our whore politicians have our once great nation. Prepare to March!
November 18th, 2008 at 1:53 pm
LOL this is for real. The government wont do anything that helps. US Jobs help fund the international economy and the government wants it to fail. So no money will goto the US auto industry.
November 18th, 2008 at 1:56 pm
Either way is a loss. If we do fund the Auto-makers we in turn socialize another aspect of free enterprise which has shown they will bankrupt themselves without taking the advice of those who warned them long ago of this time. If we do not bailout the “Big 3″ the government will loose the Tax revenue which it needs so desperately right now in the form of unemployment benefits and decreased market buying power for the overall economy. The Key is that Toyota has shown how to profit in auto production. They (Toyota) have done this by establishing plants in “Right to Work” Sates. This Goes to show organized Labor Unions have driven the cost up while decreasing efficiency which equates into=Fail. My heart says yes to the bail-out…My mind says no. I’m truly split on this
November 18th, 2008 at 2:07 pm
LET THEM FAIL! The Bitch 3 companies suck and deserve to bankrupt. I swear that if even $1 of our hard-earned taxpayer money goes to helping those pieces of trash…I WILL R I O T!!!!!!!!!!!!!!!
I ask you all to join me.
November 18th, 2008 at 2:47 pm
GM took a loan guarantee from the Province of Ontario on the condition it keep jobs in Ontario. It subsequently announced the closure of the Oshawa truck plant.
And that was only a few million dollars.
Think what they will when they get BILLIONS. The Government of Canada already wants to give the automakers BILLIONS – and it wants to get the money to them before the U.S. government does.
Just curious…how long does it take to print $50,000,000,000? Would that be $100 at a time? Or would they return to printing the $1,000? Either way, I would imagine the auto executives would want the cash in a briefcase. Unmarked. Non-sequential. And, G-Men, make sure you aren’t being followed.
November 18th, 2008 at 2:57 pm
the fact of the matter is this,it isn’t the fault of the labor unions,they just put the cars together
its design,toyota pays really well that is why thier is no union..you get what you pay for
if you don’t want to pay,don’t expect to get anything in return
November 18th, 2008 at 2:58 pm
Number 1 So be it I think Alex Jones Deserves it with all the effort hes been putting to wake up the sleeping public.
November 18th, 2008 at 3:08 pm
#312: Do you think internet bandwidth is free?
November 18th, 2008 at 3:24 pm
Post #6…Like you said…Toyota pays very well in a “Right to Work” state. They also operate more efficiently. Unions tend to ask for more “Fringe” benefits if you will. Unions pay in accordance to longevity as opposed to Job performance. Not to mention once vested in the union…even if you are a piss poor employee it is nearly impossible to be terminated. The UAW doesn’t work as efficiently as it non-Union counterparts at Toyota/Honda. Pay-for-Performance tends to bring out the best and maximize the out-put of it’s Employee. The Labor Unions most also be held accountable for it’s complacency practices as well as the “Big 3″. Pay-for-performance is a much better working model as Toyota/Honda have shown us
November 18th, 2008 at 3:43 pm
What did the government expect? You can’t bail out the banks and then not expect others to come with their hands out. Why is it okay to give 700 BILLION to banks who gave loans to people who couldn’t pay but then when everyone else asks for money they turn thier backs! STOP GIVING TAX PAYER MONEY TO CORPORATIONS! When will Americans open their eyes and take back control? WE GOTTA TAKE THE POWER BACK! – R.A.T.M.
November 18th, 2008 at 4:19 pm
Hey, before any of those home loans were given wasn’t the lender(approver) supposed to check your Three Credit reports (Fico score!) and say no to all the B.S.’ers. They were told to overlook this? Must be, so They should assume All responsibility for the ‘Frauds’ that they were personally involved in. Threatened with jail you could work your way up the ladder and maybe figure the scam out,.. oh well. The car co.’s are in cahoots with the oil co.’s to have kept mileages low to sell oil/gas. Another scam. I probably only like maybe 5 American cars made in the last 20 years so I’m unable to say much positive towards the us car industry. (Camaro/Firebird/Mustang/Buick GSX/Corvette and Bronco,Blazers)
November 18th, 2008 at 5:04 pm
What crap. For years we’ve seen them make nothing but crappy cars, lay off everyone in their work force, and take government subsidies for when they fall behind. Screw them, and check out this on them: http://mediacondom.com/?p=298
November 18th, 2008 at 5:14 pm
Globalism bred greed and “they all” got in on the party…and now they want someone else to fix the mess they made for themselves.
I am sick and tired of these corporate slobs expecting us the over taxed, over worked, under paid to bail them out, while we struggle to make ends meet. To Hell with them all !!!
November 18th, 2008 at 5:23 pm
Save GM, drill offshore California
November 18th, 2008 at 5:31 pm
It will be a pretty sad moment for America when the Big 3 look likely to receive financial aid packages in Canada and Europe and other countries, but not in the US.
Giving an aid package isn’t a problem if you demand in Hard Writing how much they have to spend on workers, how much must be paid back at what interest rate, how many workers must be garaunteed work at whatever specific wages, etc.. There is such a thing as a ‘good’ bail out. But it has to be totally open and transparently done. For an example of a ‘bad’ bail-out just look at the aid giving to bankers, over $1.5 trillion and there’s still no hard garauntees the banks will have to actually buy-up bad debt or repay any of it. Instead they’ve been taking luxury holidays and executives have been throwing parties celebrating.
November 18th, 2008 at 5:33 pm
don’t worry guys..go back to sleeep…
November 18th, 2008 at 5:40 pm
And the Sheeple go, “bbbbbBBBBBBBBBBBBBAAAAAAAAAAAAAAAAAAaaaaaaaaaaaaaaaaaaaaaaaaaaa!”
November 18th, 2008 at 8:39 pm
What a surprise this is NOT! A couple of options: Have the damn high profit oil companies bail them out–I mean, thats one of the big reasons big 3 has had little innovation and bad quality over the past decades. Yes, I feel sorry for all those workers–its sad. But they are not the only ones. If any money is given to Big 3, the strings should be something like-”the first one to have a good quality electric car delivered get better terms than the others. This is actually a good time to change the auto industry, as they are on their death beds. People are not buying those gas guzzling tuna boats-they manufacture them because of all the tax incentives. Get the tax incentives going for the green products. There should be special tax benefits for those manufactures who make organic products. Imagine how much Kraft would change their product line if they paid less for doing the right thing? These food companies have so much garbage in them. I am tired of all of these damn toxic companies. Its painful, but I really want the new social and environment friendly companies to succeed. Maybe there could eventually be a “peoples bank” where greed fees are not tolerated and people actually trust their business model. Unfortunately, its become big business=no trust. Given the chance, they will donate $50k to some children’s cause and spend $1 million telling everyone just how much they fucking care. Walmart–just paying your damn employees something fair would save you millions of dollars because the word would get out without the wasteful advertising. I am surprised that there are not people at the top of these companies who actually care about how they treat their people and planet. Well, the best we can do is to not buy any of their products. When given a choice, give the people who really care your money and stay away from the greed mongers.
November 18th, 2008 at 8:53 pm
I just hope GM fails and fucks itself first, then the rest may follow.
November 18th, 2008 at 9:20 pm
If Me or you the regular citizen would fall on hard times, they sure as hell would’nt bail us out with millions of dollars sucked from the tax payers. They can do like everybody else and find a new job if it doesnt work out. End of story.
November 18th, 2008 at 9:31 pm
The big 3 pieces of shit don’t deserve one little red cent to be split among the 3 of them!
November 18th, 2008 at 9:36 pm
Why doesn’t EXXON who made billions each QUARTER, not year, but quarter to bailout the big 3? Piece of shit exxon should help out their friends because GM sure helped them out by making gas guzzling pieces of shit to boost their profits.
November 18th, 2008 at 9:41 pm
I would love to see GM die first. They are the worst out of all of them. Those motherfuckers are hard as hell to deal with on the warranty work on my piece of shit ‘06 impala. 34,000 miles and the fucken antifreeze is leaking into the intake. They blame all the fucken repairs on me and rarely honor the warranty. I tried selling the piece of shit, but no one wants it….go figure.
November 18th, 2008 at 9:52 pm
yeah, lets pump in more money into shit that doesn’t work. like re-filling the bucket with water that has a slow leak on the bottom. hmmm, kinda sounds like chrysler’s engine…
November 18th, 2008 at 10:04 pm
Did the UAW take a pay cut?
November 18th, 2008 at 10:05 pm
GM is pathetic. Maybe they would have enough cash if they didn’t buy a car company that failed and went bankrupt in the u.s for making cars that are not worth cow shit. That company is daewoo. GM thought they can pull it off,–import daewoo cars and rebadge them as chevy (chevy aveo). The aveo that has a pathetic 103 horse power that gets a mere 22 mpg and is in the shop for major work every other time you do an oil change. This is how GM responds to competition from honda and toyota. I know two people who envoked the lemon law on these pieces of shit and made GM take them back. Let the CEO’s drive them. Fucken greedy criminals!
November 18th, 2008 at 10:07 pm
that’s all i got to say.
November 18th, 2008 at 10:40 pm
This bailout makes more sense than bailing out the scum bag theiving douchbag bankers. At least the big 3 actually make something..the banks just steal from you. But regardless, the plants and skilled labour will still be there . Maybe a smart company like Toyota will buy the soon to be abandoned factories.
I agree with #23 , let the oil companies bailout these tards.. the trucks these companies produce get brutal gas mileage. and the hummer..dont get me started.
watch who killed the electric car ..cool documentary..these bastards are all in it together so bail each other out….god the world is a joke. out.
November 18th, 2008 at 10:40 pm
This bailout makes more sense than bailing out the scum bag theiving douchbag bankers. At least the big 3 actually make something..the banks just steal from you. But regardless, the plants and skilled labour will still be there . Maybe a smart company like Toyota will buy the soon to be abandoned factories.
I agree with #23 , let the oil companies bailout these tards.. the trucks these companies produce get brutal gas mileage. and the hummer..dont get me started.
watch who killed the electric car ..cool documentary..these bastards are all in it together so bail each other out….god the world is a joke. out.
November 18th, 2008 at 11:38 pm
I disagree, VS, vancouver is a very nice city. I also disagree with your post. Although I disagree with both bailouts, the banking bailout makes more sense because the damage was already done when the nation put so much dependency on them in the first place. If they collapse, the country itself suffers, not just the owners. With the auto industry, however, the US can easily survive without American vehicles. There may be job losses, but that’s part of the game regardless of whether they get the bailout or not. The banking collapse was inevitable after Truman and Nixon helped get rid of the gold standard. The auto-industry, however, are failing because of inferior products.
November 19th, 2008 at 12:44 am
Well, I believe the American auto manufacturers are an institution just like the banks. If the banks and insurance companies and Fannie Mae and Freddie Mac can be bailed out, so can the auto makers. It wouldn’t hurt them to stop making cars for 2 – 4 years, but not go out completely. I love American cars; plan on buying a new one next year as we have never had a new car and the one we have now is 22 years old and runs good.
Hey #31, who got rid of the alcohol burning engine and started burning gas in the cars? I believe it was Rockefeller; anyway, it was one of those rich as****es.
Henry Ford, when he invented the Model A, I think it was, or maybe it was the Model T, used alcohol as fuel. Wouldn’t the alcoholics love that; sure would raise the federal taxes on the booze.
November 19th, 2008 at 1:04 am
ACtually Ford designed the first cars to run on the principle of diesel in the US ..meaning diesel or oil from the hemp plant, which was before the dopers of the mid 19th century acce;lerated by the 60’s crowd, placed a negative image on the growing of hemp for practical uses…
And I am not a pot smoker. I have never cared ofr pot smokers(I have tried it once while in the military and it was not for me) … but the plant on it’s own merit is as practical for a variety of uses as any plant ver grown. Do a little research on “hemp for fuel” and you may be surprised. Rockefeller actually was one of the people to support the outlaw of the plant for a fuel use because it was easily grawn and provided a competitive amount of oil that could encroach on the petroleum industry.
Politics as usual.
November 19th, 2008 at 1:42 am
They don’t deserve a bailout for their failure to make a machine as good as Toyota. These idiots
still build push rod engines rather than overcams. They are dinosaurs. Let ‘em go!
November 19th, 2008 at 2:07 am
I only got to watch a small portion of those millionaires begging the compliers in the theft of our treasury to cover their incompetence as managers. notice that the compensation for these automotive parasites were never discussed. this was CHRYSLERS second time at the trough of public generosity. Let them fail. this country has too many choices anyhow We need a simple car like the VOLKSWAGEN . but ,I’ll bet you a yankee dime that they get the money.
November 19th, 2008 at 2:29 am
When the, so called, Lawmakers demanded bailout money to stem foreclosures and to keep a main source of industry from going under, Paulson basically told them to take a hike. Granted, some people knew they could not afford their mortgage and the Big 3 need to be horse whipped but the long term affect will be significant. If that’s going to be the case, then (reformat) let them all go under. Kick the Federal Reserve to the curb! Take back what’s left of the $700 billion bailout and distribute to the economy (citizens). Apprehend and prosecute everybody who were directly or indirectly involved. Any thing less is piece meal, a scourge and a joke.
November 19th, 2008 at 4:25 am
Here we go again, bailing out more companys owned by the Eilite!!!! Makes no sense. I do feel bad for the workers, caught in the middle of all this. However if they do bail them out, they would go out and party, give out big bonus to the CEO’s executives. So they can laugh at the Tax payers once again. I mean they have no shame . All this has been planned, One World Order. Time is very near, I am very scared. God have mercy on us. Peace!!!!!!
November 19th, 2008 at 11:25 am
They will get a loan but what is the next step for them?
UAW paycuts?
Very few people have the money to buy a new car and they won’t for sometime.
This depression is too deep.
November 19th, 2008 at 12:20 pm
I need a bailout…..
I have made a lot of decisions that have ended up costing me money….
hmmm…let’s see…. 350,000 grand would about do it… can I have it in gold, however. No offense…just not sure what federal reserve note is anymore. oh yeah..monetized debt… I got plenty of that!
my social security money, and FICA tax….all paid without fail since 1972….all gone.
and now carmakers who make bad decisions need more of my money…
blood in the streets and tax revolts soon…
they say a run on the banks early after the inauguration….
November 19th, 2008 at 7:47 pm
I have a $3B idea on how to create a skill based gaming website… most ingenious idea I think anyone could come up with in these troubled times.
I don’t even need financing, it’s mostly software design work… so maybe I’ll do it, maybe I won’t.
Money isn’t everything, it’s enough to know that one is a genius.
I don’t mind eating sardines and pasta.
I’m a cool guy.
Anyone want to invest? Yes, cool. No? No problem!
My only worry is radiation.
November 20th, 2008 at 5:58 pm
Bail out is that when some one is completely helpless and is a very low time like Jail? I do not see any ceo of these companies in this state of much needed help do you?? How long has the auto makers been in the negative and when they ask for help now it should be the right tune. I do not hear it! We are so spoiled in the country of elites. Poisoned us all they have!
*******************Back to JESUS We NEED********************************
December 9th, 2008 at 10:14 am
WASHINGTON – The three major U.S auto manufacturers are begging Congress for a $25 billion government rescue, while the legislation clings to life support in Congress and top lawmakers and the White House suffer from bailout fatigue.
December 10th, 2008 at 10:05 pm
The Dow Jones industrial average closed below 8,000 today for the first time since 2003 after poor economic news was compounded by the release of minutes from the Federal Reserve’s last meeting showing its leaders expect economic conditions
December 15th, 2008 at 8:54 am
NEW YORK (Associated Press) – Ford says it will offer employee pricing, zero percent financing and cash incentives on a variety of its vehicles. The Dearborn, Mich.-based company’s move comes amid a continued industry wide drop