I’m very glad to see a compromise. Regardless of your position on the source of the problem, the failure of any (much less all) of the American automotive industry would be a disaster on too many levels to comprehend.

Flash up those corporate jets, boys, you’re going to Disneyland!

well I told my parents to buy Ford shares, I sure hope they took my advice…
I hope the compromise actually works, it really depends on the consumer in the end, and they are in no shape to really help out in the near future

As long as the money goes towards saving their asses and not pampering them, I’ll be okay with another bailout.

lol johnnycanuck….man those are idiots

Short-lived jubilation; I guess it means those execs will be getting those holiday bonuses after all! Another burden blanketed onto the taxpayer to keep them warm throughout the holidays. Bailouts do not work. Welcome to America home of corporate welfare!

I think president elect Obama voicing his interest in saving the US auto manufacturers and his picking a cabinet have a strange coincidence with a sudden change of heart on capitol hill.

More money out of my paycheck.

Hooray for the red, white, and bailout (set to the tune of a marching band).
.
Give me your tired, your poor,
Your huddled corporate masses yearning to breathe free,
The wretched Big 3 of your teeming shore.
Send these, the fiscally incompetent, technology-tossed, to me:
I lift my lamp beside the golden bailout of US taxpayer dollars.

about time

Chapter 11 might be a good thing. It would get the manufacturers out from under those dreaded UAW contracts.

thank god

researching this further….it still has to pass house and senate, and it would come for the already $25B set aside for retooling. it will have to be repaid despite what people here think.

I have a question. I graduated college 32 years ago went to work and have always saved and invested a minimum of 10% of my paycheck ( I currently save about 24%). I bought and sold 3 houses all with conventional mortgages, and purchased all 3 homes based on 1/2 the amount I was told by the banks I could qualify for. I drove cars I could afford, paid cash and essentially drove them into the ground.
Now that my savings and home values have been decimated, through no fault of my own, who the F*&K is going to bail me out? Your thoughts please…

howsmydriving: exactly why this is a very sad day for me. Let them Ch11, then bail out. Unions are the demise of this country. They were needing back in the early 20th century but now they are just a huge cash grab nuisance.

die unions die!

@bauer100, and if they do not succeed who is there to repay said loans (read bailouts)?

That’s an easy ? to answer Lariat, the taxpayers.

Why should we be responsible for the failures of others?

I smell corporate bonus before Christmas and donation to DNC along with campaigns or participating patricians.

Dear terk184,
You are fuked up. Congratulations.
Signed,
Senate

BTW, terk184, am just as “success” as you are

Hey, LLLL#3, the bailout (LOAN) worked 30 years ago, and every penny was repaid, with interest.

@oldraven, unfortunately, a lot has changed in the past three decades.

Dammit, it this does go through then Wagoner has to at least cutoff that crappy comb-over. I mean hell, that action alone should be worth at five billion dollars of US taxpayers’ money don’t you think?

Borat I like your thinkin’. Thanks, I feel much better now.

I’m glad our nation is able to keep the execs and the unions living the lifestyle they have become accustomed to. Wonder who’s money the government will steal to pay for this.

The slave/japanese staes are gonna be pissed, bye bye Ricky W

@dmlgc, I’ve been thinking – it’s your money. The ones you earned and payed as taxes. And if you like(d) sex and have children, some of theirs as well. Those bailouts make all wars look like a cheap foreplay.

last I heard some of the Senate what to redo the $25 Billion “Green Cars” loans and make that the new bail out money , not out of the $700 billion Wall Street rescue fund. If that’s the case, I’m all for it…

ntot so fast kids! read the following update!

http://www.cnbc.com/id/27821366

dem leadership don’t want to use the $25 B for revamping, will be back in December to hopefully save them, if its still a they and not a one!

Good God what a mess our country has become. Obama, I hope you know what F your doing when you get in there and change DC and our economy like you said you will.

LLLL#3, Wagoner said he’d cut his wages in half again. Personally, I don’t know why it was ever restored. They should all have to fly coach for awhile, though.

Lariat Luxury Locomotive Liner No.3
@bauer100, and if they do not succeed who is there to repay said loans (read bailouts)?

i dont know, im just posting what i read. but lose $25B now or 10x that later when they go under? id bet $25B first.

SHOW ME THE MONEY!!!!!!!

That’s what I’m to the people that own me money…..

@oldraven, they all fly coach in personal jets. And between house and office in helicopters. Actually even Mrs. Maxumum Bob (Lutz) has her own chopper, not to get stuck in traffic with swine like us.

What I find offensive is that the even with so much at stake, the House plans to adjourn for the YEAR next Thursday.

There is not much at stake. Lehman Bros Ch 11 was much larger financial deal then 3 failed manufacturers. Most of their manufacturing will more adversely affect Mexico, then US.
Perhaps either CH 11 or Ch 7 (liquidation) is necessary. There is no room under the sun for 3 failed institutions which make non-desirable products. If 2.6 will be let to expire, the market will not disintegrate. Other companies will fill the gap addressing needs of consumers. That is how free economy works.

Congress should not control market and supply demand chain. They are much better suited to solve global warming problems.

Chrysler have announced that 1.5 billion is to be invested into new thin wall casting technology, they need to make Big Bad Bob Nardelli’s golden parachute much lighter, otherwise when he bales out of the exec’s tower at CTC he’ll leave a nasty dent in I75.

DetroitWatcher, why should they work, while Rome burns? Bailout plan or not they are accountable to no one, and they personally, are not affected. Let the peasants wait until they return from holiday.

Show me the Mondeo, Insignia, Kuga, Ka, chinese Buicks, aussie Fords, Beat/Groove/Trax, and we’ll show you the money.

@Catiadesigner, Cerberus can borrow from their other assets versus stealing from US taxpayers. Chrysler is a privately owned company owned by financial pirates who far before this current situation were aces at bending the law to their maximum benefit; they are welcome to bend each other over, but not US taxpayers!

Borat – there is a HUGE amount at stake. So what if Lehman’s collapses, there are a 1,000 other brokerage houses ready to take their place. There are NO alternates for the loss of a base industry that is strategic to the economic and industrial capacity of the United States. It’s not just the jobs, but the manufacturing and technological capital, plus mindshare/respect worldwide. This is NOT trivial.

There’s definitely a lot at stake, and time is of the essence. Whether they get the loans or not, the sooner the markets know, the sooner they can plan accordingly.

damn i didn’t think the gov was smart enough to think of a good plan like that. i sorta figured they would just bend over and give it all to them!

@Architect,
In monetary terms (and that is the only measuring stick available) Lehman dwarfs all of 2.6 in financial terms. It was quite large investment bank, not a brokerage house. Yet, even for that powerhouse came Barclay and “incorporated” it in. Not all got satisfied, but sun is still in the sky.
As far as jobs, if folks want to work, they will find labor for their talents. Manufacturing base and technological capital is such, that nobody buys their wares today. BTW, their union talent payed the highest wage (average $70/hr loaded rate) and it takes most time to build a car. By comparison, transplants are paying slightly north of $40 and workers spend much less time assembling car.

Big 2.6 originally asked loans to update their base to compete with Asian and European manufacturers: technology – not much of a loss. And if is there is some unique technology, it can be sold or appraised as an asset.

We all forgot, that those companies have shareholders, who will loose their money. Investors, deserve not the best deal for 2.0, but some return on their investment. Neither elected officials nor management are discussing owners interests, only their own. Lenin is smiling on it all.

That’s so out of character for the government…expecting results for money spent? Have they gone craaaaazy?

if she said viability one more time i was going to sock her one

Biggest dog and pony show on earth today. First, the Big 3 minus 1 show and get chastised by the government. Next, the government levies some “tough” questions that should have been addressed from the beginning. Last, the government bails them out and states to the taxpayer how it was a serious exhausting, arduous struggle, blah, blah, blah x 50 billion, and how much due diligence they did (three days worth) and hands them another $25 billion dollars. Last, you as an American taxpayer feel “the unbearable lightness of being” as your wallet has just been picked, neigh, emptied. Just like Chef Emeril LaGossi—BLAM! Another notch! The only difference is that we actually receive better entertainment from Chef Emeril, and we actually see an end result from Chef Emeril.

These companies have become the most disrespected companies in America. I think a majority of the people would be happy to weather the fallout from a GM bankruptcy and Chrysler shutdown just to watch these pirates suffer.

I find it unfunny that when it comes to the car industry, the congress asks for the plan and more “oooooversight” and “aaaaaacountaaaability,” but when the banks and brokerages came asking for their bailout, they burned the midnight oil passing a $700 billion bailout laden with an extra $150 billion of Republican and Democratic pork. These people should buried alive.

Wow, I knew that most americans were ignorant but now you’re all just plain ****ing idiots!!! after reading all this crap here, I wish that GM would file for CH11 and get the **** out of here and continue it’s operations where they actually make money like Europe, Asia Pacific and all other merging markets. remember that north america only accounts for 40% of GM’s global sales. Now think… as taxpayers you “agreed” to bail the financial system with a $700 BILLION package (no questions asked and they’re the main reason for this crisis) but can’t conceive to help one of the major manufacturing industry in YOUR country with $25 Billion? NO instead you prefer to spend that money every month on a war that make no sens anymore (again…no questions asked). It’s not about the fact that their execs use private jets for travel (if you did some research you’d find out that many large companies do the same for some really obvious reasons) it’s not about taking a $1 wage to show your commitment (how many of you would even take a 30% wage drop?) it’s not about the product that these manufacturers make (check JD powers and you’ll see that GM and Ford actually build class leading vehicles and small cars) and it’s not about them being pirates (GM, FORD and CHRYSLER donated more than any other manufacturer in support to 9/11. they also participate and donate thousands (even millions) every year to communities and charities in the US and most dealers do the same in their own communities… (and not just for the tax break).
If anything, It’s about protecting your country’s economy and prevent it from sliding into a terrible DEPRESSION. People, please wake the **** up!!!!!!!

Marketplace,

Shut the **** up you ringpiece-raiding chodemunching polesmoker. Your antiAmerican bias is moronic and displays your shallow knowledge base. This coming from a Canadian. Douchebag.

@marketplace, as a taxpayer I did not agree to bailout any financial institutions—not then and not now. Bailouts do not work. GM should do the correct measure and file for Chapter 11. I’ve done the research on private corporate jets as I was privy to them—they were a waste then, and they are a waste now. Nardelli received how much of a golden parachute after screwing Home Depot? (Yeah, I thought so.) Do not believe for minute that Nardelli will not finagle his way into the bailout money. Chrysler should not even be considered in this bailout as Cerberus has other resources where they can draw funds, but they would rather use the taxpayers. BTW, GMAC is converting itself to try to access the financial bailout money of $700 billion that I would have never approved. The charity donations are a cheap shot on your part as you even referenced the true reason in your succeeding disclaimer. JD Powers does not now or in the past represent any value to me; consumers have already spoken with their wallet, and purses, regarding the vehicles they choose to own. The war I do not support either as it went from payback to lining good old boys pockets with lucrative contracts. And I do appreciate your addressing the elephant in the room as the US has not addressed the war debt. Just wait until the US taxpayer receives that bill! (You think that the financial/auto bailouts is a tall number, you ain’t seen nothing yet!)
.
GMAC Moves to Tap Government Funding

Marketplace, my father was the general manager of a television station for ten years, and now is the primary partner and general manager for two radio stations. During the first three years of operating the television station, he received a salary of $0, and yet he had millions of dollars worth of credit hanging over his head. Once he got it out of the hole, he began to collect a salary and pay the bills that he needed to pay. But the first three year’s worth of bills were paid by financing that he prepared in advance (which damaged his credit score). He brought the value of the television station from $900,000 to $32,000,000 in ten years, and when he sold it, he collected quite a bit (there were other partners, so he didn’t get all of that money). Now, as the radio station owner, he has once again decided to have a salary of $0 until he can get the stations where he wants them. In the meantime, though, he’s living off the money he collected from the sale of the television station. Once he gets to a certain point, he will give himself a salary based on market value again.

However, these guys that signed the bill for the financial bailout didn’t ask us about it. More Americans opposed the financial bailout than supported it. I opposed it. I didn’t want them to pass it, and I in fact wrote my congressmen about opposing it. However, they were idiots and supported it anyway, despite what we wanted.

As far as the war, I support it because I understand it (another topic, so don’t go there). But most of the people that post here do not support it, so calling them “idiots” is just wrong. I defend myself for supporting the war, but I also defend them because you have incorrectly lumped them into a group. Next time you make a hasty generalization, make sure you get it right.

Deanster, thanks for saying it so well.

so the Big3 have to come up with detailed plans for 25Billion but the financial institutions can sit on a 700B package and do nothing? Rather see the idiot banks and the liberal legislation that raped them fail than the Big 3

@HalGameGuru, I’d rather see corporations start doing the right thing!

Those sumbitches ain’t got no plan!
IF they had a plan, you think they would’ve been in Washington in the first place?
You hear them on Capitol Hill?
They sounded like Bush tryin’ to explain why we invaded Iraq!
You can forget that monkey crap!
DrFill

financial institutes were corporations too. At least the Big 3 have to produce something and justify it to a buyer. Financial establishments are like old money, more about who’s who than what’s right

If those three morons are supposed to be the captains of industry that are going to revive the flagging auto industry then I’m a dutchman.
They looked like naughty schoolboys, did they manage to give a straight answer to a question?

Where Is NMOFGM. We want NMOFGM. Im kidding. GM IS THE BEST………NOT!!!!

Tesla has gotten in on the act too in a request for $400 million.

nitinsharma1000 – I’ve been waiting all day for that comment.

Is asking the automakers themselves to draft a workable plan not putting the fox with the hens under house arrest with nothing more than an ankle monitor?

finally an intelligent decision from our government