Congress Bailout: General Motors Corp, Ford Motor Co and Chrysler LLC
Filed under: Autos | By: Peter Chubb
Posted on: November 18, 2008 | 26 Comments
It is no secret that the American auto industry is in trouble, and yesterday the Senate Democrats have taken their first steps in a $25 billion bailout plan. The loan has a lot riding on it, as millions of jobs are in the balance, but hopefully the cash injection can help the auto industry ride out the storm.
There are only a few days left on this year’s congressional calendar, which does not give the lawmakers and the Bush administration much time to act. In the short amount of time that they do have, they need to finalize a plan to help struggling automakers such as Chrysler LLC., Ford Motor Co and General Motors Corp.
If the Senate bill gets passed, there would be certain conditions imposed. One of these conditions in exchange for aid is the government would take warrants for shares, this also comes with limits on things like executive compensation as well as prohibition on the payment of dividends. It is annoying that the taxpayer has to bail out these companies, as they have never thought about the taxpayer when they come up with extortionate prices for their vehicles.
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THE BIG THREE GOT IN FINANCIAL TROUBLE ABOUT 12YR’S. AGO WHEN THEY BUILT NEW PLANT’S IN CHINA. MEXICO ET. THE PLANT’S HERE WERE JUST FINE BUT, THEY MOVED THEM FOR CHEAP LABOR (PART’S) THE AMERICAN PUBLIC ATE UP THE NEW’S (FACT OR FICTION) THAT THE FOREIGN CAR’S WERE BETTER THAN THE CAR’S WE HAVE BEEN DRIVING FOR ALMOST A CENTURY! HOW CRAZY IS THAT?? SO, AMERICAN PUBLIC, SINCE YOU ARE PARTLY TO BLAME FOR THIS CRISES I SAY, BAIL THE CO’S. OUT, FIRST CUT THE WAGES OF THE FAT CAT’S BY AT LEAST 1/2, FREEZE THE LABOR COST’S AND BENIFITS FOR ABOUT 5 YR’S. ALOW THE AUTO MAKER’S ONLE TO SPEND BAIL OUT MONEY IN THE U.S. AND WATCH OUR ECONOMY GROW. MORE PART’S PLANT’S WILL COME HOME AND ALL WILL BE WELL. MONEY HUNGRY CEO’S AND THE MILLION DOLLER MEN YOU TRY TO LIVE OFF AND AUTO WORKER’S PAY. $500.00 A WK. TAKE HOME. NO ONE I KNOW IS WORTH THE MONEY THESE GUY’S GET, START AT THE TOP PAY SCALE AND WORK DOWN.
Instead of paying storage fees for cars they can’t sell, they should have a giant whole sell to the public. Sell the cars to profit back from the storage fees, payback to the bailout, if given, they need to sail any and all cars stored. Reach out to the public, especially those that work for you , meaning, your local dealerships.Stopping paying to keep the cars. Reach out to the community, sell to low income families, income tax season is coming. I can’t afford a car notebutI wouldpay a retty penny for a car made in 2000. All the cars I ever bought was a 1998 or older, only lasted a year. I bought a car from a car lot in July, paid $2,00, transmission went out the 2nd week. It’s November the 20th, my van is still in the shop. It costing me 2,200 to get it out of the shop, I get $325 after taxes every two weeks from unemployment, which I have two checks left on my extension. My kids walk to and from school, I have three littlegirls 2 high schools student and elementary student. Three different schools, three differnt directions,I go to WCCCD in Detroit. Ineed real transportaion! Please help.
THE BIG AUTO CO. MADE THERE OWN BED. HIGH UNION WAGES AND OVER PRICED AUTOS. THE UNIONS ALWAYS WANTED HIGHER WAGES AND MORE BENFITS AND NOW THEY SEE WERE IT TOOK THEM. BUST THE HIGH WAGES AND BRING THE COST OF AUTOS DOWN SO AMERICANS BUY THEM.
Where are you from and what kind of crazy thinking is that!!!!!!!!
Everyone blames the worker’s! It was not the worker’s getting the BIG BONUSES! It was not the auto worker’s that pulled factories overseas to China, Mexico and other countries to save money. It was greed on the part of the auto maker’s to pull their stake’s out of the U.S. and move to other contries! See if you read the paper or listened to the new’s or looked on the sticker inside the door panel of your car you would (maybe) see where these car’s were made! NOT HERE!The price was never dropped on these car’s either, why when everyone blames the Union, ther is NO UNION in MEXICO, CHINA ETC…….. Maybe you should think or read or watch the new’s to UNDERSTAND what you are hoping to happen to your own AMERICAN’S! gET RID OT THE illigal’s and AMERICA will have plenty of job’s! WAKE UP PEOPLE, DON’T DOWNGRADE YOUR OWN U.S. WORKER’S blame the corporate, NOT THE WORKER!!!
I agree that it was not the WORKER who caused this problem…it was the UNIONS. When they’ve succeeded in sucking the auto industry dry, they’ll leave and will do NOTHING for the workers who did all the actual work instead of being vampires like the Union bosses.
I used to buy American cars…Chevy and GM were the only things I’d drive…but not anymore. With the money the government gave them, they should have given every American a free car, but they were too busy paying the union bosses back for supporting Obama. I bought a Mitsubishi made in America by American workers.
YOU STILL HAVE IT WRONG ABOUT THE UNION! IT WAS THE CEO’S OF THE BIG THREE, THAT HAS NO PART OF THE UNION IN ANY WAY, SHAPE OR FORM! i SEE SO MANY PEOPLE AGAINST THE UNION, OR UNITED AUTO WORKER’S AND HAVE NOT A CLUE WHAT A UNION STAND’S FOR. BET IF YOU HAD A CHANCE TO JOIN A UNION YOU WOULD IF NOT YOU ARE DEFINATLEY FROM A SOUTHERN STATE, OR YOU WORK AT WAL-MART OR A CLASS ACT PLACE LIKE THAT!
GET INFO ABOUT UNION’S BEFORE YOU KEEP EMBARRESSING YOURSELF WITH YOUR LACK OF KNOWLEDGE ABOUT THEM!
I know everything I need to know about unions from bitter experience and HISTORY. I drive a semi for a living, am from Indiana and have never worked at Wal-mart. I’m highly educated and have a college degree…so what about your stereotypes now?
Unions were a great idea back in the 1800’s, but their purpose has long gone the way of the dodo bird. They subvert this country from within and have always sought to support interests such as the socialization of society by consistently supporting Democrats who are the rotting force behind the death of the United States Constitution.
Enjoy your slavery, Pam. How much is the UAW paying you to counter the wave of hatred against them?
I say let them burn. Limiting executive pay will not make a difference. The CEO’s are already only working for $1/year since they made their riches elsewhere.
Uh, CEO’s make more than $1 a year. KEY EXECUTIVES
Pay Exercised
Mr. G. Richard Wagoner Jr., 54
Chairman, Chief Exec. Officer of Gen. Motors Acceptance Corp. $ 3.36M $ 0
Mr. Frederick A. Henderson , 49
Pres and Chief Operating Officer $ 2.31M $ 0
Mr. Robert A. Lutz , 76
Vice Chairman of Global Product Devel. and Acting Chief Exec. Officer of GM Europe $ 2.31M $ 548.00K
Mr. Thomas Stephens P.E., 59
Exec. VP of Global Powertrain and Global Quality $ 1.29M $ 0
Mr. Gary L. Cowger , 60
Group VP of Global Manufacturing & Labor Relations $ 1.41M $ 0
Sure looks like more than $1 a year to me. Wish I were doing so badly. ROFL.
“AMEN”
JUST SO YOU KNOW, THE AUTO PLANTS IN THE STATES MAY HAVE BEEN FINE ONCE, BUT THAT WAS A LONG TIME AGO. AND THIS PROBLEM WE ARE FACING TODAY IS MUCH BIGGER THAN PEOPLE REALIZE. COPORATE AMERICA HAS NEVER BEEN CAPPED ON ANYTHING, SO WHEN GREED TOOK OVER, GM POWERHOUSES DECIDED TO USE PROFIT TO PAY REDICULOUS SALARIES TO ALL THE UPPER LEVEL CEO’S INSTEAD OF PUTTING THE MONEY IN THE PRODUCTS TO MAKE CARS BETTER FOR US. THEN THEY FIGURE OUT THAT THEY CAN CREATE MORE PROFIT FOR THEMSELVES BY PAYING MEXICAN AND CHINESE WORKERS A WHOLE LOT LESS TO BUILD THEIR INADEQUATE HUNKS OF METAL OVER SEAS WITH LESS QUALITY AND MONEY. ALL SO THEY COULD GET RICHER AND PUT THOUSANDS OF AMERICANS IN WORTHLESS VEHICLES COMPARED TO WHAT THE JAPANESE WERE MAKING. AMERICA’S BEST CAR COMPANY? PLEASE! THEY DESTROYED THOUSANDS OF FAMILIES IN THIS COUNTRY AS A RESULT OF THEIR GREED. JOBS GONE, FAMILIES BROKE AND STRUGGELING WITH DEBT AS A RESULT OF CORPORATE GREED. JUST WAIT. IT’S GONNA GET A WHOLE LOT WORSE WITH GM AND ALL THERE EMPLOYEES REAL QUICK. GIVING THEM OUR TAX DOLLARS WILL NEVER FIX THEIR ISSUES, ONLY ADD FUEL TO THE FIRE OF EVERYTHING THAT IS WRONG WITH OUR COUNTRY AND ITS NATIONAL DEBT. CAUSING ALL AMERICANS MORE HEARTACHE AND PAIN, WHEN WE HAVE TO PAY IT BACK TO THE GOVERNMENT VIA SIGNIFICANT TAX HIKES OVER THE YEARS TO COME. THAT MONEY’S NOT FREE, PEOPLE. THEN WHATS OUR ECONOMY GOING TO LOOK LIKE? NOONE WILL SPEND ANY MONEY ON ANYTHING THEY DON’T NEED. BECAUSE THEY DON’T HAVE ANY TO SPEND. I’M AN AMERICAN AND PROUDLY SELL TOYOTAS TO HUNDRED OF AMERICANS EACH YEAR WHO CAN SEE THE VAULE OF DOING BUSINESS WITH A COMPANY THAT HAS NEVER ASKED THE AMERICAN PEOPLE FOR A “BAILOUT”. NOT A SINGLE TAX DOLLAR FROM YOU AND ME. A COMPANY THAT SPENDS $1 MILLION AN HOUR ON RESEARCH AND DEVOLOPMENT EVERY DAY TO FIND WAYS TO IMPROVE EVERYTHING THEY DO, AND EVERYTHING WE BUY FROM THEM. THATS $24MILLION EVERY DAY NOT GOING INTO THE POCKET OF GREEDY CEO’S, BUT BACK TO THE PEOPLE WHO BUY THERE PRODUCTS BECAUSE THEY DEMAND PERFECTION, AND NOT MEDIOCRITY, AND CARE ABOUT THE SAFETY, WELLBEING, AND FINANCIAL STABILITY OF THEIR FAMILIES. A COMPANMY THAT (WHILE DETROIT IS FALLING AND LAYING OFF HUNDREDS OF AMERICANS EVERY DAY) IS SPENDING THRER OWN MONEY, NOT OUR TAX DOLLARS, TO BUILD A MULTI MILLION DOLLAR SAFETY TEST FACILITY TO PUT THOSE SAME LAID OFF AMERICANS BACK TO WORK, AND KEEP ALL OF US SAFER IN EVERY NEWER VEHICLE THEY MAKE. SOUNDS TO ME LIKE THE JAPANESE CARE MORE ABOUT AMERICA’S WELL BEING A WHOLE LOT MORE THAN ANY AMERICAN CAR COMPANY EVER HAS DOESN’T IT? I COULD GO ON ALL DAY ABOUT WHY WE SHOULD LET THESE AMERICAN CAR COMPANIES DROWN BUT I THINK YOU ALREADY GET THE POINT. COMPANIES FAIL EVERYDAY IN THIS WORLD, BUT WE ALL KNOW NOW THAT IT’S POSSIBLE TO MAKE A COMPANY TO BIG TO FAIL. BECAUSE THE GOVERMENT WILL JUST FORCE THE TAXPAYERS TO “BAIL’EM OUT”. SOMETHING’S VERY WRONG HERE. EVERY AMERICAN SHOULD REALIZE THAT IF ANY MORE MONEY IS HANDED OUT ON A WHIM, WITHOUT REALLY THINKING ABOUT THE DAMAGE IN WILL CAUSE IN THE YEARS TO COME, GET READY FOR THE “GREATER DEPRESSION.” BUY TOYOTA!
GreaT Mentality!!!!!! (a joke of course) People who have given up on BUY AMERICAN must be very jealous of the auto maker’s and their wages. I find it really SICKENING the way you say BUY A TOYOTA!!!! What about the U.S.??? You want the whole country to fail, to fall apart and crumble to the ground??? Well, BE CAREFUL WHAT YOU WISH FOR!! If we do not get rid of the illegal’s and we keep buying Toyota’s this is exactally what will happen to the U.S, it was not the AMERICAN AUTO WORKER’S THAT DID THIS TO THE U.S. It was the GOVERNMENT!! Yes, our own so called Gov. let the U.S. go down the tube’s, and I can see you agree, let the U.S. fail!?? Give the Bank’s cash then when asked where is the money? There is no answer, all that money never dropped the intrest rate on your mtg. now did it! People like you are why we are in such bad shape here (buy Toyota) that is just plain sick ! The auto’s that come from the U.S. are quality made, safe if you know how to drive that is.I have a 92 Lumina, 189,000 mile’s, pur’s like a kitten, with only extreamly low maintance. Oil changes, tire’s and batterie’s. So shove the “BUY TOYOTA” BUY YOUR KID’S SOME LEAD PAINTED TOY’S TO PLAY WITH TOO! Remember the COUNTRIES overseas care’s more about us than the U.S. does. HA!!! WHAT A FOOL. PAY ATTENTION. WAKE UP! BUY AMERICAN, OR GOOD BY AMERICA.
yes! the big three were giving the ceo’s and the other top dog’s big bonuses when the auto co. itself needed the cash! i don’t understand though why everyone is so apposed to the worker’s????????
they are the backbone and are given no respect.this really is the wrong way of thinking. remember the song in which it was about the auto worker’s, steel worker’s, mill worker’s and how hard a job they did? how the U.S. worker’s worked! we need to get back to that way of thinking, we need to get RID OF THE ILLEGAL’S this is what we need for a strong U.S. economy!!!!!!!
A TRUCK DRIVER! AND YOU SAY YOU KNOW HOW UNION’S WORK,THEY ALL SUPORT DEMOCRAT’S!
WELL, HIGHLY EDUCATED ONE,WHO IS A TRUCK DRIVER! HAVE YOU NOT SEN THE MESS THE REPUBILICAN PARTY HAS DONE TO THIS COUNTRY?? WE ARE NOT IN A RECESSION WE ARE IN A DEPRESSION! (IN CASE YOU DIDN’T KNOW). DOESN’T SOUND LIKE YOU HAVE MUCH WORK DRIVING AS YOU ARE ON THE COMP. EVERYDAY! DO YOU LIVE IN YOUR TRUCK? WHO WAS BEHIND THE RAISING OF YOUR FUEL COST’S? WHO DID NOTHING TO STOP THE PRICE HIKE’S? I THINK GEORGE W. BUSH WAS OUR COMMANDER IN CHIEF, HE AND CHANEY WERE IN ON GETTING A GREAT SHARE OF THAT MONEY AT THE COST OF THE AMERICAN PEOPLE! I DID NOT HERE A UNION WAS BEHIND ANY OF THE SITUATION’S ABOVE, BUT YOU DON’T LIKE THE UNION BECAUSE THEY MAKE MONEY AND HAVE BENIFIT’S! POOR YOU!!! DON’T YOU GET PAID FOR THE JOB YOU DO? DON’T YOU HAVE ANY BENIFIT’S, MED. INS? SO SAD FOR A COLLEGE DEGREE MAN TO BE DRIVING A TRUCK, IS THAT WHAT YOU STUDIED FOR IN COLLEGE? WELL MR. KNOW IT ALL, SOUND’S LIKE YOU STILL HAVE ALOT TO LEARN ABOUT THE UNION’S, MAYBE YOU SHOULD GO BACK A CRACK A BOOK AND READ UP ON THEM. AND SORRY TO SAY, NO ONE IS PAYING ME TO STAND UP FOR THE UNION’S, I EVEN STAND UP ON THE RAISING OF THE FUEL HIKE’S FOR THE TRUCKER’S, THAT’S YOU MAN. MORE AMERICAN’S NEED TO STAND UP AGAINST THE GOV. AND THE WAY THEY DO CORRUPT THING’S TO KILL THE MIDDLE CLASS! I THINK EVEN YOU WOULD AGREE WITH THAT. HAVE A GREAT DAY DRIVING (IF YOUR JOB ISN’T TAKEN OVER BY THE ILLEGAL’S), BE SAFE, AND DON’T GET LOST!
You are a the most hilarious example of an idiot that I’ve ever seen. I’m a local driver who is home every night. That’s why I’m able to read your pitiful attempts at debate and respond to them.
This country wasn’t so bad off before the DEMOCRATS took over the congress & senate two years ago. DEMOCRATS were behind the raising of my fuel costs starting with that fool peanut farmer Jimmy Carter. We could tell the Middle East to enjoy their lonely desert if we would drill on our own continent…but while you’re kissing the union’s ass, these clowns in the federal government are passing more regulations and legislation to make us even MORE dependent on foreign products.
I make MORE money than any union worker because I’m not paying union dues so that some union boss can add another edition to his mansion. I believe that the FREE market works wonders without a middle-man getting his cut. I negotiated with my employer and enjoy more benefits at less costs than your beloved union junkies. The company I work for will be around long after your unionized trucking company has to shut down because the union bled it dry.
For your information, and since you still have your head up your ass, assuming everything, I drive a truck because I enjoy it. You might think it’s sad that a college-educated person enjoys driving a truck, but that’s your problem and that is the problem with every Democrat and so-called Progressive out there. You all think you know what is best for everyone else. We are all too stupid to think for ourselves so your ilk will do it for us, won’t you?
WRONG. I can think for myself and I won’t let anyone tell me how I should live my life.
One last thing: Learn to turn your CAPS-LOCK off. Shouting only makes you look dumber than your actual words do.
I LEAVE MY CAP’S ON, IF YOU THINK THAT IS SHOUTING AT YOU SO SAD.
THE WAY THIS ECONOMY IS RIGHT NOW BRIGHT ONE YOU WILL NOT BE NEGOTIATING ANYTHING WITH ANYBODY, BECAUSE YOU IDIOT, THERE WILL BE NO DEMAND FOR NOTHING! NOT FOOD FROM THE GROCERY STORE, NO RESTURANT’S, NO COMP-USA,NO MACY’S, NO HOME DEPOT, NOT EVEN WILL THEIR BE A DOLLAR STORE YOU FREQUENT!YOU REALLY SHOULD UNDERSTAND THAT UNION WORKER’S PAY (?) HOW MUCH MR.KNOW IT ALL. IF YOU EVER HAD A BAD TIME WITH THE UNION YOU WERE REALLY A IDIOT, THEY PROTECT THEIR WORKER’S BRIGHT ONE! AND, WHAEN YOU RETIRE, WILL YOU GET A PENSION,OR HEALTH CARE FOR THE TIME YOU DEVOTED IN DRIVING TRUCK??? TELL ME HOW THE UNION WORK’S! BET YOU CAN’T OR YOU WOULD NOT RUN THEM DOWN, AND BY THE WAY, TOYOTA EMPLOYEES ARE PAID MORE THAN THE U.S. AUTO WORKER’S! IF YOU DON’T BELIEVE ME THERE WE GO AGAIN, YOU SHOULD WATCH THE NEW’S, EVEN YOUR BUDDY SEAN HANNITY KNOW’S THAT!WELL MR. I LIKE DRIVING TRUCK WITH MY COLLEGE EDUCATION, YOU HAVE SOME RESEARCH TO DO,THE GAS PRICES STARTED RISING IN WHICH YEAR? WHO WAS PRESIDENT? CRACK THOSE BOOK’S DOUGH HEAD, YOU ARE NOT RIGHT IN MORE WAY’S THAN ONE. ENJOY HURTING YOUR KIDNEY’S DEIVING THAT BIG OLE TRUCK, AND DON’T FORGET YOU PROBUALLY WON’T GET COMPENSATION!
Oh…you’re so enlightened! NOBODY will buy groceries soon because in the future nobody will eat! You should write a book in ALL CAPS telling everyone your prophecies. We’ll call it “THE PROPHECIES OF PAM! BOW BEFORE THE UNIONS, SLAVE!”
In this wonderful book that will become the new bible of the ages, you can tell us how nobody will buy food because they will never be hungry and nobody will ever buy cars to get them from point A to point B because they will float there by the power of their wills.
Get a clue, cunt. I don’t need a union to “protect” me. I’m perfectly capable of protecting myself. I don’t need to pay some thugs to negotiate my job for me.
When I retire, I’ll have plenty of money unlike your union junkies who will be begging from their union rep when the company goes bankrupt.
Oh, and gas prices started rising in 2006 after the DEMOCRATS controlled Congress & Senate. Your boy Obama is learning the hard way that President’s don’t really have much power at all. They can only go on TV and blab like idiots but if the Congress & Senate don’t initiate the bills, NOTHING HAPPENS.
You’re right that Toyota workers are paid more than union workers and they get better benefits too! Why? Because they don’t have a middle man telling the company what it will and won’t do and they don’t have the mob taking a part of the wages from the workers.
So, again…enjoy your slavery bitch! Go suck Obama’s cock!
TELL ME WHAT YOU KNOW ABOUT UNION’S.
I WIN!!!!!!!!!!!!!!! I WIN!!!!!!!!!!!!!!! I WIN!!!!!!!!!!!
AND I AM SHOUTING!!!!!!!!!!!!!!!!!!!!!!!!