Merry Christmas to GM and Chrysler!

[benjy]

Not sure how I feel about this Christmas present to GM and Chrysler....

Bush announces a $17.4 billion financing package to keep GM, Chrysler alive to March... The money will go to the two automakers with essentially no strings attached...The two companies will divvy up $13.4 billion for December and January and $4 billion in February

While I'm sure I would hate to be an autoworker out of the job. What would the long term effect on the economy be if they filed bankruptcy? Sure it would hurt, but we're in a recession, everything is not smooth sailing right now.

 

[ChestonScout]

From what Ive heard is this isnt a "no strings attached" It is actually pretty strict on what they have to do. And it is a loan....not a gift. They have to pay it back with interest. The first year it is something like 7% and then jumps to like 12% after that so they have incentive to pay it back fast.


Im not saying I agree with it at all but at least its not a freebie..........yet

 

[waynehartwig]

I say let them fail. Not everyone in the world is broke right now. Someone with the bucks will buy them out of bankruptcy court for pennies on the dollar and open up shop again. Except for now, the new owners will want to do things right to protect their investment. Instead of now, where the CEO's are taking million dollar salaries even though their companies can't afford it.

This is alll just another way for the government to own private sector businesses to move us that much closer to a socialistic empire where the government owns everything. Majority of the people are against this bailout, which makes it wrong as well. Once again, the people speak, and the idiots in control aren't listening.

EDIT: And just to be clear on my stance, the other bailouts shouldn't have happened either.

 

[ChestonScout]

Dont the airlines file bankruptcy every couple years? We can still go get a flight anytime?


Ya...this sux