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GM and Chrysler to Get $17.4 Billion in Rescue Loans

Discussion in 'BBS Hangout: Debate & Discussion' started by Lil Pun, Dec 19, 2008.

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  1. Lil Pun

    Lil Pun Member

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    http://news.yahoo.com/s/bloomberg/aaclcgsegmjw

    Dec. 19 (Bloomberg) -- General Motors Corp. and Chrysler LLC will get $13.4 billion in government loans to keep operating in exchange for a restructuring under a rescue plan that President George W. Bush will announce this morning.

    The money will be drawn from the Troubled Asset Relief Program and the automakers will get an additional $4 billion from the fund in February, according to a statement from the Bush administration. The money would allow GM and Chrysler to keep operating until March.

    Under the terms of the plan, if the companies can’t demonstrate financial viability by March 31 the loans will be called and the money must be returned, the statement said.

    Bush is scheduled to announce the plan at 9 a.m. Washington time from the White House.
     
    #1 Lil Pun, Dec 19, 2008
  2. weslinder

    weslinder Member

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    Can we disband Congress now? Apparently the President doesn't need them anymore.
     
    #2 weslinder, Dec 19, 2008
  3. pirc1

    pirc1 Member

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    Didn't congress give him the right to do this?
     
    #3 pirc1, Dec 19, 2008
  4. Major

    Major Member

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    Congress actually asked and pushed Bush to do this.
     
    #4 Major, Dec 19, 2008
  5. Deckard

    Deckard Blade Runner
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    Damn! I knew I should have bought Ford about a week ago, when it was around $1.50. :(
     
    #5 Deckard, Dec 19, 2008
  6. FlyerFanatic

    FlyerFanatic YOU BOYS LIKE MEXICO!?! YEEEHAAWW
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    wow...didnt even make em look to alternative fuel sources? just gave em the money like that? wow...wish i could be a dumbass CEO and sink my company and get bailed out like that.
     
    #6 FlyerFanatic, Dec 19, 2008
  7. rhadamanthus

    rhadamanthus Member

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    This might sustain them for what? Two months?

    ****ing waste of money. MY MONEY. :mad: :mad:
     
    #7 rhadamanthus, Dec 19, 2008
  8. Invisible Fan

    Invisible Fan Member

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    ^Worker saved is a worker earned?
     
    #8 Invisible Fan, Dec 19, 2008
  9. juicystream

    juicystream Member

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    Maybe just the Senate Republicans. Their opinions are what hasn't counted in any of this crap. Are we sure Bush isn't a member of the Democratic party? :confused:
     
    #9 juicystream, Dec 19, 2008
  10. ghettocheeze

    ghettocheeze Member

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    And so its begins...

    17.4 billion...how long before we get to 50 bil or even 100 bil?

    Time for a new type of betting, credit default swaps on the mighty US printing press.

    To GM, Ford, and Chrysler I say this: Welcome to the Washington breadline, now get your ass behind Fannie and Freddie!
     
    #10 ghettocheeze, Dec 19, 2008
  11. DonnyMost

    DonnyMost Member
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    This is absolutely r****ded.
     
    #11 DonnyMost, Dec 19, 2008
  12. weslinder

    weslinder Member

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    To me it doesn't matter much who supported it and who didn't. Or even that I would have reluctantly supported it, although I would have pushed for a breakup of GM as a condition for the money. But I think that the functioning democratic processes of our republic is more important than GM or even worker's jobs.
     
    #12 weslinder, Dec 19, 2008
  13. FlyerFanatic

    FlyerFanatic YOU BOYS LIKE MEXICO!?! YEEEHAAWW
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    so how long until they ask for more money?
     
    #13 FlyerFanatic, Dec 19, 2008
  14. deepblue

    deepblue Member

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    17.4 will last long enough for it to become Obama's problem. Then it will be a lot more than 17 I am sure.
     
    #14 deepblue, Dec 19, 2008
  15. JuanValdez

    JuanValdez Member

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    Booooo!

    No kidding. First, they gave the President their power to wage war. Now, they give him their power of the purse. Why are we paying them?
     
    #15 JuanValdez, Dec 19, 2008
  16. emjohn

    emjohn Member

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    Do tell how the money will be returned if they aren't financially viable and burned through the cash.

    Evan
     
    #16 emjohn, Dec 19, 2008
  17. Major

    Major Member

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    Depending on the seniority of the loans, the gov't could get first rights over bondholders in any bankruptcy liquidation - I have no idea what the seniority of these loans is though.
     
    #17 Major, Dec 19, 2008
  18. Invisible Fan

    Invisible Fan Member

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    They're getting a slight raise
     
    #18 Invisible Fan, Dec 19, 2008
  19. weslinder

    weslinder Member

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    #19 weslinder, Dec 19, 2008
  20. Icehouse

    Icehouse Member

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    How much are we blowing in Iraq per month?
     
    #20 Icehouse, Dec 20, 2008
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