GM in trouble

[eggman]

Bad news to..Grabe sayang talaga..

[kinyo]

let only the fittest survive!

meron dito madalas magsabi nun

teka lang ... paano na yung captiva ko?

[tidus1203]

Your Captiva?? Maybe Hyundai-Kia might be able to have parts, you know kapwa Korean naman No seriously, its really a sad time for the auto industry but 5 years from now the survivors will be happier at least they can steal market share from these inepts.

Oh you mean uls? Mr. Survivor!

[Gerbo]

spoiled talaga mga unionized workers ng big 3 automakers

the big 3 automakers remind me of our government owned & controlled corporations

taas ng sweldo, dami benefits, pero operating at a loss, kelangan ng govt subsidy

This week's Time story called it "the Benevolent Manufacturing State".

It is quite interesting to note that the Republicans in the US Senate spearheads the denial of the bailout. The Democrats tend to be lenient to unions.

[uls]

survival of the fittest

unfortunately, all 3 of them are unfit.

---

CNBC:

GM and Chrysler both said that in the face of their cash crises, they had hired outside advisers to help them explore possible bankruptcy, which they found had too many drawbacks.

"It's going to be very difficult for them not to file for bankruptcy," Erich Merkle, consultant at Crowe Chizek in Grand Rapids, Michigan.

A Treasury spokeswoman said after the bailout bid collapsed on Thursday that its position remained that the funds it had made available were only intended to help the financial sector.

GM said in a statement it would "assess all of its options to continue our restructuring," while Chrysler said it would continue "to pursue a workable solution to help ensure (the company's future)." Ford, in a better cash position, had asked for a hefty line of credit. It had no immediate comment.

Sorry GM, Ford, Chrysler...

You guys are NOT banks

[Horsepower]

Why don't the big 3 just eliminate the UAW-member workers and hire new ones?

[Monseratto]

I think Bush has his hands tied too, he cannot touch TARP same as the FEDS without Congressional approval. The only thing now is for the UAW to swallow the bitter pill or loose everything. We'll just wait who will blink first...

The Bush administration has repeatedly opposed using a bailout fund being administered by the executive branch, saying it should not be used for emergency aid to the automakers because it was designed specifically to restore stability to the financial sector. Following the vote, the White House said it was studying its options.

"Due to this colossal failure by the U.S. Senate, now it's up to the president and the Treasury secretary," Bernero said Friday on CBS' "Early Show." "Working Americans will appreciate the president stepping in — and pull us back from the precipice, pull us back from the economic cliff."

Lawmakers, who aren't scheduled to return to legislative work until early January, were looking to the president, as well.

"Plan B is the president," said Sen. Carl Levin, D-Mich. House Speaker Nancy Pelosi said action by President George W. Bush was the "only viable option."

[uls]

the Federal Reserve should NOT have anything to do with automakers

the automakers are not banks

The Fed already stepped outside the line when it rescued investment banks which arent really banks

Rescuing the automakers is sooooo outside the Federal Reserve's territory

The Fed WILL NOT save the automakers

---

Pag dating naman sa TARP,

the TARP is for saving financial institutions

they shouldn't use the TARP funds to save the automakers

if the Treasury uses the TARP to save automakers, every other industry will also want a piece of the TARP.

---

There are people saying there will still be a bailout

let's see what happens

---

UPDATE:

the White House is considering using the TARP fund to rescue the automakers

[tidus1203]

But since the Senate has pretty much killed any bailout. It seems they will go as far as touch the TARP money to bailout the automakers. We are staging one of the biggest moral hazards we have ever seen. People with no authority on how to use the funds are redirecting it for other uses. Remember, only the legislative has the power to create laws and thus create the TARP the administration only executes and can't decide the purpose of the fund. Multiple un-constitutional acts happening right before our eyes...

[uls]

If they use the TARP fund to save the automakers, every other industry will go to the Treasury to ask for a bailout too

moral hazard talaga

the TARP is legislated to save banks

the things they are doing these days...

there are no rules

--

Update:

OMG!

They ARE gonna use the TARP!

Treasury Vows to Prevent Auto Makers From Failing
http://www.cnbc.com/id/28193063

The Treasury threw a lifeline to the beleaguered US car industry, saying it is ready to prevent the failure of auto makers until Congress reconvenes next month.

"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry,'' Treasury spokeswoman Brookly McLaughlin said.

no rules

they make up the rules as they go

extraordinary times

The Bush administration has repeatedly opposed using the bailout fund, saying it was designed specifically to restore stability to the financial sector. But the White House said it must reconsider after the Senate failed to agree on rescue plan. The $700 billion fund is known as Troubled Asset Relief Program, or TARP.