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Old 06-12-2009, 12:19 AM   #1
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Arrow After spending $80,000,000,000...White House says no more bailouts for Big 3

White House promises no more bailouts for Detroit 3
Posted Yesterday, 8:03 AM by James Martinez

With accusations and hyperbole that the U.S. government's bailout of the Detroit 3 is a clear step towards socialism, President Barack Obama's automotive task force that has been charged with overseeing the restructuring of GM and Chrysler has promised that the government will not be putting any more money into either automaker.

In total, the U.S. government has given automakers and suppliers close to $80 billion, and while the government claims that this money has given the companies a good chance to succeed while preserving American jobs, there is also the question of whether taxpayers should have to foot the bill for private enterprises.

The government defended its decision, stating that the public had a reasonable chance of getting a return on its investment. Furthermore, even if GM or Chrysler somehow manage to find themselves bankrupt again, the federal government believes that the bailout given will be the last money the two automakers will require - although it won't rule out the possibility of more bailouts in extremely extenuating circumstances.

As a major stakeholder in GM and Chrysler, the federal government finds itself in the tricky position of not wanting to run the business but also keen to see it succeed. As for how long the government plans to remain a major shareholder, Ron Bloom, a senior adviser to the automotive task force explained to the Associated Press that the situation will depend on the financial markets.

Despite obvious opposition from a number of angles, the White House has implied that without the bailout of GM and Chrysler the ripple effect of a complete bankruptcy of these two companies would have had profoundly negative effects on the U.S. economy.
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Old 06-12-2009, 12:24 AM   #2
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the gov't did what they could, the big3 however...
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Old 06-12-2009, 12:26 AM   #3
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what's wrong with socialism bloody americans
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Old 06-12-2009, 12:52 AM   #4
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What Detroit 3? There's no mention of Ford at all in the article.

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Old 06-12-2009, 12:54 AM   #5
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Ford didn't take any bailout money.
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Old 06-12-2009, 02:26 AM   #6
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The feds offered Ford "some" Bailout money but Ford's doing quite well (better than the other 2). I'm looking forward to Ford's new lineup next year.
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Old 06-12-2009, 04:46 AM   #7
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Ford did not ask the Federal Government for a direct bridge loan however they did ask for a 9 billion credit facility made available in case of economy turning worse.
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Old 06-12-2009, 10:32 AM   #8
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ford is da man
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Old 06-12-2009, 12:25 PM   #9
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Originally Posted by orange7 View Post
ford is da man
Ford's son, however, failed.
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Old 06-12-2009, 12:53 PM   #10
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I have some confidence in GM for the next 5 years, obviously it's gonna take a bit of time to reverse all the damages, but all of they're new cars have huge potential
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