[Timpo]

GM and Chrysler seek $8 billion in aid from Canada
Posted Yesterday, 11:05 PM by Ralph Hanson

http://www.motorauthority.com/content/thumbs/c/a/canada_parliament_hill_main_630-1208-630x360.jpg

General Motors and Chrysler have told authorities in Canada that they need as much as $8 billion in aid to stay afloat, more than double the original amount requested just three months ago. The latest request is in addition to the $26 billion the two Detroit carmakers are seeking from the U.S. government as revealed in their recent viability plans.

While no specific figure has been given for the Canadian aid request, GM and Chrysler said they expect amounts proportional to the loans they are seeking back in the States. Unfortunately for the Canadian government, it has little to no bargaining power as both GM and Chrysler have already threatened to shift production and jobs to the U.S. and Mexico.

A collapse of the Detroit 3 would be disastrous for more than 600,000 Canadian workers, mostly from Ontario. Canada is currently responsible for 17-20% of GM’s North American production and any aid would be proportional to this figure, reports Automotive News.

Even with the aid, GM still plans to cut its Canadian workforce to 7,000 people by next year - down from a high of 20,000 in 2005. GM has also warned that its current pension and healthcare obligations were unsustainable and that it is considering establishing a union-managed healthcare fund in Canada - similar to one taking shape in the U.S.

[Mancini]

I believe these workers will have to face the demise of these companies inevitably. I'd rather not see our country (or the USA) pay billions in the meantime.

[Jason00S2000]

LET THEM FALL.


NO BAILOUTS.


Fuck those workers. Seriously, overpaid, underskilled, building products nobody buys.


Shit like this will fuel a revolution.

[hk20000]

you chose to work for GM then you go down with them.

[1990TSI]

We'd be better off investing that money in Honda/Toyota to get those GM plants converted to make cars people will buy. that way people can keep their jobs, making good vehicles.

[dustinb]

That money could be used to find other jobs for the workers. Don't give it to large, non canadian companies.

[cococly]

Use that 8 billion dollar to lower the GST!

Why should we save them?

So many GM dealers in the lower mainland have been closed...

[2damaxmr2]

We'd be better off investing that money in Honda/Toyota to get those GM plants converted to make cars people will buy. that way people can keep their jobs, making good vehicles.

exactly

[BEEB]

Shut those stupid business down, they have billions sitting in their personal accounts in Sweden already. Don't pay tax payers money for their failure. Canada can take the plunge of having a high unemployment rate temporary.

[hk20000]

yeah US is looking to get Switzerland to release names and get those fawkers to cough out the money.

[sulos]

why not put that money to getting those people jobs in canadian companies or use it to start canadian companies rather than to companies that are just going to bully our nation?

this would make too much sense so I don't see our country doing that.

I wonder how many mortgage failures will result from those workers loosing their jobs

[tonyvu]

ummmm, how about we can go tell them to fuck themselves? Since the American Gov't can't help them out they come crying to Canada... fuck chrysler, fuck GM, they make shitty cars anyways.

[Rikaro]

Can't you establish enough business for 600,000 people for that money? Not to mention that you'll end up making a profit when it's their own business.

[Qasual]

Yay imports, well most imports. I guess. :confused:

[Carl Johnson]

it's all part of business cycle, let the weak fail and the strong become stronger. GM and Chrysler needs to go, if our government does bail them out, everyone pay taxes should be outraged.

[skyxx]

Failure is the secret to Success. That's what I learned today. :)

Class Dismissed....:thumbsup:

[Adsdeman]

ummmmmm, how bout NO u fat mother fuckers!

[LowTEC]

While I agree our government simply is not their money tree, what you have been missing is the effect of the deeper recession if the GM and chrysler really collapse. 600,000 people lost the job, we easily have to pay 6 billion to them when they go for EI. No, we can't find them more jobs with that money, because we are in recession period. Honda, Toyota and whatever elite brands that you desired has already struggle to sell anything in their lot. Soon they will have to get rid of their elite employees due to our economy, very likely to close all their plants in Canada, and the cycle repeats. You might not think that will affect you, but I bet you that you are so wrong, couple of more friends has been laid off just a week ago and we all can see the big wave coming like in the States right now. By that time you might wish GM was still alive, and probably regret your internet bitching "I don't care if they close or not", " they shouldn't be alive since no one needs them anyway"

Solution? Let Hyundai buy them and produces Genesis Coupe on our shore, with a LS9 in it, with a ticket price of 50,000! ;)

[q0192837465]

lolz, let them whither away. Someone will eventually take their place and hire those workers again.

[Jason00S2000]

While I agree our government simply is not their money tree, what you have been missing is the effect of the deeper recession if the GM and chrysler really collapse. 600,000 people lost the job, we easily have to pay 6 billion to them when they go for EI. No, we can't find them more jobs with that money, because we are in recession period. Honda, Toyota and whatever elite brands that you desired has already struggle to sell anything in their lot. Soon they will have to get rid of their elite employees due to our economy, very likely to close all their plants in Canada, and the cycle repeats. You might not think that will affect you, but I bet you that you are so wrong, couple of more friends has been laid off just a week ago and we all can see the big wave coming like in the States right now. By that time you might wish GM was still alive, and probably regret your internet bitching "I don't care if they close or not", " they shouldn't be alive since no one needs them anyway"

Solution? Let Hyundai buy them and produces Genesis Coupe on our shore, with a LS9 in it, with a ticket price of 50,000! ;)




Which do you prefer:


Short term pain right now

Or

In the future, a complete and utter collapse

[AsBannedAsItGets]

I want a lot of things but that doesn't mean I'm going to get them nor am I entitled to having them. Handouts are totally unnecessary.

[Death2Theft]

Leykis says to take bailout money give it directly to the workers for education in another field. Makes much more sense.

[Jason00S2000]

Leykis says to take bailout money give it directly to the workers for education in another field. Makes much more sense.


Totally does. MUCH more sense.

[jackal]

what confuses me is canada doesn't just have 8 billion sitting around so we go borrow from banks. but banks won't lend to the car manufacturers so what does that say about how these companies are doing.

[jlenko]

You bunch of domestic-car-haters will have a really bad day if one of the Big 3 goes belly up.

Kiss the economy goodbye for a long time... not just those who work for GM, it'll fuck up everyone.

Oh, and if you love imports so much... GO THERE INSTEAD!! :)

[hk20000]

^ if you GO THERE it'll be domestic.

But whatever GM needs to go down if they still make retarded shit like the 2009 Cobalt I rented the other day.

They don't know cars they don't deserve to ask people money for the crap they come up with.

[!LittleDragon]

I thought Canada approved the bailout months ago and they rejected it? Then they said they were gonna pull out of Canada... what gives?


Anyone who thinks nobody buys "crappy" domestic cars should think again...

http://money.cnn.com/galleries/2009/autos/0901/gallery.2009_winners_losers/3.html

"It was pretty close though. Toyota sold 1,843,669 cars this year. Chevrolet came in second with 1,790,519 sales."

That's just the sales figure for Chevy, just one of the brands for GM so overall, GM must be selling a lot more than that. Seems to me they don't have a problem selling cars despite what people think about the quality, bad gas milage, etc... Now if GM can sell that many cars, where's all the money going? *cough*UAW*cough*... nixing the union will solve a big chunk of their problems..

[!LittleDragon]

We'd be better off investing that money in Honda/Toyota to get those GM plants converted to make cars people will buy. that way people can keep their jobs, making good vehicles.

You think Bud and Bob are gonna make a Toyota any better than a Chevy?

[RacePace]

That's just the sales figure for Chevy, just one of the brands for GM so overall, GM must be selling a lot more than that. Seems to me they don't have a problem selling cars despite what people think about the quality, bad gas milage, etc... Now if GM can sell that many cars, where's all the money going? *cough*UAW*cough*... nixing the union will solve a big chunk of their problems..

yeah, it doesn't really matter how much they sell if their overhead is so high, they don't make any profit. what are they selling for? to break even?

[!LittleDragon]

Yay imports, well most imports. I guess. :confused:

Honda, Nissan and Toyota all lost Billions last year. Nissan's also asking for a bailout.

[Lomac]

You think Bud and Bob are gonna make a Toyota any better than a Chevy?

From the looks of the build quality of new Corolla's, I'd have to say that Bob and Bud could improve Toyota's QC image.

[Carl Johnson]

I thought Canada approved the bailout months ago and they rejected it? Then they said they were gonna pull out of Canada... what gives?


Anyone who thinks nobody buys "crappy" domestic cars should think again...

http://money.cnn.com/galleries/2009/autos/0901/gallery.2009_winners_losers/3.html

"It was pretty close though. Toyota sold 1,843,669 cars this year. Chevrolet came in second with 1,790,519 sales."

That's just the sales figure for Chevy, just one of the brands for GM so overall, GM must be selling a lot more than that. Seems to me they don't have a problem selling cars despite what people think about the quality, bad gas milage, etc... Now if GM can sell that many cars, where's all the money going? *cough*UAW*cough*... nixing the union will solve a big chunk of their problems..

It doesn't matter what the top line is. The bottom line for GM is still down, a total net loss of $38 billion in 2007 and 3rd quarter 2008 a loss of $2.7 billion. These guys are burning through their cash reserve at the faster rate than Usain Bolt can run the 100m.

[Carl Johnson]

Btw Canada has approved the Auto bailout package, but apparently it wasn't "big" enough for these guys. GM and Chrysler are coming back asking for more money or we take down the whole Ontario economy with us basically what they are saying.

[jlenko]

^ if you GO THERE it'll be domestic.

Precisely my point!! In tough economic times... what better way to fuck your own country than to keep buying imported products instead of homegrown.

Keep buying at Walmart! Support the people around the world instead of here at home in Canada!

I drive a domestic vehicle... it's all I'll ever buy... because I'm supporting MY COUNTRY and not someone else's. That's not to say my domestic vehicle is better... but that's the choice I make.

[!Yaminashi]

it's all part of business cycle, let the weak fail and the strong become stronger. GM and Chrysler needs to go, if our government does bail them out, everyone pay taxes should be outraged.

Everyone that pays taxes should be outraged, yes..
But will they do anything about it? Probably not, just bitch and moan about it

[Great68]

Short term pain right now


There's no guarantee the pain will be only "short term". It pretty much could be total collapse now.

I don't see a whole lot of technological innovation coming out of North America right now that could spur new growth...

[Great68]

Precisely my point!! In tough economic times... what better way to fuck your own country than to keep buying imported products instead of homegrown.

Keep buying at Walmart! Support the people around the world instead of here at home in Canada!

I drive a domestic vehicle... it's all I'll ever buy... because I'm supporting MY COUNTRY and not someone else's. That's not to say my domestic vehicle is better... but that's the choice I make.

Funny, those companies that you support wouldn't think twice about shipping their plants to China if it was easy and they could save a few bucks...

[Great68]

You think Bud and Bob are gonna make a Toyota any better than a Chevy?

All the people on the line do is insert tab A into slot B.

It's Engineer Joe that needs to be doing a better job than Engineer Kazuki

It's a catch 22 for GM though, because they make less money on a similar priced car, they have to use cheaper parts to make up for it. Use better parts, and they price themselves out of the competition...

[hk20000]

Precisely my point!! In tough economic times... what better way to fuck your own country than to keep buying imported products instead of homegrown.

Keep buying at Walmart! Support the people around the world instead of here at home in Canada!

I drive a domestic vehicle... it's all I'll ever buy... because I'm supporting MY COUNTRY and not someone else's. That's not to say my domestic vehicle is better... but that's the choice I make.
Funny but I choose to drive a Made In Canada Corolla over a Made In USA Cobalt.

Or your made in USA car for that matter. Why feed those people down South to make you crappy cars when you can buy superior cars made by locals? :confused:

[Lomac]

I drive a domestic vehicle... it's all I'll ever buy... because I'm supporting MY COUNTRY and not someone else's. That's not to say my domestic vehicle is better... but that's the choice I make.

Just to play devil's advocate.... what about buying a Canadian-built Civic or an American-built Toyota Tundra?

[orange7]

You think Bud and Bob are gonna make a Toyota any better than a Chevy?

All the people on the line do is insert tab A into slot B.

It's Engineer Joe that needs to be doing a better job than Engineer Kazuki

It's a catch 22 for GM though, because they make less money on a similar priced car, they have to use cheaper parts to make up for it. Use better parts, and they price themselves out of the competition...

wowz.. how do you ppl know their names???

[Qmx323]

hai gaiz do JDMZ partz fit on my d0dg3 n30n?

just kiddin' :)

[orange7]

hai gaiz do JDMZ partz fit on my d0dg3 n30n?

just kiddin' :)


JDM stickerz fit on your d0dg3 n3on