Pre Packaged Bankruptcy

[Camaro_Corvette]

Originally Posted by Hylton

Man those guys in the hearing have good bladders!

LOL,

Gosh, he just brought up the merger.

[Hylton]

Originally Posted by TomServo

How long do you think that will take???

Good question. So far, I like the economists idea about giving Ford 8 bill, GM 9 bill and Chrysler nil immediately to keep them going until March 31. Until then, spend the time coming up with a package that everyone can live with.

One of the Senators made a great point about how Chryslers owner, which has lots of money, refuses to give any of it to Chrysler to keep it going. Why should the tax payer step in when the owner refuses to?

[edog]

I had to go into work. How did the talks go? are they still on? Does it look promising?

[Camaro_Corvette]

Ha, they are still going, and with no end in sight.

[Hylton]

Originally Posted by edog

I had to go into work. How did the talks go? are they still on? Does it look promising?

It's rather neutral. I don't see anything conclusive.

[Hylton]

I like Senator Bob Corkers points. He's really giving it to the union guy.

[SilverTurtle]

well, at least Dodd and others said it... they're punishing the Big 3 because of the way the banks have been running the money out and not changing anything that they are doing... I think they'll still give them some money and make them come back on March 31st... but it sure does suck to know that we're willing to send the bankers on vacation to the Bahamas but wont save the auto makers that are a prime reason that this country is as strong as it is.

[kdbolt70]

well, that was interesting.

Damn protesters breaking in in the middle was ratehr annoying. Chrysler really got grilled...

[Hylton]

Originally Posted by SilverTurtle

well, at least Dodd and others said it... they're punishing the Big 3 because of the way the banks have been running the money out and not changing anything that they are doing... I think they'll still give them some money and make them come back on March 31st... but it sure does suck to know that we're willing to send the bankers on vacation to the Bahamas but wont save the auto makers that are a prime reason that this country is as strong as it is.

Ya, I still can't figure that out. Give the banks 70 times as much money with no questions asked. Don't oversee what they do with the money but when it comes the the D3, hold their feet to the fire.

The bank thing is killer - what is happening now is that they are spending the money not on consumer debt but on investments. They also raised the FICA score to 700+ which is just another way of not having to lend the money out. Finally, they are getting a minimum of 5 points on any money they do lend out that they have borrowed from the Federal Reserve.

[SilverTurtle]

Originally Posted by Hylton

Ya, I still can't figure that out. Give the banks 70 times as much money with no questions asked. Don't oversee what they do with the money but when it comes the the D3, hold their feet to the fire.

The bank thing is killer - what is happening now is that they are spending the money not on consumer debt but on investments. They also raised the FICA score to 700+ which is just another way of not having to lend the money out. Finally, they are getting a minimum of 5 points on any money they do lend out that they have borrowed from the Federal Reserve.

I'll be interested to see if what Dodd says actually happens... I'm ready for them to take every penny the CEOs and CFOs of these banks have in their accounts as of right now... freeze their assets and make them start paying some of the money they've stolen back... basically, after the banks got the money, they did everything in their power to make it impossible to borrow money... they're hording the money and nobdoy has taken a single cut in pay, so far as I can tell... which is what I was broadcasting would happen from the very beginning... but nobody in Congress listened to me, you or any of the other voters who begged and protested for these big banks to just get swallowed up by other big banks.

the bottom line is that I think GM and Ford are going to get a short term loan... and with the Volt, Cruze and Camaro on deck, GM is likely to achieve the goals that will be set forth by the government... Chrysler, on the other hand, is a privately owner company now, so they're very likely to get nothing, if not ALOT less than what they're asking for... Cerberus is going to have to make some great strides with the UAW to be able to meet any goals that the Gov will set up for them... and their outlook will, eventually, be the bleakest of the three.

[Hylton]

I want to see congress force the banks to lend the taxpayers money out to the consumer. That is what is going to get the free market flowing again. That does not mean lending it out willy nilly like the prime mortgage thing. What they are doing now is going to the complete opposite side of the spectrum instead of finding the equilibrium.

[Design1stCode2nd]

+1 for Senator Corker. Not even from my state and I felt compelled to send him an email. He was spot on.

Here’s the thing the government can give GM and its’ suppliers the financing it needs under chapter 11. Like one of the board members said this government money which is patient money. Have GM and Chrysler merge and kill platforms, kill off 5-6 GM brands, make half of the VEBA equity share and ditch the UAW. Will take a while but GM would be a viable company.

[Design1stCode2nd]

Double post

[Rodrunner]

Won't cancel.....if they build it, I will buy it!

Looks now like no forced Chapter 11, but instead that would be a contingency plan in March if things don't get turned around.

And, the UAW is coming forward with great sincerity in an attempt to reach equality across the ENTIRE auto industry in America. This could be a turning point.


2SS/RS Black/Black w-Cyber Gray stripes/Auto(under reconsideration) - ordered 10/18/08 - Polished Aluminums added 12/1/08