$15 billion approved for Automakers

[Xanthos]

Its about time they pulled their collective heads out of their collective a**es. Whose head was up who's a** is a subject of much debate, but its a good thing they finally got something done - even if its not quite as much as they should have done. Obama will finish up for them when he takes office.
- Xanthos

P.S. - Sorry if I offended anyone. I'm just not happy with the stance that the current administration and the lame duck congress are taking - "Not my problem. Leave it for the new guys." is not going to help us get past these hard times.

[Angrybird 12]

I was always told ask for twice what you need and settle for what you actually need, that makes the lender feel like he got what he wanted but you actually got what you needed....

[DGthe3]

Originally Posted by camaro_corvette

I believe the 15 million is a lump sum to get GM through till march, during that time monthly business meetings w/congress will occur on progress, the big thing right now is making sure GM makes it to the end of the year, so congress has more time and GM has more time to come up with a plan. GM has a lot of work to do in the next few months to show the govt progress is going good, and that will lead them to give GM the rest of the money that they require to complete the rest of the plan.

nope. Billion.

Originally Posted by Dave_O

Let's hope it lasts long enough for them to get back on their feet...but I thought I read somewhere that GM needed $25 Bil to make it through the end of the year with the way things are going...?

They need ~4B to make it through 2008.

[Dave_O]

Originally Posted by DGthe3

They need ~4B to make it through 2008.

OH, OK... Then I had either read something wrong, or it was stated incorrectly. Thanks

[Mr. Wyndham]

Originally Posted by TAG UR IT

ouch. I sure hope GM requested more than they needed thinking this could happen. At least some help is on their way.

The total 18 Billion GM requested for themselves was designed to get them through 2009. 6 of that 18 may not have ever been used. What Congress might give them (remember, they haven't voted yet) will sustain them to March with the intent of revisiting the issue in more detail, and in a less rushed manner.

hmf...if they aren't rushed, maybe they might learn something.

[Dave_O]

Originally Posted by Dragoneye

The total 18 Billion GM requested for themselves was designed to get them through 2009. 6 of that 18 may not have ever been used. What Congress might give them (remember, they haven't voted yet) will sustain them to March with the intent of revisiting the issue in more detail, and in a less rushed manner.

hmf...if they aren't rushed, maybe they might learn something.

Hopefully by March GM will be back making money and not need any more from the gov't....I just hope they vote yes on this... Do you know when the vote is suppose to take place?

[Mr. Wyndham]

Tuesday, according to the article(s).

[PsyDoc]

So, they are getting around $15 billion from the already approved $25 billion (back in August/September) for retooling??? So, in essence, they really are not giving them any additional assistance. Additionally, it looks like it is just a proposal and others do not like it:

http://www.cbsnews.com/stories/2008/...n4652762.shtml

[Mr. Wyndham]

WTF IS HIS PROBLEM!?!?!?!!

Originally Posted by Senator Jacka$$

"We would like to save them, but they've got to save themselves, but I don't believe they're willing to save themselves because they could be restructured the right way and they're not willing to do that."

THEY'RE NOT!?!??!?!?! WHAT F'N HEARINGS HAS HE BEEN LISTENING TO?!?!?!?!

AGGHH!!!!

If anybody's from Alabama: Email this guy...tell him to...gah, I don't know what to tell him...

[TonytheTiger]

Thats great news, its good they they got some help. But exactly what plan do they need? Im not getting much of this "plan" stuff.

[dayvedayve]

Looks like the economy might be hurtin the foreign autos as well.

http://news.yahoo.com/s/nm/20081207/...us_autos_ports

[Inspector 17]

Originally Posted by dayvedayve

Looks like the economy might be hurtin the foreign autos as well.

http://news.yahoo.com/s/nm/20081207/...us_autos_ports

The good part of this situation is that anyone who is in the market to buy a car should be able to get a great deal (assuming that they can get the credit if needed).

[TonytheTiger]

blah who cares about the asian cars.

[DGthe3]

Originally Posted by Dave_O

Hopefully by March GM will be back making money and not need any more from the gov't....I just hope they vote yes on this... Do you know when the vote is suppose to take place?

Could happen, but I doubt it. But the forecast is that it will take 2 years for them to get back in black. The basic idea is to pass the burden onto the Obama administration.

Originally Posted by dayvedayve

Looks like the economy might be hurtin the foreign autos as well.

http://news.yahoo.com/s/nm/20081207/...us_autos_ports

It isn't even exclusive to the US. Toyota's Japanese sales are down 27%. Their profit estimate has gone from $20B to $5B. Unfortunately, the problem for GM is that their profit has droped from an estimated 1B to -$25B (thats a guess on my part)