Thursday, Nov 20, 2008
Auto companies need to submit a plan
MarketWatch: Aid plan for Big Three falters in Congress
Democratic leaders said Thursday there is no deal on aid yet for the Big Three U.S. automakers, and asked the chief executives of those companies to return to Congress with concrete plans on how they would use federal funds to turn their companies around before getting any money from Washington.
"Until they show us the plan, we cannot show them the money," said House Speaker Nancy Pelosi, D-Calif., at a press conference.
Posted by gardeniadotnet @ 08:31 PM (492 views) Add Comment
7 Comments
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1. planning4acrash said...
Totally ridiculous, Hanky Panky and Buck Buster Ben got dictatorial powers for $5trillion, where is the sense of proportion! But, bailout money will reach them when Goldman Sachs buys them for cents to the dollar, then offshore it, after shorting them.
2. flintster1994 said...
Dow down almost 500pts!
3. Enough Already said...
Dollar up!
4. gardeniadotnet said...
Rumour has it that Barack Obama has demanded a recount.
5. alan said...
One law for blue collar workers, another law for white collar bankers.
You always knew it, now its in your face. I watched Rick Waggoner (GM) tell the politicians that it was all going belly up unless they got bailed out. At least Ford sold off 20% of Mazda to get $500m short term funding.
I wonder what plans they are expecting from the big 3? I'm pretty sure all 3 will slash and burn if they don't get funds. It's not their fault the financial system screwed up, they say....
Ford of Europe made profits for the first 9 months of this year, and could be viable as a stand alone, but sales are falling fast in Europe now, hence the cutback of orders to suppliers (like Bosch) over the last 4/5 weeks. Working in the industry, I'd say Chrysler & GM have run out of cash. If one of them goes, the crash will confirm a deep depression.
Hardly surprising the Dow is off by 500 points!
6. gardeniadotnet said...
Not a joke this time...
MarketWatch bulletin:
Freddie, Fannie halt foreclosure sales, evictions of occupied homes Nov. 26 to Jan. 9
7. planning4acrash said...
This, from The International Forecaster, to put the chaos in context.
The Plunge Protection Team has allowed them to artificially devalue their currencies to achieve unfair trade advantages so the Fed can hide the inflation it has caused through profligate growth of the money supply from the US sheople. The Chinese, Japanese and EU trade surpluses have also been created and fostered by the free trade, globalism, off-shoring, outsourcing, and both legal and illegal immigration agendas which have brought our auto industries to their knees and have sent our manufacturing industry and our good-paying jobs overseas.