News and Politics | December 10, 2008 | 6 comments

BREAKING: $15 BILLION Auto Bailout Deal reached in principle, Money in days.

source: http://www.google.com/hostednews/ap/article/ALeqM5gbjFY-o07QeryRxtFR3oC1w_v1PwD94VJLC81

Image
bansheewail
Weary Democratic congressional leaders and White House officials agreed in principle Tuesday on a $15 billion bailout of U.S. automakers that would give the government extraordinary power to restructure the failing industry. But the rescue faced snags as Republicans raised deep concerns.

A breakthrough came when negotiators reached a compromise to require the "Car Czar" to revoke the loans and deny any further federal aid to automakers that don't strike a deal with labor unions, creditors and others to ensure their survival by next spring — essentially pushing them into bankruptcy.
  1. groups:
    News and Politics,   Politics
  2. tags:
    News and Politics,  Politics,  US,  World,  7 more
  3.     
    |

6 comments // BREAKING: $15 BILLION Auto Bailout Deal reached in principle, Money in days.

  • DreSandoval
    • 0
      DreSandoval  

    • Did we not learn from the other bailouts???shit im broke too and my car insurance keeps bugging me to pay them, when i cant even afford to pay my for my car...

    • 3 years ago
  • pokesmot
  • jh64487
  • cleansouth
    • 0
      cleansouth  

    • This bill won't do the trick. They should go under, period. They have failed. We should reinvest the bailout money in salvaging what is left of the industry, factories and re education the workers to build smarter cars, after they go bankrupt. That's an investment in our future. They have failed. Let's learn as much as we can about how and why they failed, so it doesn't happen again.

    • 3 years ago
  • bansheewail
    • 0
      bansheewail  

    • The Dept.of The Treasury announced today that there was only $15 Billion dollars left of the first load of $350 billion dollars from the original $700 billion dollar bailout package.

      Ironically, $15 is exactly the dollar figure that Congres offered the Automakers. That was the offer because that was all they had left. Wall Street got the rest!!!

      link:http://rawstory.com/news/2008/Just_15_billion_left_of_original_1208.html

    • 3 years ago
  • bansheewail
    • 0
      bansheewail  

    • This is like a single band-aid for the servered leg of our economy. It will not come close to stopping the bleeding. GM has been hemoraging about 10 billion a month for over a year. This math is easy. I say let them fail. Invest the money, my money, your money in the small companies with innovative new products. Let the new ideas prevail over the old, stuipid, ideas. We, the people, demand it. Tesla electric cars could do more for our consumer needs with a fraction of this $15 Billion bailout. Instead of $15 billion ito the BIG THREE for bad debt, pension pay outs and unionized healthcare, let's invest that money to educate the best autoworkers on the planet about how to build electric cars, retool the factories, and we'll be zipping around in Tesla cars before you know it. Problem solved. Bansheewail, over and out!

    • 3 years ago
more from News and Politics:
from the community

top videos