White House to Release GM An Additional $4-Billion To Stay Afloat

Someone should ask the administration- ” Where do the bailouts end?” I feel very sorry for the GM workers- its always the workers that pay the price for bad/ no leadership and poor management- but where does this stop? GM can have a properly structured bankruptcy if they will just go ahead and get it done. They are already closing more plants and laying off more workers. GM has to get its’s business together- and get off the corprate welfare ride. When does the administration think that GM is actually going to pay this money back? The reality- no one feels that GM is ever going to pay this back. The administration should fund their bankruptcy, retiree’s costs, and their health insurance. That money would be worth spending, but to continue the corporate level welfare is not a strategy.

Jaylah – It will stop when the vultures in Washington have milked the middle class of all of its hard earned wealth and turned them into 21st century indentured serfs.

Why the federal government continues to pour money down the GM toilet is beyond understanding. GM is in a price competitive industry and is being financially strangled to death by horribly poor management and an extremely greedy union. PLEASE do the country a favor and force GM to file for bankruptcy. It has shown that it cannot survive on its own.

Marxism is alive and well under Pb0.

two cats You don’t even know what marxism is. Better to be silent than look stupid.

Since when does the White House have the power to give anyone a dime. Congress holds the purse strings. Of Course all of the Dems that are in Congress now have never read the Constitution, so they wouldn’t know that would they……

Obama, you may have a Harvard degree, but your showing that as you stay in the white house that I.Q. is dropping…fast.

twocats – what about Ford? They were the only ones that didn’t ask for a handout. good for them. they may be the only one to survive all of this. the government doesn’t know how to make cars, they only know how to take our tax money and give it to people and companies that don’t deserve it.

When you have no real plan, throw money at the problem. It’s real simple! Sink or swim!

We can’t afford a new GM product without a bank loan. So we don’t buy the car, we don’t get the loan. Then the Fed gives GM our tax money. THINK ABOUT IT!

So, has the government loaned GM an amount equal to the amount those crooks on Wall Street gave themselves in bonuses yet?

The republican way would be to let GM go bankrupt so the fat cats could pick up the company for pennies on the dollar. They than would establish the company OVERSEAS where they could utilize CHILD LABOR to turn a profit while laying American workers off.

HEY YOU MORONS!!! AMERICAN PEOPLE DONT HAVE MONEY TO BUY CARS!!! So lets let them stockpile a butt load more that they cant move!!! DUH!

chas:” My hat goes off to FORD for not taking any bailout money.”
It is basically sheer luck that Ford doesn’t need bailout money – they basically mortgaged the entire company to get a pile of working capital just before the credit markets froze up. GM would love to mortgage the company, but there is no credit left… The best run company with the best market position should survive, independent of which got luckiest in surviving the freeze up of the credit market.

I think they had their chance. The people have spoken over the years that their cars do not hold up to a Toyota or Honda. Besides losing value they are for the most part not as dependable and not low maintence. Over the years people have quit buying american cars for a reason. They didn’t improve or push the technology to the next level like Toyota and Honda and other have. Their fate was sealed along time ago. Now it is just a matter of letting go and moving on to the next chapter. The workers will pay the ultimate price but there is always a silver lining though it will take time. I live in the Northewst and logging was our bread and butter for decades then it died off and technology and other industry took its place in time. We survived and have moved on to our next chapter.
GM and Chrysler just need to accept that they cannot change the publics opinion overnight and it has been building for years to get to this point so the recession is not all to blame.

Most of us still wish to think of the U.S. in the best of terms — the world’s shining beacon and example for how to ensure liberty, justice and opportunity for all. But America voted for change in the last election, in case you haven’t noticed. So we should be preparing ourselves for what may be coming regardless of how we voted: nationalization of banks and other industries that are critical to our economy, or at least more government regulation and oversight; universal health care; higher taxes on the wealthiest among us, and; more spending on infrastructure and social programs like education. Read all about it at http://kgarry.wordpress.com/2009/02/16/capitalism-and-socialism-both-evil-extremes-of-economic-theory/.

KDS, nice to see you stifle free speech by calling people “stupid.” In fact, one of Marxism’s main ideas is “political economy,” or production organized by nation-states in the new Marxist system, or in other words nationalization. twocats was correct in seeing this government bailout as ultimately a form of political economy, or the government deciding how the economy should run. This is, therefore, a representation of a tenant of marxism. Maybe you should stop calling other people “stupid” and allow people to have an intelligent conversation. Those in glass houses should not throw rocks. Do your homework next time before resorting to petty name calling.

Obama is giving GM more money so that GM does not file chapter 11. Chapter 11 will destroy the UAW. Socialism at its finest!

WHEN DOES THIS END? LET THEM GO BANKRUPT! NO MORE CASH.

Seems to me that GM needs to go ahead and file Bankruptcy. Chrysler will soon follow, and by summer so will Ford.
All we are doing now is delaying the day of reckoning and burning cash we are going to borrow from China.
If you think Obama is such a genius, why is he doing the same dumb thing Bush did.
We need to stop throwing our borrowed money away and instead, gear up for some long-term unemployment costs. We’ll get to the end quicker without incurring all this pointless spending of borrowed money we and our kids will be saddled with.
Yes, time to invest in pitchforks and learn how to make torches; I’m afraid it’s going to come to that before these brilliant minds in DC and NY will change their ways.

After Tuesday the White House is awash in taxpayer money to waste on whatever they desire. I guess BO just thinks just wants to let GM blow some more billions too so his buddies will not feel left out of the free doe.

STOP BANKRUPTING AMERICA O-DUMB-AH
LET GM GO UNDER AND GET IT OVER WITH… I DO NOT SUPPORT UNIONS WITH MY TAX MONEY

GM is doing poorly financialy. So they are given a loan. By the government? And for BILLIONS of dollars???
What makes them think they can ever pay that back. They will NEVER be able to pay that back.
And why GM? Not like they’re the only business doing poorly financialy right now.

Obama owes the unions big time. He will do everything necessary to keep GM, Chrysler, and Ford from filing chapter 11, which will appropriately destroy the UAW. The domino effect is nothing but the same scare tactic Obama used to get his non stimulating spending bill passed.

just rediculous

If you stop and think about it, once our tax dollars are paid to the government it’s not our money any longer except in the sense that it came from us.
How much money would that be? If the almost trillion-dollar bailout were to be funded exclusively by those of us who are still paying taxes it would amount to less than $5,900 per person, pro rata. That number is based on the best 2006 census numbers I can find.
So in reality, even though we consider it unfair (and I agree with that view) to bail out the arrogant fat cats who are running these companies into the ground while being paid massive sums of money, on a per-person basis it isn’t costing each of us all that much.
Even so, it is very galling to have to stand by and watch helplessly while the money is being funneled to those at the top while the rest of us are wondering how to feed our families tomorrow.

Come on , damn it I am getting $65 dollars a week unemployment this is rediculous. Throw this crap right in our face why dont you………..

Secondly, Pilgrims.
Once we’re all in line to Eat Rodent Kill off the byway’s and free way’s. We’ll have coffee to chat about the depresson that is looming in 2 years or less. Yep that’s right. 2012 is the year the Game is Over. They know it, we all don’t realize it yet. Oh but we will, weeee will. The World empires, Religions, and Talking Heads of State are all about to change in a very huge way.

I will never buy a GM product again.

http://www.bibleufo.com/subjects.htm
Don’t Trust what you thought you Knew.

What is that huge flushing sound I hear of more $$ going down the toilet?

Is this the change America envisioned? The only transformation is the debt the US will carry for generations! :(
So Obama is still winging it! But it will take Chavez another 20 to 30 years to complete his transformation to socialism! :(
Obama continues to waver between the postmodern equivocator and the fantasy prone globalist image! :(

By reading the comments, it really goes to show how ignorant we are.
We, the American consumer, are to blame for the current crisis. Did anyone stop to think while real estate prices were shooting sky high that this ride had to have an ending. Buying second houses, vacation homes, speculative homes. Yes we the consumer!
How about buying gas guzzling vehicles FROM GM, Chrysler and Ford. What were we, the consumer, teaching the auto companies with our gas guzzling habits.
We, the American consumer, spend more than we save; borrow more than we can afford and invest beyond our reach. Hmmmm isn’t our government an extension of us, the American people?
Internet bubble, real estate bubble … bubble gum!

I will never ever, ever, ever, ever, ever, ever, ever. Buy another American made car. I do not feel sorry for the workers. My job has been off shored, out sourced multiple time and I have been laid off. I did the right thing went to college learned a very difficult skill, got a degree in IT. Unlike driving a forklift which the UAW pays 85.00 and hour. I can learn to drive a forklift in a week. But can a forklift driver learn IP and understand switching and routing in a week? I think not. Like Red would always say on That 70′s Show “dumb asses”

Mad,
I would not say that your personal spending and savings practices contributed to this financial mess. In fact, there are those of us who do have our personal finances under control. I am speaking for our consumer economy in aggregate.
We have to realize in the end that our economy is based to a large extent on our consuming habits and we as a consuming society are to blame. Not GM, not banks, not our government. Yes they have not made things any better but we also have to take responsibility for this mess.

Thanks to Intellect for pointing out the real issues. Those of us who try to live within our means suffer at the end — subsidizing those who spend beyond their means. In this country, many folks buy SUVs, big houses, take vacations — mostly on borrowed money. The “American” system is designed to reward those folks because they are trying to live those “American Dreams”. We folks pay cash to buy a car, put more than 20% to buy a smaller house rather than no-down big house. We pay our credit card bills at the end of the month — also pay our taxes diligently. We folks did not make this mess. I guess my money did not contribute to those high-paying and high-flying financial sector folks (incidentally their reputation has recently plummeted lower than those ambulance-chasing lawyers) because they also lived on the business created by these borrowers.
At the end, do we need this bail out to help out my spoiled child who spent more than his means??

It is very fortunate for this country that the bloggers here do not run things.
1. The $4 billion being released is exactly that – money that was already approved for GM that had not yet been released to them.
2. The auto industry is very interdependent and the ramifications of ‘letting them all fail’ is too horrible to comprehend or even seriously consider. Now, an orderly government-backed bankruptcy to offload bad debt may be necessary but prudence dictates seeing what the restructuring plan will be.
3. Chrysler is the automaker that will fail or merge by the end of the year (they are already starting the process with the Fiat deal).
4. If you’ve been paying any attention whatsoever, nearly EVERY automaker is hurting – included the Japanese and German manufacturers that some on here seem to love.
5. Yes, we are paying the price for our fellow Americans who overspent and overborrowed as well as those who were greedy. Don’t like it? Neither do I. It’s a mess that doesn’t have an easy exit and I’m not planning on moving out of the US. So offer something constructive rather than ranting and suggesting ridiculous things that could wipe out millions of jobs.

We should not be giving GM money-They make cars in Brazil, Mexico, and we want to bail them out, why? Not to make electric cars – they made elect. cars in 1990, went 300 miles, recharge battery in 30 minutes -cost 60 cents a mile. They could not make enough money selling them, so they destroyed them and now the American Taxpayers are giving them Billions of Dollars. Where are the brains of these Politicians? They sure are not for helping the taxpayers of this country.

1percenter: bottom line…we are TIRED of big fat govt and TIRED of big fat executives getting their due, with the avg American CITIZEN always getting SCRE***!!!! No matter how “intelligent” or “common sense” you try to make it, it all boils down to self serving govt and self serving executives. They stick up for each other because they know we, as the common american citizen, can do nothing about it because PEOPLE LIKE YOU don’t believe our govt can do any wrong! OUR GOVT HAS BEEN DOING WRONG FOR 30 YEARS NOW!! It will only keep getting worse until someday, we’ll be like Venezuelans and vote to give up any hope that may have ever been possible! Obama is going to be the final DOWNFALL of this country, as evidence in his rigged election. He started by creating the financial panic to distract from the successful war in Iraq and he has come out running from the start of his presidency…and pretty soon we won’t be able to tell the difference between him and Chavez. Welcome to Islamerica!!

Over 50% of you voted for Bush…TWICE!!!!!!! Even a stray dog gets wary after getting hit running out into the street. But no… “he’s got an MBA, he must be great for the country” What we need here is a little more common sense and a whole lot less financial experts running around telling everyone else what to do with OUR MONEY! Here’s a crazy idea. How about letting only the strong companies that can make it on thier own survive by making it on thier own and the companies that either make bad decisions or are simply in the wrong market at the wrong time die a financial death? Now, take that trillion or so dollars we were going to give to companies that can’t survive and invest it in infrastructure and education right here in America. We could put tens of thousands of folks to work earning a living rebuilding this once great nation. Yes, it’s called work. Good for ya. Good for America. George W. Bush… never worked an honest job in his life… and all you folks were suprised when he couldn’t relate to the working middle class. I wasn’t. I’m a Republican and I could smell that skunk a mile away in 1999 so I voted Democratic. Held my damn nose while doing it too! The guy couldn’t even run a baseball team and you all put him in charge of the country!! A Democrcy will get the government it deserves and we got it. Question is now that we have voted Obama in are WE going to jump on the wagon and start turning America around? I’ll pitch in if you will my brothers and sisters…

Where was all of this support in the mid 80′s when the gas and oil industry collapsed taking with it much of the banking industry and many homes ruining many families. A lot of the oil industry, banks and airlines had to go bankraupt. The auto industry and its arrogant related unions can suffer too now that the shoe is on the other foot.

how can you support Gm when its union are not willing to help,So i should pay as a tax payer for empolyee to stay home
on long term disablity and get 80%of there pay

Let me get this straight,they made the mistakes,but we are bailing them out for mistakes they made?? Have I got that right? Why don’t you just flush the money down a toilet, that would make exactly as much sense as this does!!!!!!!!!!!!!!!!!!!!!!!

All the Men and Women in Iraq need to come home and watch our borders. We must repeal NAFTA!!! Repeal trade accords with China and India and start practicing PROTECTIONISM!!!

Why in the world would the American tax payer want to give GM any money at all. After all the UAW refuses to make any concessions on their part. Let them file for bankruptcy and reorganize like any one of might do if we were in that same condition. Their CEO’s got them in this mess let them get out of it. Do away with the high salaries and extreme bonuses that these CEO’s collect, and make them live like the rest of the working class in America. If you add together the wages of the assembly line workers and their benefits, I’m guessing it would be well over $50.00 dollars and hour. That is completely out of line for unskilled labor, and unskilled labor is exactly what they are and there is no other way of looking at it. Take that same $4 Billion dollars and put it into Health Care, Social Security,Education,their are a number of better places to use that same money. Let GM fix their own problems and not the tax payers. If the Federal Government keeps spending money like this what will their be 5 generations down the road, the BUCK needs to stop here.

We’ve been snookered again by the slick talking Ebony Oracle. How deep a hole are we going to allow Swammy Obammy to dig before he shoves us into it? The media called Mochaman’s $787B bailout of failed ideas “a big victory for the new president”. Are we going to be the Silent Majority again? Robert R. Reisig-Franotovic

WHAT HAPPENED TO ALL THE OBAMA LOVE? I knew that all he needed was a chance to screw up and the public would turn on him. I never liked him anyway!

So poor Geithner, the new auto “task force” chair, has already been bypassed by Obama? Can’t he cut the guy a break?
http://www.political-buzz.com/

GM is the company that built the Middle Cass in this Country. They made huge profits in the past, and shared it. GM is just not about cars. It is so much more than cars. Save GM

INSANE! See er’ Latter.

GET REAL! GM and Chrysler ARE bankrupt. Let’s not let Obama pour good money (from us, the taxpayers) into these companies to pay back the UAW for its support.
THEY ARE BANKRUPT NOW. Make them start with a blaank sheet of paper, no bad debts like the UAW contracts, stopping them. A fresh start might get us environmentally friendly cars, free us from arab oil, and create jobs that will endure by being competitive in the global marketplace. The bailout just extends the problem, and thereby makes it worse…much worse.

Maybe the Obama scheme team can just go ahead and be the accounting department for the entire automobile industry. If they just take care of the weekly payrole for these guys for say the next 8 years or so, we may all be able to get new cars for next to nothing. If this works well it may also work for the home builders and we can all get a new house for free.

The Borgen Project has some good info on the cost of addressing global poverty.
$30 billion: Annual shortfall to end world hunger.
$550 billion: U.S. Defense budget

This is a travesty!!!…….$4bil??? I understand the honeymoon is over for President Obama….but he has to start setting priorities fast!! We can’t keep bailing out GM, Ford and Crysler for bad performance!!…….Let Mitt Romney’s former company Bain Capital buy out one of the big three…..that’s the way CAPITALISM is supposed to work!

IT IS TIME FOR SOMEONE TO TAKE ACTION AND STOP THIS MADNESS. WHY IN THE HELL SHOULD I WORK ANY MORE. WHY IN THE HELL SHOULD I BUST MY ASS JUST SO THAT MY PAY CHECK GOES TO THE FREAKING GOVERNMENT? I MIGHT AS WELL QUIT AND JUST RUN TO WASHINGTON WITH MY HAND OUT

My dad used to say “There’s a sucker born every minute.” I didn’t know that in the past 6 months there would be 200 million of us–assuming that’s how many of us are working and doing our part to be responsible.

What I love the most about his second bail-out, along with the stimulus plan and the bank bailout, is that now it’s the Democrats trying to sell the American people on trickle down economics. Only a few months ago, it was the democrats crying that trickle down economics don’t work. Now, not only do they work, they’re necessary! Gotta love those Dems!

George never tells the truth. WATCH FOX NEWS – you will find out.