Govt. Loans To Automakers
I just read that the U.S. automakers are now asking the govt. for low interest loans of $50 Billion so that they can re-tool to make hybrid cars---sort of like Honda and Toyota (who didn't ask for loans). Seems to me that our auto makers have known about the need for fuel efficient cars since the 1970's. Am I missing something here? $25 Billion of the $50 is now on Bush's desk for signature?? Gimme a break!! They are alleging that $50 billion will only cover 1/3rd of the cost and may need more loans in the future. How will these "loans" be repaid??
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Replies to This Discussion
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Permalink Reply by moomesa on -
the tax payers will pay for the loans and when they need to pay it back they'll ask for another loan and so on and so on.
it is rather disturbing.
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Permalink Reply by American in the D.R. on -
My opinion.
By you and me. Either in IRS taxes and/or when you buy a new car and/or fuel taxes. Nothing is free.
The American auto industry again has shown us that they can not keep up or have future visions ready. A year ago they still had lots of money and credit to start to move into more fuel efficent cars. They didn't even have a plan and are now trying to save their necks with no real plan set to go.
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Permalink Reply by Dale Nelson on -
This looks like Socialism for the rich. The US automakers have shown that they are incapable of actually doing business type things. Like estimate demand, check what the market wants, produce salable products. The only way I can see to approve this is if in return the treasury gets 1/2 of the stock; all management is dumped without any golden parachutes; and there is a firm transparent opening of records for the last 40 years.
Marie Antionette on speed, is what I see here.
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Permalink Reply by American in the D.R. on
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In my opinion,
½ of 0 is still 0. Being a stock trader, I’ve looked at auto stocks and at times say to myself, “that’s a really good price”. I then slap myself.
I do not know if the dept to the workers pension and medical funds are up to date or any of the rest that they owe. Forget management, they should repay everything they ”earned” for the last 5 years, then jump without the chutes.
Government managing would be worse. How much burden can the American people bear? Every day is adding more and more billions in a lame attempt to bail out America. And it is not working... at all.
Open up an old plant and produce the Model T again, just like the original with hand crank start. I might be interested in investing.
“Marie Antionette on speed…” lol.
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Permalink Reply by Dale Nelson on
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Quote: Government managing would be worse.
How could it be worse?
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Permalink Reply by American in the D.R. on
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Do you really have to ask?
Last months employment figures has every sector down across the board... except government was up by, I think 12%? 8 consecutive months with more unemployed, except for in government.
Looking at the state, or lack of, the economey it becomes difficult to see who has done a worse job. Industry, finance or government? Notice that I did not say "better job". lol
I don't know the answer. In my opinion, it all looks bad.
The sad part is, no one appears to have a clue on how to fix it. I don't. Do you?
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Permalink Reply by moomesa on
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because not only will they reap the profits we'll still have to pay a tax, of some sort, to keep that government managment in place.
hurray for them. a little more pocket lining to prevent those cold hearted s.o.b.'s from getting frostbite
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Permalink Reply by American in the D.R. on
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moomesa,
You do have a way with words. lol
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Permalink Reply by moomesa on
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thanx, sometimes thats all i have to offer:)
there is a ? 'in everythig else' that i just don't have the economic knowhow to answer intelligently.(thred is, the P.P. and the republican pres. nominee)
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Permalink Reply by Dale Nelson on
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A sign of the US auto makers ability to actually run a business. Ford Germany has created a 4 seater that gets 65 mpg from diesel. They won't be selling them in the US.
Government managing would be worse.
Quote: 'Mike reported to us, earlier, that Ford will not be selling its 5-seat, 65mpg Fiesta diesel sedan model in the USA. See Ford Introduces 63.6 MPG ECOnetic Diesel Fiesta... Only in Europe ... for technical details on the vehicle.
Business Week offers interesting explanations for why Ford Motor Co. is instead making a gasoline version for the US market, cutting the vehicle's efficiency back significantly. As the 65 mpg diesel version currently is made and offered in Europe only, the devalued US dollar figures into the decision not to import them to the USA. That is certainly understandable.
But, some of the other cited reasons for Ford not building or selling the diesel version in the USA seem like hooey: like the claim that US consumers are 'hostile to diesel.' Via::Business Week, The 65 mpg Ford the U.S. Can't Have.'
And we should give more money to those who make decisions like this?
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Permalink Reply by American in the D.R. on
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So why did you ask ME? lol
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Permalink Reply by Kenneth Koch on -
Chrysler repaid their federal loan.
Why are you so down on US car companies? They are strugling
GM engineers have designed a new electric vehicle. It's probably going to be revolutionary. It's way better than the Prius. Check out gm-volt.com
Loaning 50 billion to an organization you know will lower US oil consumption is better than throwing 150 billion dollars in the air and hoping for change.
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