Now the auto manufacturers want our government to bail them out, too.
I wish I could get filthy rich off our economy and then in the tough economic times, cry bankruptcy. Then the FEDS will decide to pour hundreds of thousands of dollars into my bank account just so I can remain in business. This bailout shi+ is becoming ludicrous.
http://finance.comcast.net/www/news.html?x=http://76.96.38.13/data/news/2008/11/07/1109072.xml
David,
I agree with you. It’s a sad state when we bail out these transportation industries (i.e. auto, flight, etc.)…Yet sit back and watch as many of our educational and medical facilities are closed.
Where are our priorities…
John b.
Absolute bulls***. Instead of learning a few things from Toyota, who continues to enjoy profitability during these supposedly impossible times for automotive manufacturers, they continue to make the same fundamental business mistakes. And now, we are expected to artificially prop them back up. What a disgrace.
http://smileys.smileycentral.com/cat/36/36_5_11.gif
Nick, Toyota is not held hostage by Unions,and they avoid the massive taxes that the big three have to pay by coming through Hong Kong. If the Democrats want to collect more taxes, they should start by not letting all of the importers import Duty Free by coming through Hong Kong. Also they should stop letting immigrants come here and get government loans at 1 % interest and no taxes for the first five years in business, which after five years, they simply sell the business to relatives who do the same thing. Which is the reason all Convience stores, Dairy Queens and other types are mostly owned by East Indians and Pakistanis, whonever pay taxes, but send the money home. I know an Iranian who does this every month. IMO
BTW, wrong place for thread.
Excuses excuses. They made mistakes and now they expect us to pay for them. So much for that concept called capitalism. :roll:
From article:
“Are you happy to see the government bailouts?
I know I am. It’s about time the government recognized the importance of industries that are suffering & need billions of dollars to sustain their business. Where were the government bailouts when so many other worthy industries in the past were dying and struggling for their very existence?
Where were the government bailouts when the horse and buggy industry was fighting to keep up with the newly invented automobile? Where were the bailouts when the US textile industry all went east and west and every other direction but home? To my understanding, today, there is not one shirt manufactured from scratch in the US .”
If we provide any more money to US automakers most of the leadership in these companies should lose their jobs.
Off course so should the lawmakers that continue to impose CAFE standards and other mandates on the auto industry.
It’s hard to imagine no GM, Ford, and Chrysler.
But the world would not end if all of our autos came from foreign owned makers.
They won’t go away. They would declare bankrupty and all the stock and bond holders would lose their money. That’s who we are really bailing out.
I used to think too that but some now say they would go away and their assets would be liquidated.
Other US makers may arise and that may not be a bad thing.
You better think about that, a whole lot more is at stake than just the big three. I believe it would cause a depression.
Unfortunately their assets if it comes down to it will be worth surprisingly little, the world is awash with vehicle production capacity, and it’s likely that the major newer plant equipment would be sold for pennies on the dollar and shipped to India or China. Investors would see nothing.
Regards
Gerry
News flash Ken we are already in a recession
Gerry
No argument there.
Here is teh question of teh day
Where does the Federal government draw the line between continued bailouts with it’s increasing Socialism and letting Capitalism do what it does(pick winners and losers via the market)
We are already far down that road IMHO.
Recessions happen as part of the normal business cycle.
Depressions are usually caused or at least prolonged by government actions.
They draw the line at calling it Socialism! The closest they come is ‘nationalized’
I agree but it is a serious question.
Do we really want the government to continue picking the winners and losers?
NO!! See post #7 of this thread.
If that’s the way the cookie will crumble, so be it.
Don’t worry…
If you think the auto and government unions are a joke and have a negative impact on their respective industries and or the country. Wait till the Dems start to unionize the rest of america.
Look at some of the new taxes coming to California even before the feds get to us:
The Associated Press
Thu, Nov 6, 2008 (5:33 p.m.)
Details of Gov. Arnold Schwarzenegger’s proposal to close a state budget deficit estimated at $11.2 billion through the fiscal year that ends June 30. The plan is being considered by lawmakers during a special legislative session that will last through the month.
TAX INCREASES
_ Total: $4.7 billion.
_ Raise the state sales tax by 1.5 percentage points _ or a penny and a half on the dollar _ for three years. That will generate $3.5 billion in the current fiscal year. The state currently collects 7.25 percent in sales tax, with 1 percent of that automatically sent back to local governments. Many local entities tack on their own increases, bringing the sales tax to more than 8 percent in many parts of the state. The city of South Gate’s sales-tax rate is currently the highest in California at 9.25 percent.
_ Broaden the sales tax beginning Jan. 1 to include more services such as vehicle repairs, appliance and furniture repairs, veterinarian services and greens fees for playing golf. Starting March 1, sales tax will be charged on tickets to amusement parks and sporting events. Democrats have sought to apply the sales tax to a range of services, such as automobile repair, entertainment and personal services that include haircuts and dry cleaning. California could generate as much as $10 billion if it adopted policies similar to those in New York, Texas and Florida, wrote Board of Equalization member Judy Chu in a report earlier this year. A handful of states charge sales tax for financial and legal services.
_ Increase the Department of Motor Vehicle’s annual fee for registering vehicles in California to $42 from $30. The state also charges a separate vehicle licensing fee and collects both at the same time. Schwarzenegger, who cut the licensing fee shortly after taking office, did not change those rates, which is based on the value of a car.
_ Impose a 9.9 percent tax on each barrel of oil extracted from California, a tax other oil-producing states already levy. The move is estimated to generate $528 million this fiscal year.
_ Raise an excise tax collected on all beer, wine and liquor by 5 cents per drink on distributors and wholesalers. It will raise $293 million this fiscal year. The move could cost consumers more for alcohol.