xcel
11-01-2008, 07:22 PM
A longtime GM customer says Washington needs to attach some strings to any financing help for a GM-Chrysler merger. (http://www.businessweek.com/bwdaily/dnflash/content/oct2008/db20081028_593234.htm?chan=top+news_top+news+index+-+temp_dialogue+with+readers)
http://www.cleanmpg.com/photos/data/501/2007_Cadillac_Escalade.jpgDan Beucke - Business Week - Oct. 29, 2008
No more ads from Cadillac about does your FSP turn you on.
If you read anything here or linked from here today, read this. And do not forget Page #2 as it’s a doozy! -- Ed.
Taxpayers are mad as hell about the looming bailout of General Motors and Chrysler. They just don't know it yet. That's because the fix isn't quite in. Auto executives and federal officials still have to figure out whether they'll pull this off by redefining GM as a bank and grandfathering it into the Treasury Dept.'s $700 billion financial industry rescue, or by carving off some of the $25 billion of federal loans that were supposed to encourage development of alternative-fuel vehicles.
Details, details. What's important is that once it dawns on people that they're about to become major investors in the long-failing enterprise known as the U.S. car industry, they'll hit the roof. And I don't mean a ragtop convertible roof.
This is an even more outrageous public expenditure than the Wall Street bailout. In that case, the public was incensed that rich bankers who had stuffed their pockets with billions during the good times were having their fannies saved by regular folks—with the strong likelihood that once things stabilized, they would get even richer. The Detroit bailout raises a more depressing scenario: There's no reason to believe anyone is going to get rich after this money goes down the rat hole. Or that the situation is going to stabilize. Good luck selling this to John Q. Public, who's been running away from GM's cars for the past two decades… http://www.businessweek.com/bwdaily/dnflash/content/oct2008/db20081028_593234.htm?chan=top+news_top+news+index+-+temp_dialogue+with+readers
http://www.cleanmpg.com/photos/data/501/2007_Cadillac_Escalade.jpgDan Beucke - Business Week - Oct. 29, 2008
No more ads from Cadillac about does your FSP turn you on.
If you read anything here or linked from here today, read this. And do not forget Page #2 as it’s a doozy! -- Ed.
Taxpayers are mad as hell about the looming bailout of General Motors and Chrysler. They just don't know it yet. That's because the fix isn't quite in. Auto executives and federal officials still have to figure out whether they'll pull this off by redefining GM as a bank and grandfathering it into the Treasury Dept.'s $700 billion financial industry rescue, or by carving off some of the $25 billion of federal loans that were supposed to encourage development of alternative-fuel vehicles.
Details, details. What's important is that once it dawns on people that they're about to become major investors in the long-failing enterprise known as the U.S. car industry, they'll hit the roof. And I don't mean a ragtop convertible roof.
This is an even more outrageous public expenditure than the Wall Street bailout. In that case, the public was incensed that rich bankers who had stuffed their pockets with billions during the good times were having their fannies saved by regular folks—with the strong likelihood that once things stabilized, they would get even richer. The Detroit bailout raises a more depressing scenario: There's no reason to believe anyone is going to get rich after this money goes down the rat hole. Or that the situation is going to stabilize. Good luck selling this to John Q. Public, who's been running away from GM's cars for the past two decades… http://www.businessweek.com/bwdaily/dnflash/content/oct2008/db20081028_593234.htm?chan=top+news_top+news+index+-+temp_dialogue+with+readers