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http://www.cleanmpg.com/photos/data/2/AmericanFlag.jpg I WANT MORE MONEY! (http://www.freep.com/article/20091029/BUSINESS01/910290545/1332/business01/GMAC-in-talks-for-3rd-loan-from-bailout-fund)

http://www.cleanmpg.com/photos/data/501/GM_Fritz_Henderson.jpgGREG GARDNER - FREEP (http://www.freep.com) - October 29, 2009

They need more money to survive?? Have your ever heard the old adage: "Don't put more money on bad!" --Ed.

As talks continued over an additional loan of up to $5.6 billion to GMAC Financial Services Inc., the Obama administration's involvement in the turnarounds at General Motors Co. and Chrysler Group LLC deepened and raised questions about how much more taxpayer aid will be needed to stabilize the automakers' retail businesses.

"It's like the scene from 'The Godfather.' Despite the best intentions to let go, they keep getting pulled back in," said Martin Zimmerman, a professor of business administration at the University of Michigan.

Without additional support, GMAC, which has already received $12.5 billion in government aid, likely would charge higher interest rates or demand more collateral from dealers when they order vehicles from GM and Chrysler.

President Barack Obama's auto task force designated GMAC the two automakers' primary financing source as part of their bankruptcy restructurings earlier this year. The task force directed Chrysler Financial to wind down its loan portfolio and go out of business by the end of 2011.... http://www.freep.com/article/20091029/BUSINESS01/910290545/1332/business01/GMAC-in-talks-for-3rd-loan-from-bailout-fund

That sucking sound we all keep hearing is:

A. Our wallets emptying

B. GM circling the drain...

Just take GM out back and put them out of their misery (an ours), it'll be cheaper in the long run.

Here here!

This horse done broke its leg. Nothin to be done but shoot it now.

Pull the plug on GM so we can have a double dip recession that will guarantee Chrysler and other parts companies do down too?

The U2 song "With or Without You" comes to mind.

With good reason, many of us have been seething about GM's mismanagement, but there may be a different brickbat.

Let the government give all or parts of GM to other carmakers like Ford.

What's ailing General Motors is not purging all the past management that got them to this point.

My greatest concern is some of their cars are on the lot simply because so many customers are alienated - many of them bought Ford. If the alienation is very big, GM is doomed.

______________________________

Wondering if GM sales might have improved by putting some of the leadership on trial like Wall Street companies....like avoiding punishing all of Germany and having the Nuremberg trials.

Is everybody here aware that GMAC is a bank that isn't controlled by GM anymore? If memory serves me Cerberus (also owner of Chrysler) owns a controlling share of GMAC. Judge for yourself whether the folks (e.g. John Snow, Dan Quayle) involved in Cerberus are doing the same thing to it that they did to the US economy during the previous two Republican administrations. To me it looks like Cerberus is going to hell (classical mythology pun intended).

SBA has a program that could take over many of the floorplan loans that Cerberus would abandon. Local banks are capable of providing auto loans profitably. I say have SBA give out some bridge loans and let the whizzes at Cerberus accept the discipline of the market that they advocate for everybody but themselves.

Is everybody here aware that GMAC is a bank that isn't controlled by GM anymore? If memory serves me Cerberus (also owner of Chrysler) owns a controlling share of GMAC. Judge for yourself whether the folks (e.g. John Snow, Dan Quayle) involved in Cerberus are doing the same thing to it that they did to the US economy during the previous two Republican administrations. To me it looks like Cerberus is going to hell (classical mythology pun intended).

SBA has a program that could take over many of the floorplan loans that Cerberus would abandon. Local banks are capable of providing auto loans profitably. I say have SBA give out some bridge loans and let the whizzes at Cerberus accept the discipline of the market that they advocate for everybody but themselves.

:o :o :o

Today this and the the thread listing Indonesia as the #3 CO2 emitter (if you clicked the article) is exhibiting a number of members that skimmed and clearly did not read.