These idiots have lived high on the hog for decades. There was always another hog to dine on . . . until now. The hogs ain’t no more and the big three are still wanting to butcher a porker. Nice touch, though, flying the corporate jet to Washington with their hands out. Makes me want to join in the debauchery . . . not. Dump the big three executives, hire, say, Japanese CEO’s and watch the fun. I’d pay fer that one.

Bailing out the Big 3 will only buy time for them to fail sometime in the near future. They have been losing market share for decades without the credit crisis or energy crisis even on the horizon.

Indeed, I understand that fully, Vaughn.

And my small complaint is just a small gripe about usual day-to-day stuff. No big deal.

Hell, maybe I take the 100k, move to Baja and retire.

The natural result of GM, e.g., going down (through Chapter 7 IMHO) is that there will be liquidation of the assets. If one believes in a “free market”, there would be no reason to object to the Chinese buying said assets, if the offering price is highest. Then, of course, the production would be moved to a lower cost environment, with the consequences set forth in the linked piece.

Perhaps a “bailout” could be done with GM, e.g., filing for Chapter 11 protection, with the government doing the DIP financing. I don’t know how familiar you might be with the terms and conditions normally found associated with such financing, but the same are as lender friendly as can get the needed Bankruptcy Court approval. Should this scenario prove viable, the government should be as aggressive in doing the DIP financing as private lenders.

Since you are in MI, I’d like to hear your opinion on how GM, et al, going down in a Chapter 7 would affect the overall conditions in your state. I will give you mine: it would be a not to good a place to be living.

Like ANTI, I feel your pain; “been there, done that” as the saying goes.

Sorry to hear that. I just gave away a rather new frig, I would have gladly offered it to you had I known.

I’ve had to live out of coolers for a few days myself. I feel your pain Rage!

You know who you are.

I hated the GM bailout from the moment I heard about it. That link kinda makes me think though…

Thanks for posting it.

I’d rather not engage in any kind of bailout myself, and I’d like to be convinced that letting them go bankrupt is an intelligent option. But as long I’m seeing the same kind I-heard-something-from-some-guy reasoning that gives us creationism, global-warming pseudoscience, and Holocaust denial, I will remain undecided.

Try harder, folks. But yet, try at all.

Dennis

http://emptywheel.firedoglake.com/2008/11/16/we-are-all-flint-mi-now/

Wonder what a Buick Owner’s Manual translated from Chinese would read like?

Dennis

ATTN: Government

This time just send me the dang check. DO NOT waste paper and postage by sending me a letter telling me when to expect my check!

Thank You,

Common Sense

While I could put 100k to good use, I don’t want my grandchildren to be paying the interest.

Just an FYI, we don’t have that money. So to one up your scenario, let’s just not borrow it.

Where would the money come from?”

Obviously, it comes from that 700 billion that Congress is ‘giving away’.
Give $100k to each of us instead.

1. The big three lobby congress and presidents to not make tough EPA/CAFE standards.

2. The big three continue to make big gas guzzling cars, which also, according to consumer reports are not the worlds most efficient cars.

3. Congress and presidents have held off on “tough” EPA and CAFE standards – which in fact encouraged the big three to NOT build cars with higher MPG. Meanwhile automakers the world round are producing cars TODAY, with over 10 MPG higher than the year 2020 35 MPG fleet “average”.

In other words:

1. Take gun
2. Shoot self in foot
3. Take the gun again (bailout)
4. Shoot self in other foot

Then ask the American people to pay for your treatment and recovery.

And SCREW the other world automakers WHO ARE BUILDING CARS IN AMERICAN which compete with the big three.

Stupid is.