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President Bush just announced loans to the GM and Chrysler totaling $17.4 billion: $13.4 billion now and $4 billion in February, if they, according to Times, "undertak[e] sweeping reorganizations to show that they can return to profitability." The money will come from the TARP bailout.
Bush said he had to "shield the American people from a harsh economic blow at a vulnerable time... If we were to allow the free market to take its course now it would almost certainly lead to disorderly bankruptcy and liquidation for the automakers. These are not ordinary circumstances.” Here's video:
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Stocks are rising on the news. The Wall Street Journal notes:
The deal generally tracks key provisions of the bailout legislation that nearly passed Congress earlier this month. But it is relatively lenient in allowing the companies to show their viability. It defines viability as having a positive net present value -- a way of gauging the companies' worth, taking into account all their future obligations.Notably, it provides significant flexibility to the companies in showing their viability. It sets out targets for the companies to hit in determining their financial health, such as reducing debt and current cash payments for future health care obligations.
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Translation: "Fuck you Senate. I'm bailing out my buddies in both management and organized labor anyway."
J-O-K-E
It will be a long time, maybe never, before I buy a car made by anyone taking this money.
Talk about presidential pardons!
I'm happy for the autoworkers but kind of sad the Bush admin. quit their stonewalling because we were getting awfully close to a bipartisan investigation of Cheney's waterboarding fetish. Them Repubs are idiots but they're not stupid.
Look at his idiot face.
has bush done anything without citing "extraordinary circumstances". that's his reason for all unprecedented, outrageous actions and is no reason at all.
I like how he poses in front of a portrait of a more popular President. Doesn't it just make him seem crappier by comparison?
do we all get free cars now?
or, failing that, a free lube job?
8
The lube job is for your ass come April 15.
The TARP money was to rescue banks. It is NOT a slush fund. Shame on this administration.
You need more than a car, you need a car company!
SHIFT_CONFIDENCE
- recent Nissan commercial
I want GM to sell off cadillac, saturn and chevy trucks and then dissolve itself. Those two alone are the only money makers in their auto fleet.
What was the point in the house and senate voting if the president has the authority to pass it anyway?
its just the illusion of a government at this point and time. these companies are running everything.
Steven: Congress passing it gives more political cover. While Bush is a lame duck and the GOPs in Congress are against the bailout, it's still a fact that a Republican President is now leading the charge.
I guess the $17.4 billion will go the bankruptcy lawyers.
The markets are on a steep decline after the announcement.
He really is a schmo. Look at that stupid puss of his.
UAW bailout.
He's the turd that fell from Teddy Roosevelt's horse.
"let's see how badly we can fuck up everything for the new guy."
Has Rahm commented yet? Or is he still hiding under his desk somewhere? I love it when guys who are 5'7 and jewish think they are tough.
Gawd, is he still around? I thought he packed up the motorhome and farted back to Dallas to play "French Chateau" with all the other smelly oilies and rattlesnake ranch magnates.