any corporation on line for a bailout should shown the door, period.

- as stated by others, bankruptcy gets all the bad/toxic debt off the balance sheets and allows the corp to start w/a clean slate. bailouts just ensure further pain down the line for the taxpayer.

-and since we’re going to be “killed off” from hyperinflation and taxes next year anyway, might as well break out the pain stick early and let them bankrupt/cleanup, deal with the blow to the economy NOW, so we’ll be that much more ahead of the next wave of crashes.

sadly, it looks like the car-bailout is just a little side show for us peons debate over and politicians to gloat/point fingers over. -it’s going to happen, one way or the other.
-otherwise the banks would lose even more, not to mention more loan fraud exposed in the way of car loans made to people that could never afford them.
(who the F is OKaying all these loans??)

-there is a reason the banks (Fed included) are never taken to task in front of congress or the public.

note this snippet from Bloomberg News as reported in August..
–
…”A default by one of the automakers would trigger writedowns and losses in the $1.2 trillion market for collateralized debt obligations that pool derivatives linked to corporate debt… Credit-default swaps on GM and Ford were included in more than 80 percent of CDOs created before they lost their investment-grade debt rankings in 2005, according to data compiled by Standard & Poor’s.”
–

i think this means that those Auto CDO’s are bundled in *the same* toxic securites/derivitives held by the recently bailed out companies like fan-mae as moratge debt..

if you let those trigger, the losses in “fake”/synthetic CDOs will be huge.

-no doubt, it would result in more in-house bank-fraud being exposed, -before it’s time, i’m sure.

imo, all this “political theater” is merely to entertain and distract us while the guts of the illusion take place.

-anyway, the bailout will go through soon enough, esp since we have 2.99 houses of democrats applying major pressure to save their beloved union(s)

-s

Paulson will write them a check.

>>if in the future you want to know what’s
>>happening on the Hill, just ask.

Come on, O’Pinocchio. You’ve already been busted on that “I mingle with the shakers and the movers” scam. Totally busted.

Time to move on.

Almost nobody in my county makes the kind of money anyone in these companies in making. Expecting us to bail them out so they can keep on living a life style we’ve never had is not going to fly with many of us.

The other thing is this is going to take more than money.

If these guys can’t come up with a business modal that works a 100 trillion dollars isn’t enough to keep them afloat.

Mr. CONfusion, if in the future you want to know what’s happening on the Hill, just ask. If I can tell you without violating confidentiality, I will.

Senate Drops Automaker Bailout Bid

“In the time that I was at GM, all I ever heard was work harder and things will turn around. I, as well as a lot of other people (non management white collar), busted our tails in doing so only to see our medical insurance go up, our profit sharing reduced or disappear, cost of living adjustments taken away and raises disappear while the executives and UAW’s (the UAW was never asked to sacrifice nor would they) did not.

“Quality of the vehicles is not the issue here. We designed and engineered vehicles to be of the highest quality. However, sacrificing on the part of the executives and the UAW as we had, to get back market share by lowering the price of the vehicles, was out of the question as far as they were concerned. If they had, these companies would have been in line with their competitors in what they pay their workers and executives and could have beaten them in the market place. These two entities refused to do so and now they have to ask for help because of it.

“I understand people’s defense of these companies, but I was not laid off because of my excellent work performance – but because they had to lay people off and my name was picked. Yes, this was what I was told in my exit review. In other words, because I was not someone’s relative or a suck up, I was let go. They always wanted to hear (upper management) that everything is great (the ‘Emperor’s New Clothes’ syndrome) and that the system is not broken, even though they knew it was.

“I was in a meeting one time where they had people from different departments meet to come up with ideas to improve the profitability of the company. At that time, Ford was one year away from releasing the Mustang to the market. I suggested that we needed to bring the Camaro and Firebird back to compete with Ford and that would get market share back for us. I was belittled and told by the person who was running the meeting (who was a director) that we are GM and we are not desperate for market share. That was in 2004 and when I left that meeting, I realized that no matter what I did, the company was going to be in a world of hurt within 10 years and that I could do nothing to change it if this was the way that they treated their people. This meeting was nothing but a dog and pony show.

“Another example is the apology that GM is spewing out about how they are sorry that the lied to the public about the quality of their vehicles and that they will do better in the future. This is the same crap, line for line, that they have put out twice before within the past 15 years when they were in trouble. When I started reading this statement the other day, I was half way through it when I realized that it was the exact statement that they had released through the media to the public twice before. I stopped reading it because I got upset over the fact that this bailout really is a con game on their part.

“The executives of these companies and the UAW today are not the greatest generation like their forefathers, but the greediest generation, and the rest of us are going to have to pay for that greed.

“In fact I wish Congress would of asked people like myself to go before them and weigh in on all of this. They should have forced all of these companies to file for Chapter 11. If they had done so, then the executives and the UAW would have had to really change. What they got is what they wanted and the changes that they will have to make will only be half hearted. And when the spotlight is off of them it will be business as usual.”

Oh, and I don’t think that a $2000 tax credit would make me want to buy an American car.