Government bails out automakers - Government laughs at homeowners (generation, highway, Obama)

[Siberia]

The little 3 automakers have begged for a taxpayer bailout, especially GMs Wagner who has make hundreds of millions in bonuses driving GM to bankrupcy.

And now the government is responding....$25 BILLION in loans at 1/3 the going interest rate....see article below:

Automakers seek Fed loans to ride downturn: report: Financial News - Yahoo! Finance

http://biz.yahoo.com/rb/080822/autos_bailout.html?.v=2 (broken link)

And what do the democrats and republicans have to say to homeowners as they watch interest rates go from 6.5% to 10% as inflation is going out of control over the next 3 years....GO BITE YOURSELF STUPID SHEEPY TAXPAYERS!

And keep raving about OBAMA as "not just another politician"...he actually presented the $25 billion bailout plan to a cheering detroit audience a few weeks ago. He is just another paid off power and money lusting wannabeee...just like the rest...


What can you do...for starters, if GM, Ford, and Chrysler get a bailout....vow never to buy another POS auto from them again. Which isn't a hard choice, being that imports are cheaper, more reliable, and get better gas mileage.

And for politicians, demand low interest mortgages for all homeowners, as how can they bail out corporate AMERICA but not CONSUMER AMERICA...as we, the taxypaying consumer, are 66% of GDP in the american economy. Majority wins, time to stop bailing out corporate america, time to start helping homeowners instead!

[NewToCA]

Link to story:

Automakers seek Fed loans to ride downturn: report - Yahoo! News (broken link)


Supplemental article with some additional information:


Automakers seek loans | lansingstatejournal.com | Lansing State Journal

[Siberia]

Originally Posted by NewToCA

Link to story:

Automakers seek Fed loans to ride downturn: report - Yahoo! News (broken link)


Supplemental article with some additional information:


Automakers seek loans | lansingstatejournal.com | Lansing State Journal

I edited my broken link..thanks for the update. It is hard to type straight sometimes when so much corruption distracting us...

Capitalistic gains, Socialistic losses...such a sad period in Americas history of capitalism...

[TexianPatriot]

the home of the free... LOL

take off the partisan blinders. we're being screwed six ways to Sunday by players on both sides of the aisle.

[NewToCA]

Originally Posted by Siberia

I edited my broken link..thanks for the update. It is hard to type straight sometimes when so much corruption distracting us...

Capitalistic gains, Socialistic losses...such a sad period in Americas history of capitalism...

Understood, it might be a bit difficult to see equity in how folks are being treated under different situations. Without much more information, I have a bit of difficulty understanding how the government can bypass the financial markets which set the interest rates corporations need to pay for loans.

If car manufacturers are given 4.5% loans, why not Pulte Homes, or Kroger?

[Politico]

Originally Posted by NewToCA

If car manufacturers are given 4.5% loans, why not Pulte Homes, or Kroger?

Aren't cheap and easy loans given to those who couldn't afford them in the first place, part of what has gotten us into an economic mess to begin with, especially with regard to the housing market?

IMO, there should be no bail-outs. I liken bail-outs to band-aids that cover up the problems now, and don't allow them to heal on their own, but hurt later when you have to pull them off.

[Siberia]

Here is a great article why all of us, including corporate america and the banks, needs to have a recession in order to take our medicine so that we don't just simply prolong the inevitable and make it 10 times worse. Else, we will be on the fast track to the same mistakes that other great civilizations, such as Rome, made in the recent past....

Seven reasons America needs a 'Good (not Great) Depression' - MarketWatch

[Politico]

Originally Posted by Siberia

Here is a great article why all of us, including corporate america and the banks, needs to have a recession in order to take our medicine so that we don't just simply prolong the inevitable and make it 10 times worse. Else, we will be on the fast track to the same mistakes that other great civilizations, such as Rome, made in the recent past....

Seven reasons America needs a 'Good (not Great) Depression' - MarketWatch

Exactly. No bail-outs, no band-aids. Band-aids cover up the owies, but they don't fix them. They've still gotta heal on their own. And the band-aids stick to your skin and hair and hurt when you have to rip em off later on.

We need to just take our medicine, even if it's the yucky, bitter, makes-you-gag kind. Get it overwith, so we can move on. Prolonging the inevitable doesn't help anyone any faster...and, in fact, it could make things much worse for many.

[swagger]

Originally Posted by Siberia

What can you do...for starters, if GM, Ford, and Chrysler get a bailout....vow never to buy another POS auto from them again. Which isn't a hard choice, being that imports are cheaper, more reliable, and get better gas mileage.

I will ONLY buy American. As for reliability - my last car was a 1997 Ford Contour. I bought it new in February, 1997, and sold it in December, 2006, with over 160,000 miles. In that decade, I only had to replace the battery twice, the alternator once, the timing belt once (scheduled, not due to failure), the fuel pump once and one oxygen sensor. I was able to replace the batteries, fuel pump and O2 sensor myself, in the driveway of my apartment with only very basic tools (I did have to get a sensor socket) and limited experience working on cars. When I sold the car, even the clutch and brake pads were still original.

As far as mileage goes, the Contour was the largest car in the "compact" class that year. It's really closer to a sedan. I monitored my mileage closely for about the last 4 years I had it. Driving normal, flow-of-traffic freeway speeds, I was getting no less than 27 MPG - usually 28-29. When I overinflated the tires by 2psi and set the cruise control at 60 on the freeway, I consistently got 31-32, with the occasional jump to 34-35 if I had a lot of highway miles on that tank of gas. Honda's latest tin can, the Fit, boasts 34 MPG highway and a 31 MPG overall average.

My 10 year old Ford with 160k miles on it was getting almost the same mileage as the EPA estimate (which is typically optimistic) for a brand new Honda econo-box. Let's just say that I'm not convinced by your statement that imports get better mileage... EPA estimates and real-world experiences are usually quite different - just ask anyone who bought the first generation of hybrids.

Now I'm not saying that many of the imports aren't good cars - they are. I'm particularly impressed by Toyota and Honda when it comes to reliability. But don't be so quick to dismiss the value that the American auto makers have to offer.

[HappyTexan]

The corporations own America. Isn't that obvious by now ?