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Old 12-10-2008, 07:09 AM
 
12,869 posts, read 13,954,208 times
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this is one of the best articles explaining why the bailout is not about the autoworkers, but about cerberus and the hedge funds:
Editorial: Why the GM/Cerberus/Chrysler Bailout is bad for taxpayers and doomed to fail without the benefits of a Chapter 11 filing for both Chrysler and GM | The Truth About Cars

GM is already bankrupt. if you read the article you will see why the workers are not the beneficiary of this particular bailout, just as main street was not the beneficiary of the wall street bailout.
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Old 12-10-2008, 07:36 AM
 
Location: Great State of Texas
86,067 posts, read 78,571,695 times
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With ALL the bailouts so far..none of them have benefited the taxpayer directly. Why would anyone think this is different.
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Old 12-10-2008, 07:39 AM
 
3,628 posts, read 9,647,694 times
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Heh, if you think about it... if all of this bailout money went directly to us, each person in the country would get more than $2 billion, right?
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Old 12-10-2008, 08:13 AM
 
Location: US
1,192 posts, read 3,777,965 times
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Quote:
Originally Posted by supernerdgirl View Post
Heh, if you think about it... if all of this bailout money went directly to us, each person in the country would get more than $2 billion, right?
I don't do this math stuff very well, but if you take 715$ billion and divide by 300 million (CIA factbook shows 303 million) Each person would get 2,000$ and some change.

Google is my calculator:
http://www.google.com/search?hl=en&safe=off&q=715+billion+%2F+300+millio n&btnG=Search
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Old 12-10-2008, 09:33 AM
 
Location: Great State of Texas
86,067 posts, read 78,571,695 times
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Quote:
Originally Posted by J Arp View Post
I don't do this math stuff very well, but if you take 715$ billion and divide by 300 million (CIA factbook shows 303 million) Each person would get 2,000$ and some change.

Google is my calculator:
http://www.google.com/search?hl=en&safe=off&q=715+billion+%2F+300+millio n&btnG=Search
They have pledged in the trillions..up that number from $715 billion
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Old 12-10-2008, 09:48 AM
 
20,194 posts, read 22,068,365 times
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The problem is that if we give them 34 BILLION right now... they PROMISED they will ask MORE later on... and if they do not get more money later on... that 34 BILLION is lost... so we give them 34 Billion and then more and more and more... while their CEOS will reinstate their salary, "retention" bonus, and whatever perks to the tune of millions... its nice to make taxpayers pay millions to a CEO, isn't it...
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Old 12-10-2008, 09:57 AM
 
12,869 posts, read 13,954,208 times
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the problem is that GM is currently bankrupt. they are asking for 15 billion now but that will only last for a very short time with their expenses. i saw on television yesterday where an analyst said that if they sold at their current rate it would actually take 120 billion to bail them out. right now, there is someone saying that there may be a filibuster on the vote. i will update if i hear anything definitive.
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Old 12-10-2008, 10:01 AM
 
Location: Great State of Texas
86,067 posts, read 78,571,695 times
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That "loan" is to cover their operating expenses..they are broke for all intents and purposes.
What they did with all that money over the past years of selling SUV's is sad.
Big checks and bonuses. I'll bet very little went into R&D for future planning and production.

I wonder what other big industries did the same thing..keep the status quo while upping salaries and bonuses.
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Old 12-10-2008, 11:12 AM
 
Location: Great State of Texas
86,067 posts, read 78,571,695 times
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Priceless, just priceless:

http://buffalobeast.com/133/bigthree.jpg
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Old 12-10-2008, 05:03 PM
 
Location: Beautiful Lakes & Mountains of East TN
3,454 posts, read 6,974,883 times
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I was surprised not to see mention of the little 5% pay increase for federal judges that's tucked in there.

This article mentions it....in the very last paragraph.

Scumbags. Who can you trust?

Auto rescue bill in peril, opposed by GOP senators - Yahoo! News (http://news.yahoo.com/s/ap/20081210/ap_on_go_co/congress_autos - broken link)
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