Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
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.
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.
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...
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.
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.
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)
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.