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Let's stop kidding ourselves. Foreign automakers receive a lot of aid from their governments. I'm as pure a Capitalist as there is, but we have to compete with foreign competition on their terms if we intend to maintain our industries. America first, capitalism second.
It is good that Obama bailed out the auto industry, don't you think?
Obama bailed them out or the tax payers?
So he handed them money out of his own pocket?
Just like the failed cash for clunkers? Our local dealer still has 300 junk cars and has never been paid a dime for them yet as promised. No wonder. Obama was handling it right?
I've heard that Ford didn't need a bailout only because they mortgaged most--or all--of their assets before the credit crisis made it nearly impossible for the other automakers to borrow money.
Ford took the highest amount of bail-out money, more than GM, more than BMW, more than Chrysler, more than Toyota.
The difference was that Ford's was directly from the Fed and was kept 'undisclosed' for a year, and only made public when the news cycle would mostly ignore it
Ford got $5.9 Billion
GM got $13.9 Billion
BMW $6.2 Billion
Chrysler got $4.9 Billion
Toyota got $4.6 Billion.
Yeah, their Taurus is such a well-oiled machine. Personally I dont plan on financing a new car in this lousy economy. But Im glad I sold my GM stock ten years ago.
Time for green cars or commuting via mass transit. American car companies can swirl down the drain as far as Im concerned, along with B of A and JPMorgan Chase. Ane eye for an eye. Only we, the consumers, can react against corporate welfare and bailouts.
I've heard that Ford didn't need a bailout only because they mortgaged most--or all--of their assets before the credit crisis made it nearly impossible for the other automakers to borrow money.
this is only partly true. ford did mortgage nearly all of their assets to get the funds needed to weather the looming crisis, but that didnt mean that the other automakers couldnt do the same thing. the fact is that they should also have lined up money for the future like ford did, because if they had they would not have gone through bankruptcy, and they would not have had to beg for money from the government.
This proves when you keep the government out of the way that businesses can do well.
Wish it were mine. I love it!
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. Personally I dont plan on financing a new car in this lousy economy. But Im glad I sold my GM stock ten years ago
