No Bailed out for US automakers - New England Patriots Forums

***NEPatriot*** · 11-14-2008, 12:37 PM

UPDATE 1-U.S. automakers bailout outlook in doubt-senator | Markets | Markets News | Reuters

Quote:

A senior Democratic senator raised doubts on Thursday that an attempt to bail out U.S. automakers had enough support to clear Congress this year.

In a letter to automaker chief executives on Thursday, the senior Republican on the Senate Finance Committee recommended specific concessions from the automakers.
"They should take every step possible, including cutting executive salaries and bonuses, and exhaust all alternatives before coming to the taxpayers for tens of billions of dollars in help," Charles Grassley of Iowa said.

PatriotsReign · 11-14-2008, 01:11 PM

Quote:

Originally Posted by NEPatriot

UPDATE 1-U.S. automakers bailout outlook in doubt-senator | Markets | Markets News | Reuters

I just saw that congress is prepared to allocate $25 billion to the US auto industry. That's what you get for posting yesterday's news!

***NEPatriot*** · 11-14-2008, 01:34 PM

Quote:

Originally Posted by PatriotsReign

I just saw that congress is prepared to allocate $25 billion to the US auto industry. That's what you get for posting yesterday's news!

we have to wait UNTIL monday

UPDATE 2-U.S. Senate to take up auto bailout on Monday | Markets | Markets News | Reuters

Quote:

WASHINGTON, Nov 14 (Reuters) - The U.S. Senate plans to take up a $25 billion bill on Monday to bail out distressed domestic auto companies, but it is unclear if proponents can muster the necessary support.
Majority Leader Harry Reid of Nevada said on Friday he "plans to press forward" with emergency aid to automakers and a plan to extend unemployment insurance even though Republican backing is not assured.
Reid plans to begin debate and hopes the Senate will conduct procedural votes early in the week.
It will be difficult for Democrats to push through an auto bailout in the Senate if minority Republicans object and decide to erect procedural roadblocks.

PatriotsReign · 11-14-2008, 01:38 PM

Quote:

Originally Posted by NEPatriot

we have to wait UNTIL monday

UPDATE 2-U.S. Senate to take up auto bailout on Monday | Markets | Markets News | Reuters

If the auto industry fails, we can be sure to end up in a depression. That's just how important/big that industry is to our GDP. I believe domestic auto sails represent about 3-4% of out GDP.

Hey, we may end up in a depression regardless.

Remember, depression just means a longer and deeper recession. It does NOT mean things have to get as bad as the "great depression" or even look similar to it.

***NEPatriot*** · 11-14-2008, 01:50 PM

Quote:

Originally Posted by PatriotsReign

Remember, depression just means a longer and deeper recession. It does NOT mean things have to get as bad as the "great depression" or even look similar to it.

I'm not sure if we can hang on to it. It doesn't take long to go from 'depression' to 'great depression'.

PatriotsReign · 11-14-2008, 02:06 PM

Quote:

Originally Posted by NEPatriot

I'm not sure if we can hang on to it. It doesn't take long to go from 'depression' to 'great depression'.

If we are spiritual at all, now would be a good time to ask for help. It's out of our hands.

***NEPatriot*** · 11-14-2008, 02:21 PM

Quote:

Originally Posted by PatriotsReign

If we are spiritual at all, now would be a good time to ask for help. It's out of our hands.

who do we ask when we are broke?

PatriotsReign · 11-14-2008, 02:25 PM

Quote:

Originally Posted by NEPatriot

who do we ask when we are broke?

lol! Personally, I always like the saying "Work as if it all depends upon us and pray knowing it depends upon God"

Wildo7 · 11-14-2008, 04:11 PM

Quote:

Originally Posted by PatriotsReign

If the auto industry fails, we can be sure to end up in a depression. That's just how important/big that industry is to our GDP. I believe domestic auto sails represent about 3-4% of out GDP.

Hey, we may end up in a depression regardless.

Remember, depression just means a longer and deeper recession. It does NOT mean things have to get as bad as the "great depression" or even look similar to it.

As long as we continue to wash our hands of our terrible education system, we can't expect to compete with Japan in technology manufacturing.

If it can't stand on it's own, how exactly does it represent any % of GDP? This is more of what Shiff talks about when he says that it isn't "real growth." People aren't buying American cars and when they are, they are leasing them beyond their ability which is the same as taking out loans you can't afford meaning that it's all just smoke and mirrors.

If you go even deeper, what competitive advantage does America have that should warrant it keeping the same huge economy it's been propping up for years? I can't think of one except the military, which is just a frightening thought.

***patsfan13*** · 11-14-2008, 04:16 PM

Quote:

Originally Posted by Wildo7

As long as we continue to wash our hands of our terrible education system, we can't expect to compete with Japan in technology manufacturing.

If it can't stand on it's own, how exactly does it represent any % of GDP? This is more of what Shiff talks about when he says that it isn't "real growth." People aren't buying American cars and when they are, they are leasing them beyond their ability which is the same as taking out loans you can't afford meaning that it's all just smoke and mirrors.

If you go even deeper, what competitive advantage does America have that should warrant it keeping the same huge economy it's been propping up for years? I can't think of one except the military, which is just a frightening thought.

Honda and Toyota are making money building cars in the US. They don't have the UAW as a millstone around their necks however...