The White House has raised for the first time the prospect of pushing General Motors and Chrysler into a managed bankruptcy as a solution to save the companies from financial collapse.
Bush's comments, a month before he leaves office, made it clear that he was worried by the idea of returning to Texas at a time of more economic chaos and the surge in unemployment that a collapse of the companies could cause.
"The autos obviously are very fragile," he said.
He added that he was concerned about what President-elect Barack Obama would face on Jan. 20. "I believe that good policy is not to dump him a major catastrophe in his first day of office," he said.
General Motors Corp. and Chrysler LLC would get U.S. loans to stay afloat until March under a Bush administration rescue plan that may be unveiled as soon as today, people familiar with the talks said.
The government could take back the money should the automakers not comply with federal restrictions as a condition of receiving the funds, said the people, who asked not to be identified because the discussions are private. The plan isn’t final and may change, the people said.
Toyota's mainstay vehicle operations are likely to post their first ever loss for the fiscal year through March 2009, Japanese media reports said Friday, highlighting the dire conditions faced by global automakers.
Quote by m-hadley:
Heya 4Fers (really Hot Green Tea)
Sorry I haven't been around much lately, I've been home fighting a nasty case of bronchitis and mulling over whether to drive to DC or not (see my recent blog post). It is looking less and less likely that my friend (no longer grrrl friend :cry:) and I will be heading to DC in January. Anyway, how about that other Bush/Cheney midnight gift to everybody who might need birth control or god-forbid an abortion - it's called the "conscience protection" rule and it virtually guarantees that women, particularly those in rural areas with fewer health care options will have to depend on the whim of those who are supposed to be providing health care services - like flipping a coin to see whether or not you'll be able to receive the morning after pill in case of a rape - arghhhhhhh I will crawl back under a rock, now....
Cheers,
mfaye
Quote by Raine:
Bush Announces 17.4 Billion for the Auto Industry.
Targets: The terms and conditions established by Treasury will include additional targets that were the subject of Congressional negotiations but did not come to a vote, including:
—Reduce debts by 2/3 via a debt for equity exchange.
—Make one-half of VEBA payments in the form of stock.
—Eliminate the jobs bank.
—Work rules that are competitive with transplant auto manufacturers by 12/31/09.
—Wages that are competitive with those of transplant auto manufacturers by 12/31/09.
Quote by Raine:Quote by Raine:
Bush Announces 17.4 Billion for the Auto Industry.Targets: The terms and conditions established by Treasury will include additional targets that were the subject of Congressional negotiations but did not come to a vote, including:
—Reduce debts by 2/3 via a debt for equity exchange.
—Make one-half of VEBA payments in the form of stock.
—Eliminate the jobs bank.
—Work rules that are competitive with transplant auto manufacturers by 12/31/09.
—Wages that are competitive with those of transplant auto manufacturers by 12/31/09.
That is a little nugget of badness.
Troopers charged Johnston with second-degree misconduct involving a controlled substance -- generally manufacturing or delivering drugs -- as well as fourth-degree misconduct involving controlled substances, or possession.
Quote by velveeta jones:
Morning all. Great post this A.M. I just saw the "breaking news" and announcement from Mr. StumbleBush earlier. So, he makes it seem like he's the big hero. Whatever. :rolleyes:
Just reminding Aunt Azalea that we have to be on the blog on Dec. 22 for the blogger joe. We're looking forward to it.
We've decided on a gift for ourselves this year - being that our budget is quite tight - we are going to get a fruit tree to plant. Probably a flowering crabapple.
Quote by livingonli:
It started snowing here 20 minutes ago but the Weather Channel radar has only rain if I was just slightly down in Philly.
Mala, how's the weather in DC?
Quote by livingonli:
It started snowing here 20 minutes ago but the Weather Channel radar has only rain if I was just slightly down in Philly.
Mala, how's the weather in DC?
Quote by BobR:Quote by livingonli:
It started snowing here 20 minutes ago but the Weather Channel radar has only rain if I was just slightly down in Philly.
Mala, how's the weather in DC?
It's really warm in Atlanta. I'm sitting in a T-shirt with the fan on and I'm still hot.
It's kind of hard to maintain a Christmas spirit when you're wearing shorts.
Quote by livingonli:
Where did everyone go?
Quote by wickedpam:
Jacksonville?
Quote by Mondobubba:
Snowflakes have been seen here.
The Blizzard of 89.
So much snow all the bridges were closed down.
Quote by Mondobubba:Quote by wickedpam:
Jacksonville?
Snowflakes have been seen here.
The Blizzard of 89.
So much snow all the bridges were closed down.
Quote by Random:
Hello Everyone, miss me?
Quote by wickedpam:Quote by Mondobubba:Quote by wickedpam:
Jacksonville?
Snowflakes have been seen here.
The Blizzard of 89.
So much snow all the bridges were closed down.
Steph had this story earlier -
Man accused of Listerine-fueled bender in Wal-Mart bathroom
Quote by Shane-O:
Bush, a "white knight" - my ass.
Paulson says Congress needs to release the remaining $350 Billion.
Couldn't see that one coming, after the announcement of the auto "bail-out."
Quote by Raine:
Talked to my sister.. currently snowing like crazy in the valley. They are expecting 11-14 inches.
Quote by Mondobubba:
Levi Johnston's Mom Busted on Drug Charges.
:pray: Please let it be meth!
Quote by Raine:
Higgins On the Thom Hartman show!!!
Awesome.
Quote by BobR:Quote by Mondobubba:
Snowflakes have been seen here.
The Blizzard of 89.
So much snow all the bridges were closed down.
Of course, "so much snow" is relative. It only takes a couple inches to shut down The South. Northerners always get a big laugh out of that. I did too when I first moved down here... until I realized they are NOT equipped to handle the snow.
But economically - it makes sense. Up north you have a need for a lot of plows and sand/salt trucks for several months of the year - every year. Last year, it didn't snow enough in Atlanta to require a plow or salt truck even once. So why buy and maintain a fleet of vehicles that will never get used? Better to equip the trucks you already have (for other purposes) with plows or salt spreaders on those rare occasions that you need them.
That means that you can only really keep the interstates and major roads clear. So the city shuts down for two days, the stores sell out of milk eggs and bread, and everyone enjoys an impromptu vacation...
... except for the assholes that think that they're Too Important for the office to do without them, and the retards that think their 4-wheel drive truck or SUV will handle everything ("jes lahk on the TV!"), and they drive 65 MPH as if the roads are dry.
THAT'S why I always stay home.
Quote by velveeta jones:
Just back from doing stuff...........just in time to hear Blago recite Kipling..............
:puke:
Quote by velveeta jones:
Just back from doing stuff...........just in time to hear Blago recite Kipling..............
:puke:
Quote by velveeta jones:
aaaaaAAAAAAAAAHHHHHHHH!!!!!! Weeeeeeeeeeeee!!
(Our mail lady just dropped off Velveeta's Blogger Joe gift). :D
Quote by Random:
Random still waiting.
Quote by Random:
I'm curious.
Say i have audio files that i want to share on the Internets...how do i do that?
Quote by BobR:Quote by Random:
I'm curious.
Say i have audio files that i want to share on the Internets...how do i do that?
Share in what way?... Like a YouTube?
Quote by Random:
like making an audiocon, or something like that i can use for my blog?
Quote by BobR:Quote by Random:
like making an audiocon, or something like that i can use for my blog?
hey - I can sell you the 4F technology... :P
Quote by Random:Quote by BobR:Quote by Random:
like making an audiocon, or something like that i can use for my blog?
hey - I can sell you the 4F technology... :P
sell?
Quote by livingonli:Quote by Random:Quote by BobR:Quote by Random:
like making an audiocon, or something like that i can use for my blog?
hey - I can sell you the 4F technology... :P
sell?
I think he's joking with you.