Bush to provide Ford and Chrysler low interest loans

[Kevin_Kennedy]

So the "voice of the people," Congress, decided to not loan any money to the Big 3, but Bush thinks he knows better than the people and their representatives. What nonsense.

And for those that believe this is some sort of loan that will have to be paid back by March 31 if "they're not viable," I ask how? How do you expect companies that are going to spend all of this loan trying to become viable, to pay it back when they fail? Where will that money be coming from?

And fear of losing customer confidence if they filed for bankruptcy is complete and utter bullshit as well. If I needed to buy a car I'm certainly not going to have more confidence in a company that has to go to the federal government looking for a handout at my expense rather than a company that was responsible enough to file for bankruptcy.

 

[geonerd20]

This is one of those deals that you needed to hold your nose for, but it just had to be done! While I think the UAW is too a powerful and not necessarily helping the US auto industry, I agreed with the union and the democrats that a bankruptcy was not really an option. I for one would not buy a car from a company that was in bankruptcy.

People have tried to make the comparison to the bankruptcy in the airline industry, where customers did not stop flying airlines that were in bankruptcy. There is one major difference that these people do not see. When I buy an airline ticket, my relationship with the airline lasts for a few hours - when I turn in my luggage to them to when I reach my destination and claim my baggage. And if the airline was to go out of business, I only have a few hundred dollars at risk. With a car on the other hand, I need to have maintenance and replacement parts for at least 5 years, and I have several thousand dollars at risk.

Hopefully, the auto makers now realize what they need to do to make American cars buy_able!

 

[WillowTree]

So the "voice of the people," Congress, decided to not loan any money to the Big 3, but Bush thinks he knows better than the people and their representatives. What nonsense.

And for those that believe this is some sort of loan that will have to be paid back by March 31 if "they're not viable," I ask how? How do you expect companies that are going to spend all of this loan trying to become viable, to pay it back when they fail? Where will that money be coming from?

And fear of losing customer confidence if they filed for bankruptcy is complete and utter bullshit as well. If I needed to buy a car I'm certainly not going to have more confidence in a company that has to go to the federal government looking for a handout at my expense rather than a company that was responsible enough to file for bankruptcy.

yep! that stupidity is equivalent to buying the damn car six times. Hey! fools, you fools, the American taxpayers, you give us billions to let us stay in business so we can grace you with a car that is way overpriced for the shitty piece of junk it is and we'll let you pay us twice as much as it's worth. Now ain't that a deal?

 

[WillowTree]

This is one of those deals that you needed to hold your nose for, but it just had to be done! While I think the UAW is too a powerful and not necessarily helping the US auto industry, I agreed with the union and the democrats that a bankruptcy was not really an option. I for one would not buy a car from a company that was in bankruptcy.
People have tried to make the comparison to the bankruptcy in the airline industry, where customers did not stop flying airlines that were in bankruptcy. There is one major difference that these people do not see. When I buy an airline ticket, my relationship with the airline lasts for a few hours - when I turn in my luggage to them to when I reach my destination and claim my baggage. And if the airline was to go out of business, I only have a few hundred dollars at risk. With a car on the other hand, I need to have maintenance and replacement parts for at least 5 years, and I have several thousand dollars at risk.

Hopefully, the auto makers now realize what they need to do to make American cars buy_able!

I'll go ya one better than that. I for one won't buy a car from Detroit.

 

[bk1983]

We reward bad business in this country and it's absolutely sickening to me. I was all for some kind of structured bankruptcy, but doing this?? Giving them loans without pre-conditions?

White House to Give Auto Industry Low-Interest Loans - FOXNews.com Transition Tracker

First off where do you get no pre-conditions? Second, "I told you so".