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posted to rec.boats
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First recorded activity by BoatBanter: Dec 2008
Posts: 276
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Bailout mania...
"BAR" wrote in message
...
wrote:
On Dec 16, 12:16 am, "Canuck57" wrote:
wrote in message
news
On Mon, 15 Dec 2008 23:06:30 -0500, BAR wrote:
Chrysler should have been left to go bankrupt back in 1980. If it
wasn't
for the M1 Abrams the government never would have stepped in.
Maybe, but then the government would have missed out on the $335
million
profit they made on the $1.5 billion loan guarantee.
Today has 2 major differences.
First, $1.5 billion is about the burn rate for GM, Chrysler and Ford in
1
week! It is estimated for GM alone, $75 to 125 billion is needed for
solvency and sustainability. Assuming Chrysler needs about the same and
say
$50 billion for Ford, further assuming their numbers are accurate and
not
cooked they collectively need $250 billion. And that is if they
instantly
fix the problems, which historically, it is like investing in NorTel.
By
the way they too need a bailout. That is about $1250 out of each middle
class workers pocket. 2-3 car payments for cars they don't own. Oh,
and
parts suppliers like JCI and Magna, extra.
Second, what do you do with the other 98% of the people and businesses
out
there? Screw them with $1250 more taxes? The last points bill must be
paid
or the next loaf of bread might as well cost $1000. You can't print out
of
debt on this scale without at least a working generation of recession.
Keep
in mind, government revenue is going down at an alarming pace. The war
in
the middle east will not end with peace, it will end in bankruptcy of
the
government and currency itself.
North America can no long afford these dogs. Will make some good case
study
for Harvard and Yale is the only redeeming value GM and Chrysler has
left..
This is going to come down to American bankruptcy into the currency.
Said it before, so did several others. Give us middle class folks a
voucher to help pay for a new car. We get a bailout, GM gets to sell
cars, then put folks to work building new ones.... But the Union
doesn't want that, it would mean they would have to go back to work to
get the money...
If I received a voucher I wouldn't buy a GM or Chrysler. I would buy a
Ford, Toyota, Honda or Nissan.
Same here. Already owned GM and Chrysler. I am not a repeat customer any
more. The last two were Fords. Had a Nissan 1995 Pathfinder once, better
than GM and Chrysler but not the best. They too had troubles back then.
Don't know about now. Since then, burn me once and I don't come back.
Now that they have their hands in my pocket, well, it is a given. I don't
patrionise pocket pickers.
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