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Thread: GM, Chrysler Get Ultimatum From Obama on Turnaround

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    GM, Chrysler Get Ultimatum From Obama on Turnaround

    President Obama asserted unprecedented government control over the auto industry Monday, rejecting turnaround plans from General Motors and Chrysler and raising the prospect of controlled bankruptcy for either ailing auto giant.

    Eager to reassure consumers, Obama also announced the federal government would immediately begin backing the warranties that new car buyers receive _ a step designed to signal that it is safe to purchase U.S.-made autos and trucks despite the distress of the industry.
    GM, Chrysler Get Ultimatum From Obama on Turnaround - Automotive * US * News * Story - CNBC.com

    On what grounds, constitutional grounds does Obama have to make such a move, make the claim the US Government would back a private companies warranties?

    People screamed bloody hell Bush was tapping phone lines to catch terrorist as Government out of control... what the hell do you call this bullsnot?
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: GM, Chrysler Get Ultimatum From Obama on Turnaround

    things like this worry me.

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    Re: GM, Chrysler Get Ultimatum From Obama on Turnaround

    Obama firing GM CEO? Is that what I'm hearing? Unbelievable!!
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: GM, Chrysler Get Ultimatum From Obama on Turnaround

    Under no circumstances will I buy any GM or Chrysler product, ever again.

    There's not constitutional authority for Obama's actions....not one bit.

    So, Obie's got the taxpayer guaranteeing GM's uniongoons shoddy work, and the taxpayer is going to be soooo kind to make sure that no one who couldn't pay back their silly little mortgages will lose their homes, and just think of how kind the taxpayer is to volunteer to help those pooor widdle bankers and investment brokers on Wall Street, too.

    I sure hope the taxpayer doesn't have a home to pay for, wife and kids to feed, or a life of his own, because it's just too bad for him. After all, look at all the things he's done wrong in his life. He's kept his mortgage up to date, he's made his car payments, and he's fed his own kids. Those nasty taxpayers, they should be punished.

    The other interesting part is that Obie is promising to give Fiat six gigabucks if they'll hurry up and take Chrysler off his hands. I'd be happy with that plan if it was Obama's money, but it's not. It's our money. I don't see anything wrong with saving six gigabucks and letting Chrysler enjoy bankruptcy court if Fiat (Fiat! wtf, over?) doesn't want it as is. Obama doesn't have the Constitutional authority to make those deals, either.
    Last edited by Scarecrow Akhbar; 03-30-09 at 09:48 PM.

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    Re: GM, Chrysler Get Ultimatum From Obama on Turnaround

    I'm in the mood to say something harshly racist, but I will refrain per CC's wishes.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: GM, Chrysler Get Ultimatum From Obama on Turnaround

    Quote Originally Posted by American View Post
    I'm in the mood to say something harshly racist, but I will refrain per CC's wishes.
    Ya know I love ya, but is there a NICE way to say something racist?
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: GM, Chrysler Get Ultimatum From Obama on Turnaround

    The bottom line is Obama doesn't want to piss off the unions. They're the ones holding the whole process up.

    GM execs are only going to be able to absorb so many paycuts before they flee.
    Pain can be such a beautiful thing

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    Re: GM, Chrysler Get Ultimatum From Obama on Turnaround

    Quote Originally Posted by MrVicchio View Post
    GM, Chrysler Get Ultimatum From Obama on Turnaround - Automotive * US * News * Story - CNBC.com

    On what grounds, constitutional grounds does Obama have to make such a move, make the claim the US Government would back a private companies warranties?

    People screamed bloody hell Bush was tapping phone lines to catch terrorist as Government out of control... what the hell do you call this bullsnot?
    If the government cannot constitutionally enter into an agreement to back domestic automaker's warrantees while they are in bankruptcy, then the FDIC is unconstitutional, as well as any and all federal loan guarantees. The fact is, the government has been doing this sort of thing practically since our founding.

    Otherwise, its an absurd argument you are making.

    The comparison you are making is absurd as well. You have a constitutional right to privacy which is why the Bush administration's wire tapping was called into constitutional question. You do not have a constitutional right to having a warrantee backed by the private sector only.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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    Re: GM, Chrysler Get Ultimatum From Obama on Turnaround

    I'm not sure that President Obama actually fired GM's CEO. Rather, the Administration likely told GM that it would not provide any financing so long as Mr. Wagoner headed the company. Of course, GM was not entitled to government financing. Mr. Wagoner, seeing the handwriting on the wall, resigned.

    Having said that, my first preference remains that the federal government should not be intervening where there is no systemic risk. The auto companies do not constitute systemic risk. However, the decision was made back in the fall that the federal government would intervene for various political, social, and even economic reasons.

    Under the above circumstances in which the federal government will intervene, the most feasible route would be a prepackaged Chapter 11 filing with the federal financing for some or all of the debtor-in-possession financing. Such an approach probably offers the greatest possibility of producing the necessary restructuring to make one or more of the companies viable. Things may be evolving in that direction albeit in a very convoluted path.

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    Re: GM, Chrysler Get Ultimatum From Obama on Turnaround

    Quote Originally Posted by American View Post
    Obama firing GM CEO? Is that what I'm hearing? Unbelievable!!
    Things like this scare the crap out of me! What's next? There is no limit to what this narcissist will try next.

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