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Breaking: Bush is considering an "orderly bankruptcy" for automakers

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thewiseguy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:19 PM
Original message
Breaking: Bush is considering an "orderly bankruptcy" for automakers
"The president is not going to allow a disorderly collapse of the companies," White House press secretary Dana Perino said Thursday. "A disorderly collapse would be something very chaotic that is a shock to the system."

But, she added, "There's an orderly way to do bankruptcies that provides for more of a soft landing.

I think that's what we would be talking about." President George W. Bush, meanwhile, said he had not yet made up his mind what action to take.

http://www.cnbc.com/id/28296543

Are you fucking kidding me? :mad: :puke:

GM shares are nose diving right now.
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ogneopasno Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:20 PM
Response to Original message
1. Bankruptcy = throwing out all contracts and busting the unions. Economic terrorism.
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peace frog Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:21 PM
Response to Reply #1
3. Bingo
Heck of a job, Bushie. Mission Accomplished.
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madokie Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:24 PM
Response to Reply #1
9. You got it
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Marr Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 02:59 PM
Response to Reply #1
21. Exactly.
When I first heard this news, I did a double take. "Is he trying to salvage his legacy? Is he trying to compromise with the Congress?", I asked myself. Then I realized, no, that would be completely out of form. This is just one more massive assault on the working class.
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WeDidIt Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:21 PM
Response to Original message
2. I'll never buy a car from a bankrupt car manufacuturer
Where would I get parts or service?

Nope,. if a car company is in bankruptcy, any form of bankruptcy, it may as well be dead as far as I'm concnered.

Automobiles are expensive investments.

This would be like aksing me to buy stock in Lehman Brothers.
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ipfilter Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:21 PM
Response to Original message
4. There's no such thing as an orderly bankruptcy.
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Captain Hilts Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:22 PM
Response to Original message
5. Joeseph Stiglitz actually supports this. nt
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Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:22 PM
Response to Original message
6. Bush giving them our money to "orderly" shut down living wage unions
If they are to be allowed to go bankrupt, then they should do it without giving them our money.
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jaxx Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:22 PM
Response to Original message
7. Over 500,000 signed up for unemployment last week......
just wait. If he forces bankruptcy it'll be a blood letting to the feeder companies.
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 09:15 PM
Response to Reply #7
26. They did a piece on the local news about people not being able to get through to the call centers
Unemployment is so out of control here in Michigan you can't freaking get through to the call centers.
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flobee Donating Member (19 posts) Send PM | Profile | Ignore Thu Dec-18-08 12:22 PM
Response to Original message
8. Orderly failure?
I doubt he would even be able to fail without fucking it up
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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:25 PM
Response to Original message
10. Bush is always up to no good..
He cannot be trusted to be an honest broker. But you knew that....
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kirby Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:29 PM
Response to Reply #10
13. Actually Paulson is leading the talks...
Talk about a dishonest broker...

He apparently is acting as the 'Auto Czar' the House bill envisioned.
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BR_Parkway Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:27 PM
Response to Original message
11. So let me get this right - W is always willing to help when GM is willing
to look at merger with Chrysler (owned by by plenty of major RW folks as has been noted so many times).

But when GM denies they are in merger talks, W sends Perino out to shake the foundation?
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Windy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:28 PM
Response to Original message
12. Unemployment in Michigan this month is 9.8% ... just wait. Its going to get a LOT worse
thanks to Bush...

January 20th can't come quick enough for this State!!! (I live in Michigan)
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1gobluedem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:31 PM
Response to Original message
14. Good God can they screw the working class ANY MORE?
Michigan is looking at double digit unemployment in January. Auto manufacturing plants are closing for four to six weeks. Car buyers cannot get loans or leases. We can't take any more of this!

Meanwhile, publicly bailed out AIG is handing out employee 'retention pay' at the rate of $160k to $4 million using TAXPAYER MONEY. It has to stop!
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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:32 PM
Response to Original message
15. The workers should just go on a strike until the new President arrives...
then try to work something out. Otherwise, they might make a deal with the devil. Bush and Paulson cannot be trusted.
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firedupdem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:40 PM
Response to Original message
16. He's full of shit....nobody is lining up to buy cars from a bankrupt
auto makers. Also, if they can't pay their suppliers what happens to them. Another thing...we bailed out the banks but they won't give loans to people to buy the cars. Since when did 725 become a bottom of the barrel credit score? People can't get loans for vehicles! These people have fucked this country over and we haven't even seen all the damage about to come.
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kirby Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 02:09 PM
Response to Reply #16
18. One of the Repukes solutions is to gov't back car warranties. n/t
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firedupdem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 02:54 PM
Response to Reply #18
20. and at the same time have this "small" government they keep
talking about? They are talking out of their asses and they know it.
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Blackhatjack Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 12:41 PM
Response to Original message
17. There are 'prepackaged bankruptcies' .... but never 'orderly bankruptcies' ....
What it sounds like is the Big Three will conspire with the largest secured creditors to 'strip' the legitimate claims of unsecured creditors, break the Union Contracts, and eliminate their obligation to pay healthcare benefits and retirement benefits.

New stock will be issued and present common stock shareholders will get the shaft.

Does that sound 'orderly' to you? I don't think so.
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Romulox Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 02:10 PM
Response to Original message
19. Poll after poll shows most Americans want the UAW broken. So it will be broken. nt
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Diclotican Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 08:17 PM
Response to Original message
22. thewiseguy
thewiseguy

Capitalism is a wonderfully thing, specially the type of Capitalism this Mr Bush and the rest of the Neo-Cons want to rule the world by isn't it?:sarcasm: :sarcasm:

Diclotican

Sorry my bad english, not my native language
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KamaAina Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 08:21 PM
Response to Original message
23. Sounds nice and Orwellian
Edited on Thu Dec-18-08 08:22 PM by KamaAina
right up there with "compassionate conservatism". :eyes:

edit: . NOT ?
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Geek_Girl Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 08:35 PM
Response to Original message
24.  I don't think Bush is going to authorize the use of Tarp money
I think he saw the stocks start to tank last week and put the brakes on by lieing. He's just buying time.

I'll believe it when I see it.
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mascarax Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 09:02 PM
Response to Original message
25. Gee, Dana, how'd YOU like a "soft landing"?!
God, I despise these people.

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spanone Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-18-08 09:18 PM
Response to Original message
27. union busting....ford pays uaw wages and wants NO bailout money....
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