GM and Chrysler are getting another $7 Billion, keeping the UAW in its perch of power over these companies:
Detroit's carmakers are due to submit their latest viability plans to the government later today, but already a White House source has leaked that General Motors and Chrysler will both be getting new loan funds. GM's $4 billion loan and Chrysler's $3 billion will bring the total amount handed out so far to $20.4 billion, $3 billion more than the $17.4 billion approved by Former President Bush last year.GM already received $9.4 billion in two payments since December, with Chrysler receiving just one payment of $4 billion. The new loan funds, leaked to the AP by an anonymous White House official, are still only seen as temporary bandages, not adequate to stanch the bleeding at either company.
Hat tip: @Repurblican
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Comments (11)
How nice!7 billion... (Below threshold)1. Posted by hermie | February 17, 2009 4:45 PM | Score: 7 (7 votes cast)
How nice!
7 billion and they don't even have to submit an actual plan.
1. Posted by hermie | February 17, 2009 4:45 PM |
Score: 7 (7 votes cast)
Posted on February 17, 2009 16:45
2. Posted by John | February 17, 2009 4:48 PM | Score: 6 (6 votes cast)
Guess I will keep buying Honda and Toyota.
Let the UAW, GM and Chrysler and those supporting them starve to death.
2. Posted by John | February 17, 2009 4:48 PM |
Score: 6 (6 votes cast)
Posted on February 17, 2009 16:48
3. Posted by GarandFan | February 17, 2009 5:51 PM | Score: 6 (6 votes cast)
Looks like the UAW cashed in on some IOU's.
3. Posted by GarandFan | February 17, 2009 5:51 PM |
Score: 6 (6 votes cast)
Posted on February 17, 2009 17:51
4. Posted by Bruce Henry | February 17, 2009 5:55 PM | Score: -6 (6 votes cast)
Ummm, Kim?
From the linkety link you linked to:
"For it's part, GM is cutting costs even further, with $1 billion to be trimmed from it's labor budget....from more plant closings and job cuts."
So, will you explain how this benefits UAW? Or why you would characterize it as a UAW bailout?
4. Posted by Bruce Henry | February 17, 2009 5:55 PM |
Score: -6 (6 votes cast)
Posted on February 17, 2009 17:55
5. Posted by Kim Priestap | February 17, 2009 6:34 PM | Score: 4 (4 votes cast)
At this point, Bruce, most of the layoffs so far have come from the white instead of blue collar jobs.
5. Posted by Kim Priestap | February 17, 2009 6:34 PM |
Score: 4 (4 votes cast)
Posted on February 17, 2009 18:34
6. Posted by Bruce Henry | February 17, 2009 6:46 PM | Score: -2 (2 votes cast)
I'm pretty sure that plant closings will result in more blue-collar job loss than white-collar, Ms Priestap.
In any case, you may want to re-think your headline.
6. Posted by Bruce Henry | February 17, 2009 6:46 PM |
Score: -2 (2 votes cast)
Posted on February 17, 2009 18:46
7. Posted by Jason | February 17, 2009 8:03 PM | Score: 1 (1 votes cast)
So they're just going to keep doing this forever. Nice. I'm going to joint the jobs bank program.
http://www.rightklik.net/
7. Posted by Jason | February 17, 2009 8:03 PM |
Score: 1 (1 votes cast)
Posted on February 17, 2009 20:03
8. Posted by JFO | February 17, 2009 9:16 PM | Score: -2 (2 votes cast)
47,000 jobs. Not enough for you Priestap? Want more do you?
8. Posted by JFO | February 17, 2009 9:16 PM |
Score: -2 (2 votes cast)
Posted on February 17, 2009 21:16
9. Posted by Tim | February 18, 2009 9:43 AM | Score: 0 (0 votes cast)
And how many concessions did the UAW make when they walked out of the talks last week?
http://www.dallasnews.com/sharedcontent/dws/classifieds/news/automotive/latestnews/stories/021509dnbusuaw.2306dc2.html
9. Posted by Tim | February 18, 2009 9:43 AM |
Score: 0 (0 votes cast)
Posted on February 18, 2009 09:43
10. Posted by Tim | February 18, 2009 9:45 AM | Score: 0 (0 votes cast)
Sorry - shoulda 'tiny-d' the link. Feel to free to edit it down if you want, Kim.
10. Posted by Tim | February 18, 2009 9:45 AM |
Score: 0 (0 votes cast)
Posted on February 18, 2009 09:45
11. Posted by Bruce Henry | February 18, 2009 7:11 PM | Score: 0 (0 votes cast)
Well, it's 24 hours later. Chrysler has announced it will be laying off tens of thousands of UAW workers, too. Ford can't be far behind.
Please, Ms Priestap, explain how this is a UAW bailout.
Since I know Ms Priestap won't reply, how 'bout any other commenter here? Who can explain how losing about 100,000 union jobs benefits UAW? Or how this can be labeled a UAW bailout by anyone other than the insane?
11. Posted by Bruce Henry | February 18, 2009 7:11 PM |
Score: 0 (0 votes cast)
Posted on February 18, 2009 19:11