Obama DENIES bailout funds for GM and Chrysler

[DavidS]

Obama denies bailout funds for automakers - Yahoo! Finance

WASHINGTON (AP) -- The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.

President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision.

Obama was set to make the announcement at 11 a.m. Monday in the White House's foyer.

 

[Sinatra]

Obama denies bailout funds for automakers - Yahoo! Finance

WASHINGTON (AP) -- The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.

President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision.

Obama was set to make the announcement at 11 a.m. Monday in the White House's foyer.

Good - hope this proves to be correct.

 

[wimpy77]

he's basically giving gm two months and chrysler a month to shape up. i actually agree with this. he cant keep propping up a dead industry.

 

[Kevin_Kennedy]

I'll reserve judgement until after the 30 and 60 day windows end, but I'll give him credit for this at least. Now if only we hadn't wasted all that money on them in the first place.

 

[elvis]

Obama denies bailout funds for automakers - Yahoo! Finance

WASHINGTON (AP) -- The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.

President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision.

Obama was set to make the announcement at 11 a.m. Monday in the White House's foyer.

wow, this is HUGE.. Publius Infinitum said he bought GM stock a few weeks ago. It's going to plummet tomorrow.

 

[DiveCon]

Obama denies bailout funds for automakers - Yahoo! Finance

WASHINGTON (AP) -- The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.

President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision.

Obama was set to make the announcement at 11 a.m. Monday in the White House's foyer.

wow, this is HUGE.. Publius Infinitum said he bought GM stock a few weeks ago. It's going to plummet tomorrow.

yup
hope he has a sell order on that

and WTG Obama

lets just hope he doesnt cave in later

 

[DavidS]

Obama denies bailout funds for automakers - Yahoo! Finance

WASHINGTON (AP) -- The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.

President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision.

Obama was set to make the announcement at 11 a.m. Monday in the White House's foyer.

wow, this is HUGE.. Publius Infinitum said he bought GM stock a few weeks ago. It's going to plummet tomorrow.

Damn. I have a price limit of $2.99. It's at $3.62 right now. Think we'll be below $2 by 4 pm tomorrow?

 

[elvis]

Obama denies bailout funds for automakers - Yahoo! Finance

WASHINGTON (AP) -- The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.

President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision.

Obama was set to make the announcement at 11 a.m. Monday in the White House's foyer.

wow, this is HUGE.. Publius Infinitum said he bought GM stock a few weeks ago. It's going to plummet tomorrow.

Damn. I have a price limit of $2.99. It's at $3.62 right now. Think we'll be below $2 by 4 pm tomorrow?

I would guess so. PI had better get on the phone with his broker in the morning. You got a stop-loss. is that what you mean?

 

[wimpy77]

Obama denies bailout funds for automakers - Yahoo! Finance

WASHINGTON (AP) -- The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.

President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision.

Obama was set to make the announcement at 11 a.m. Monday in the White House's foyer.

wow, this is HUGE.. Publius Infinitum said he bought GM stock a few weeks ago. It's going to plummet tomorrow.

Damn. I have a price limit of $2.99. It's at $3.62 right now. Think we'll be below $2 by 4 pm tomorrow?

hmmm i think you might below that by 10 am. like i said if they can't restructure its their fault. i think the companies didn't take the government at their word. now they know the government is serious.

 

[elvis]

Obama denies bailout funds for automakers - Yahoo! Finance

WASHINGTON (AP) -- The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.

President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision.

Obama was set to make the announcement at 11 a.m. Monday in the White House's foyer.

wow, this is HUGE.. Publius Infinitum said he bought GM stock a few weeks ago. It's going to plummet tomorrow.

yup
hope he has a sell order on that

and WTG Obama

lets just hope he doesnt cave in later

i thought about buying 1000 dollars worth of shares of that shit. Glad I didn't.

 

[elvis]

Obama denies bailout funds for automakers - Yahoo! Finance

WASHINGTON (AP) -- The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.

President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision.

Obama was set to make the announcement at 11 a.m. Monday in the White House's foyer.

wow, this is HUGE.. Publius Infinitum said he bought GM stock a few weeks ago. It's going to plummet tomorrow.

yup
hope he has a sell order on that

and WTG Obama

lets just hope he doesnt cave in later

I think PI said he bought a thousand shares.

 

[wimpy77]

i got a question i read that if indeed gm went into bankruptcy the government would back up people's warranties, but for people like me who just bought a new car (i bought a 2008 saturn) what would happen if they went bankrupt would i loose my car?

 

[elvis]

The cable news networks don't seem to know this yet.

 

[DiveCon]

i got a question i read that if indeed gm went into bankruptcy the government would back up people's warranties, but for people like me who just bought a new car (i bought a 2008 saturn) what would happen if they went bankrupt would i loose my car?

that would depend on what happens to the saturn branch in the reorganization
someone would likely buy up pieces of it

 

[wimpy77]

i got a question i read that if indeed gm went into bankruptcy the government would back up people's warranties, but for people like me who just bought a new car (i bought a 2008 saturn) what would happen if they went bankrupt would i loose my car?

that would depend on what happens to the saturn branch in the reorganization
someone would likely buy up pieces of it

ok, so a tow truck wouldn't come and pick up my car?

 

[DiveCon]

i got a question i read that if indeed gm went into bankruptcy the government would back up people's warranties, but for people like me who just bought a new car (i bought a 2008 saturn) what would happen if they went bankrupt would i loose my car?

that would depend on what happens to the saturn branch in the reorganization
someone would likely buy up pieces of it

ok, so a tow truck wouldn't come and pick up my car?

uh, no

you would still own it
well, whatever part you have already paid for

 

[RetiredGySgt]

that would depend on what happens to the saturn branch in the reorganization
someone would likely buy up pieces of it

ok, so a tow truck wouldn't come and pick up my car?

uh, no

you would still own it
well, whatever part you have already paid for

When a Comapay goes bankrupt it does not stop collecting money owed it and it does not take back things it is selling. Whom ever runs the Company after bankruptcy continues to collect those funds and pay the owed debts until such time as no more money is coming in.

 

[DiveCon]

ok, so a tow truck wouldn't come and pick up my car?

uh, no

you would still own it
well, whatever part you have already paid for

When a Comapay goes bankrupt it does not stop collecting money owed it and it does not take back things it is selling. Whom ever runs the Company after bankruptcy continues to collect those funds and pay the owed debts until such time as no more money is coming in.

yup

 

[elvis]

should we tell publius infinitum to dump his stock?

 

[wimpy77]

am i right in thinking that if they went bankrupt ( think gm might but i think chrysler will get the deal done with fiat) will that put the depression scenario back on the table?