The White House said Thursday it is considering the option of an “orderly” bankruptcy as it weighs aid for U.S. automakers and Chrysler LLC prepared to shut down all of its 30 factories for a month.The move by the Bush administration injected a new note of uncertainty into the politically charged discussions of a bailout for the U.S. automakers that is reaching a conclusion after more than a month of wrangling.
Both Chrysler and General Motors Corp denied earlier on Thursday that merger talks between the two had restarted.
Also, the outlook for a near-term recovery in global auto demand dimmed as Europe saw a record fall in truck sales and an industry group warned that Japanese car sales likely to be the worst in at least three decades next year.
‘Orderly’ bankruptcy considered for US carmakers — Credit is still impossible to get so even if you want to buy a car, too bad. So whose fault is that?
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Wow! Maybe, Obama is teachable. We’ll see.
This article is over a month old.
Credit impossible to get? Glad nobody told me that last week when I bought my 2009 chevy truck. mmm V-8, 4WD, leather, automatic. Just enough to pull the boat. Oh the boats paid for. As is the house, and I’m only 44 guess it pays to manage my money.
#2 yep. And there I went and got my hopes up that Omama might be studying some Econ 101 text books…
Bankruptcy is like having a time machine, turning the clock back to when the company was first listed and running the same checks and balances. In many, if not in most cases, the company survives. It’s bad for directors and CEOs, who are locked out.
Yo D,
Second post today that is old news. Cmon now you are going to make me cranky.
The post is BS.
If your credit rating is good you can borrow. If it bleeps then they never should have been loaning money to you in the first place!!
That’s part of how we got into this mess!
#2 – Larry Bud
>>This article is over a month old.
Yeah, no shit! I realize it’s considered impolite by [Eds.] to point out that something is old, but this is late breaking news that broke a long time ago. And is no longer relevant. We’ve already been through the car execs flying their jets to Washington to beg for money, getting spanked in the press, driving their hybrids to Washington in atonement to beg for money, blah blah blah. This is about as topical as posting a link to Ronald Reagan winning the election.
And credit is “impossible to get”? For whom? The guys that respond to those ad “No credit? Bad credit? NO PROBLEM!!”? I have no need for credit at the moment, as all my possessions are paid for. However, I just cosigned for a car loan for my daughter (she’s too young to have much of a credit history), and it went through like shit through a goose. I imagine that deadbeats and guys leveraged 200-to-1 may have a little trouble bellying up to the credit bar, but bfd.
#7, you are absolutely correct. We in this country have gotten so use to borrowing money, when we really should have never been laoned the money in the first place.
Give it a few years, everything will balance out. I am sorry, but the days of a high school kid buying a $40,000 car when they work at burger king are over, thank god.
Hey guys we got a system for generating wealth that works if properly regulated. People have lost confidence in the financial system. That’s very bad, if you don’t trust you don’t invest, you don’t take out loans, you don’t buy houses, and of course you don’t buy cars. To get confidence back the public needs to see pro-active measures. Not carte-blanche bailouts.
I guess this means the union contracts will be redone, and no more health care and pensions for retirees?
GM loses money on every car sold; the polite thing to do is to not buy cars from them.
It helps them because they save money. And it doesn’t encourage them to make more cars.
A win-win.
/Dvorak comments on “old” stuff all the time, an “old news” article isn’t really out of place unless the information gets stale.
Time related criticism can get you banned from commenting. Some of us living on the edge just don’t do it — better to get kicked out for something fun.
This is an OLD STORY. Dvorak has regressed from YELLOW “journalism” to incompetence.
#12 – HMeyers
>>/Dvorak comments on “old” stuff all the time, an
>>“old news” article isn’t really out of place unless
>>the information gets stale.
This information is stale, given all that’s happened in the past 5 weeks on this topic. As stale as a story about Reagan being elected would be.
cAN i ASK YOU FOLKS A STRANGE question..
WHO knows what LLC is, means, was created to help??
Limited liability corp..
was designed for STARTUP companies, and was ment to Limit liability if they failed. IF they failed, liability was limited to those things OF/FROM the business only, you could NOT go after the owners and their wages/homes/cars.
BIG corps jumped on this soon after it was created.
16,
Well, if I mosey on over to Cerebus Corp (Chrysler) I can find out that they are a 100 Billion dollar company. They’re doing just fine without the gubmint.
I don’t which is stranger, the thread being old or Mustard having a daughter.
credit doesn’t lool tough to get to me. I was able to get $20,000 to buy a new car with extreme ease in December. My roommate just received $6,500 in credit to buy furniture.
I would think that if credit were really as tight as the media and “experts” say it is that a couple of guys in their mid 20s with limited credit history shouldn’t be getting this much credit and at such low rates. Maybe it’s just because we’re in the Chicago suburbs, where the problems aren’t nearly as bad as the coasts…
Whoa, time warp…
What happened here??
Is it Groundhog Day in the US?
# 21 Olo Baggins of Bywater said, “What happened here??”
Back to the future. 😉