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Wasting Billions on an Automaker Bailout?
A Blog For All —
The smallish three US automakers, General Motors, Chrysler, and Ford, are all suffering huge losses and have a staggering amount of debt on their books at a time when their products simply aren't moving off showroom floors. Democrats in Congress are looking to give the automakers a bailout. Some figures thrown about are up to $50 billion. That's a curious fact, given that the automakers are actually worth just about $7 billion these days . Automakers have struggled to compete with foreign companies, not on quality terms, but on the cost to produce. American cars and trucks ...
$7 Billion for America’s Car Makers!
PoliPundit.com —
$7 Billion for America’s Car Makers! This is scary in so many ways: As of the close of business on Friday the market cap for General Motors was about $1.9 billion, Ford about 4.3 billion….Chrysler is privately held but it’s a safe bet that their FMV is less than $2 billion…probably a LOT less….so for approximately a lousy $7 billion….a rounding error for the federal budget…the government could simply BUY the entire U.S. auto “industry” — actually, of course, it’s just the U.S. nameplate manufacturers, but that’s another story — for what amounts to a pittance.… The numbers are ...
Why Does The GOP Want To Destroy The Auto Manufacturing Sector?
DownWithTyranny! —
... Anti-union reactionaries like Kyl, Shelby, Torbenson and all the Hate Talk radio Republicans also complain about how the Big 3 made all the wrong decisions in terms of SUVs vs fuel efficient cars. Do we credit that to rank hypocrisy, malfunctioning memories or lies? When Democrats had the temerity to offer tax incentives for the kinds of small, fuel efficient cars consumers are now clamoring for-- and buying from foreign automakers-- the GOP not only voted them down but rammed through ...
Going Public
Daily Pundit —
Power Line - No UAW Bailout
As of the close of business on Friday the market cap for General Motors was about $1.9 billion, Ford about 4.3 billion….Chrysler is privately held but it’s a safe bet that their FMV is less than $2 billion…probably a LOT less….so for approximately a lousy $7 billion….a rounding error for the federal budget…the government could simply BUY the entire U.S. auto “industry” — actually, of course, it’s just the U.S. nameplate manufacturers, but that’s another story ...
No Auto Industry Bailout
Patterico's Pontifications —
... Using this Power Line post as a taking-off point, let’s discuss a possible bailout of one or more companies in the U.S. auo industry. ...
Power Line Wants to Buy Detroit and Drown It In Lake Michigan
Firedoglake —
... The good folks at Power Line have come to the obvious conclusion that if we accept the current market capitization of the US auto Big Three, we could buy the whole batch for about $7 billion, thus, they imply, obviating the need for a $25 billion or so rescue. Really? ...
Monday cocktail hour links
Maggie's Farm —
... Why it's incorrect to say that the "auto industry" in North America is in trouble. It's the UAW which is in trouble. From Powerline: ...
Powerline Proves Universal Health Care Makes GM and Chrysler Profitable
Firedoglake —
... The chart to the left shows the losses and profits per car of some major car companies. John over at Powerline uses it to argue that there should be no bailout, because the Big 3 are so unprofitable it's just pointless. Let's do some simple math. Take a look at GM's loss per car, about $700. What is GM's cost per car for health care? ...
Beggars on the Hill
The Wide Awake Cafe —
... to big business, the banking system, General Motors, and the ball and chain around their necks, the United Auto Workers, or whatever else ...
Byron Dorgan Voting For Irresponsible Bailout
Say Anything —
... I’ve read that the market capitalization of the “big three” is around 7 Billion dollars. Congress has already approved giving them 25 Billion to produce more fuel efficient cars. (Something they should do with operations). Now Byron and his buddies want to bail them out with another 25 Billion Dollars. What kind of idiot invests $50 Billion in an industry worth 7 Billion? (Byron Dorgan). ...
