House passes $14b auto bailout package for big 3
Link to article.
"In Michigan, the home of the three major U.S. automakers -- Chrysler, Ford and General Motors -- eight Republicans joined the six Democrats in the state's delegation in voting for the measure. A ninth Michigan Republican, Timothy Walberg, did not vote.
Seven other Republicans that voted for the bill are from nearby Midwestern states that are also home to auto plants. However, outside of the auto belt, the bailout had little Republican support...."
"... Other senators said they were concerned that the carmakers might never pay taxpayers back for the loans, meant to keep General Motors and Chrysler afloat until they can finalize a long-term viability plan -- by March 31, according to the legislation.
GM has said it needs $4 billion by the end of the month to continue operations, and believes it'll need an additional $6 billion in the first three months of 2009. Chrysler has said it needs $4 billion by the end of the first quarter.
Ford, which has more cash on hand than its U.S. rivals, is not expected to tap into this bailout in the coming months."
Now how hard is it to run a business. I mean really. When you're that huge, you hire professionals to do it right.
"In Michigan, the home of the three major U.S. automakers -- Chrysler, Ford and General Motors -- eight Republicans joined the six Democrats in the state's delegation in voting for the measure. A ninth Michigan Republican, Timothy Walberg, did not vote.
Seven other Republicans that voted for the bill are from nearby Midwestern states that are also home to auto plants. However, outside of the auto belt, the bailout had little Republican support...."
"... Other senators said they were concerned that the carmakers might never pay taxpayers back for the loans, meant to keep General Motors and Chrysler afloat until they can finalize a long-term viability plan -- by March 31, according to the legislation.
GM has said it needs $4 billion by the end of the month to continue operations, and believes it'll need an additional $6 billion in the first three months of 2009. Chrysler has said it needs $4 billion by the end of the first quarter.
Ford, which has more cash on hand than its U.S. rivals, is not expected to tap into this bailout in the coming months."
Now how hard is it to run a business. I mean really. When you're that huge, you hire professionals to do it right.