Posted by msrb on December 6, 2008
As of December 9, 2008, the URL for this page was blocked by Google’s KGB-like political censorship critters, GPCC!
Other People’s Money—lots of it!
“We’re dead, all right. We’re just not broke.”
—Lawrence Garfield, the lead character in Other People’s Money,
played by Danny De Vito, speaking on “obsolescence!”
[Obsolescence!] Toyota automobiles including Prius hybrids, FJ Cruiser sport utility vehicles and Lexus IS 250 luxury sedans are being stored on a vast construction site at the Port of Long Beach in California December 4, 2008. REUTERS/Fred Prouser. Image may be subject to copyright.
What people are saying about the auto bailout
It’s unusual that the cars would stay here so long!
“It’s unusual that they would be here longer than a few days, but that’s the situation now,” said Art Wong, a spokesman for the Port of Long Beach. “They can’t move it through their pipeline fast enough so they are asking for additional space while they keep their vehicles here more than a few days, and in some cases more than a few weeks.”
Give me the money and I’ll turn this around, honest!
“I would be very willing to look at it seriously,” GM CEO Rick Wagoner told the Senate Banking Committee on Thursday. He added that merger talks with Chrysler earlier this year were abandoned because GM did not have the financing.
[“Wagoner, Wagoner, scratch your ****, auto industry is not the fairest of them all.”] Richard Wagoner (R), chairman and CEO of General Motors, and an aide arrive to testify before the U.S. Senate Banking Committee hearing on the financial assistance package for the big Detroit automakers on Capitol Hill in Washington, December 4, 2008. REUTERS/Larry Downing. Image may be subject to copyright.
Bleeding heart rhetoric of altruism
If a merger with GM could save Chrysler and its workers, “I would do it,” said Chrysler CEO Robert Nardelli, although his job would likely be one of the first to be axed.
Telling them what they want to hear: We are on the wagon, honest! Give us one more chance, I implore you!
You want higher fuel efficiency vehicles? Lower production costs? Hey, you got it. says Ford Motor CEO Alan Mulally.
They’re a necessary evil [sic,] whether you and I like it or not… ‘hood’ and ‘wink’ … hood and wink
“I don’t trust the car companies’ leadership [but] … We can’t let the industry fail.”Said New York Democratic Sen. Charles Schumer.
Let them sweat a bit, they’ll remember us at the next elections…
“Nothing concentrates the mind like a death sentence and we’re looking at a death sentence if we don’t respond intelligently and prudently … We’re not going to leave town without trying. ” Said Senate Banking Committee Chairman Chris Dodd.
Let’s sound sensible, you never know who is tuned in
“I’d like to see [GM-Chrysler merger] happen … I hope that’s an outcome… our country cannot really deal with three separate automakers.” Said Tennessee Republican Sen. Bob Corker.
Fine, if you want to screw the auto workers, but kiss them on the lips first, and they won’t feel any pain…
A merger deal would not be cost savings and bring “unbelievable” job losses, said United Auto Workers President Ron Gettelfinger.
The universal laws of arithmetic ain’t too flexible
The estimated $34 billion cost of the bailout is just for starters [you folks might remember that, not so long ago, the automakers estimated they needed $25 billion.] To avoid bankruptcy, the automakers may need as much as $125 billion, said Mark Zandi, chief economist of Moody’s Economy.com.
Playing God with Other People’s Money
“We’re dead, all right. We’re just not broke. And do you know the surest way to go broke? Keep getting an increasing share of a shrinking market. Down the tubes. Slow but sure. You know, at one time… there must have been dozens of companies making buggy whips. And I’ll bet the last company around was the one that made… the best goddamn buggy whip you ever saw.
“Now, how would you have liked to have been a stockholder in that company?
“You invested in a business, and this business is dead. Let’s have the intelligence,let’s have the decency… to sign the death certificate, collect the insurance… and invest in something with a future. “But we can’t,” goes the prayer. We can’t, because we have a responsibility… a responsibility to our employees, to our community. What will happen to them?” Said Lawrence Garfield, the lead character in Other People’s Money, played by Danny De Vito, speaking on'”obsolescence!’