URGENT - Bush considering 'orderly' auto bankruptcy

[DogPoundPup]

Source: Santa-Barbera News-Press

WASHINGTON (AP) - The White House says a managed bankruptcy for automakers is one option being considered to help save the troubled industry.

White House press secretary Dana Perino told reporters Thursday that ''we're going to do something.'' The Bush administration wants to avoid what it calls a ''disorderly collapse'' of car companies that would result in devastating job losses and sweeping economic problems.

Perino says the White House is very close to a decision. But she did not put a timetable on when an announcement would be made, or even whether it would come this week.

Setting up a so-called managed bankruptcy would be complicated, involving talks with not just automakers but unions and other stakeholders.

***NOTE...end of article

Read more: http://www.newspress.com/Top/Article/article.jsp?Section=BUSINESS&ID=565423017334015838

[Botany]

1. How getting them the fucking loan now

This is very bad news.


One final stab in the back from bush ..... ever since the Supreme Court gave
bush the White House we have been on a hell bound trip ..... hello great
depression.

Time for Harry Reid & Pelosi to call the Congress back

[bdamomma]

2. oh crap, they really want MORE people to be out in the streets

disgusting SOB's, they have such disdain and disrespect for the American people.

[Winterblues]

3. If Bush* is going to do it then it will be one more fucked up situation.

They should just follow the Auto maker's example and just put everything on hold until Obama is in office. Workers are gouing to be eligble for unemployment and additional compensation from Union which has been agreed upon in advance through contract negotiation. These guys are going to have a month's paid vacation and then be able to negotiate with people that care about them instead of Republicans that just want the destruction of the Unions..

[madmom]

6. "a month's paid vacation" while obviously unemployment compensation does help,

it in no way pays what some people need to live an meet all expenses. Some of these people are supporting extended families, children in school, believe me it is NO vacation!

[Winterblues]

11. It is more than just unemployment

If you read my post you would have read that there is additional compensation from the Union which was included in Negotiations when last Contract was signed..May not be quite as much as full pay but pretty damn close and they have a month to spend with their families and to do things arouind the home front.

[madmom]

13. I know exactly what they get, my SO is UAW retired, they get unemployment compensation and

sub pay. Sub pay is the difference between uc and 85% of take home pay (that's after taxes) minus $20 a week because they won't be driving to work. So what they get is less than 85% of take home. I stick by my original post , while it helps, this is NO vacation when you have people depending on you and you can't help. Will grandparents go with out meds or food? Will your kids have to set out a semester or 2 from college?Well that means more mouths to feed because they will probably come home.Yes I have been there and believe me it's NO vacation!

[verdalaven]

44. The bigger problem is

All the non-union shops that rely on the big three to stay open are going to have to shut down, too. My husband's shop hasn't said anything about shutting down yet, but my co-worker's husband's shop will shut down all but one line tomorrow, retaining only 25 employees (out of three hundred).

[Coyote_Bandit]

4. They will force bankruptcy

for two reasons:

(1) to force the unions to renegotiate and

(2) to discharge health care obligations to retirees.

[hlthe2b]

5. Thank God I can not yet be prosecuted for mere thoughts....

Unlike the Spielberg movie... or I might just be in big time trouble.... :mad:

Actually, I'm so mad I am close to tears... They really couldn't give a crap about the American people.... Remember the famous Bush* faux paus regarding Al Quaida and how "our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we." Once again, his bushism belied the real truth.

[DogPoundPup]

10. Yes, you hit the nail directly on the head...could there possibly be any

anymore reasons to vehemently hate this thing of a human being? We have something like a month to find out and that is way to much in bushdays.

[Fearless]

7. Hold on... wait for the gasp...

Since everyone around here seems to have wanted this to begin with, let's see how many people are still on board now that Bush is considering it...

I'm waiting.

:eyes:

[KamaAina]

35. Everyone around here wanted this?

My goodness! All those Michigan DUers, and plenty of others who favored the loan (NOT "bailout"), got TS'd inside of a month? Wow!

:sarcasm:

[Name removed]

39. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[D-Lee]

8. So was Bush just "running the clock" to slow down any alternatives?

Ah, it might be a reasonable possibility ...

[nc4bo]

9. MSNBC did the "broke news" splash and reported that * said

He wasn't sure what he has in store for the Big 3 when asked by reporters during some speaking engagement he has today.

:wtf: - Sounds like he's getting ready to bust that UAW wide open and send the auto industry into bankruptcy.

Gee, does it really take 2+ weeks to figure out a plan? How long did it take to figure how to deal with those damn banks?

[Name removed]

36. Deleted message

Message removed by moderator. Click here to review the message board rules.

[cosmicone]

12. I don't see anything wrong with an orderly bankruptcy.

It will make for stronger companies in the end which are more viable.

[bluecollarcharlie]

17. You should have stopped with "I don't see"

Tell me would you buy a car from a bankrupt company. I don't think you would. But as you seem to be one of the sudden freeper/bush sympathizers around here when it comes to the auto industry i don't you really give a fuck anyway.

[cosmicone]

21. I would rather buy a car from a reorganizing company than

from one in the state of financial weakness with massive federal debt, oppressive contracts and lousy products.

A chapter 11 company with a strong reorganization plan, forward looking product development, reduced debt and fair contracts is more likely to be a winner in the long run.

You are welcome to call me a freeper, a republican, a libertarian, a hater of American workers or any such verbiage intended as an insult. However, chapter 11 is good for the employees as well.

[DainBramaged]

42. My wrinkled old ass, it VOIDS the UAW contract and isn't good for anyone

what about the suppliers who tumble like a house of cards?You are fucking clueless. And of course, no profile. Why do I even think you are here only to push the Freeper meme.

[hamsterjill]

47. Thank you!!! At least someone gets it!

n/t

[DainBramaged]

41. Bullshit, you have no clue with that Reich wing meme

[Baby Snooks]

14. Enron had an "orderly bankruptcy" as well...

Enron also had assets apparently that covered the debts and basically offered solvency to a corporation we were told was insolvent.

Of course those assets were sold quickly. One of those assets was an oil and gas division which of course is now developing a huge field in North and South Dakota which will produce income in the billions of dollars which of course was income that belonged to the investors.

Wish people would wake up in this country to the reality. Maybe when they read the list of donors to Clinton's foundation at least an eye will open here and there. Particularly if they have a photo of George HW Bush and Bill Clinton as they look at the list of donors.

[alcibiades_mystery]

15. They WILL be liquidated: there is no question about that

These companies will go into liquidation almost immediately. There will be NO domestic auto manufacturing industry in this country if even one of these companies is forced into bankruptcy.

[specimenfred1984]

22. That's what Cerberus does and is known for

Very few people cared when they bought Chrysler even though it was obvious. We live in a culture of people so stupid there's actually a TV show called "Are you smarter than a 5th grader"? Sadly, most people are not.

[WriteDown]

33. So Cerberus bought Chrysler and GMAC

to let their values fall tremendously and then sell them off at a huge loss. Geniuses!!! Oh wait....

[dcsmart]

16. the more workers who suffer, the worse the plan

working people will suffer, period. we should judge any plan on how it effects the workers, retired or not, white collar, blue collar. o

we need a strong American automotive company. it is a national security issue and a manufacturing/jobs issue. again, whatever plan causes the least amount of workers to suffer, i think that is reasonable plan...bailout or loans....or maybe nationalization:

http://www.wsws.org/articles/2008/dec2008/pers-d18.shtml
see articles in the right hand column also.

so, lets see what happens. i am from michigan and i know how bad it is here. more than just auto workers will suffer, everyone associated with automotive and those who support them...we see the priority of Washington and rebulicans...

Editor
PROGRESSIVE DEMOCRACY
http://timetofight.tumblr.com/

[ogneopasno]

18. Bankruptcy = throwing out all contracts and busting the unions. Economic terrorism.

That's all it is. Economic terrorism.

[TBF]

49. Exactly. Looting via the banks, smackdown to destroy UAW.

The amazing part is that they are getting people to go along with it.

[AzDar]

19. K & R ...

:kick:

[Uncle Joe]

20. Orderly as in Baghdad after the invasion. n/t

[workinclasszero]

23. Bush will "save" the US auto industry on the bones of a dead UAW

The fix is in. Bush and his capitalist cronies will kill GM, Ford and Chrysler so they can destroy the UAW.

Can't have normal everyday Americans making a nice middle class wage, oh HELL NO!

Can I interest anyone in buying a 40,000 dollar Chevy Volt backed by a bankrupt company and assembled by a hungry, pissed off former member of the middle class who is one step away from living under a bridge?

Didn't think so.

[Name removed]

37. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Botany]

24. Bush considering "orderly" auto bankruptcy

Source: A.P.

Bush considering "orderly" auto bankruptcy
By JENNIFER LOVEN – 1 hour ago
WASHINGTON (AP) —

The Bush administration is seriously considering "orderly" bankruptcy as a way of dealing with the desperately ailing U.S. auto industry.

White House press secretary Dana Perino said Thursday, "There's an orderly way to do bankruptcies that provides for more of a soft landing. I think that's what we would be talking about."

President George W. Bush, asked about an auto rescue plan during an appearance before a private group, said he hadn't decided what he would do.

But he, like Perino, spoke of the idea of bankruptcies organized by the federal government as a possible way to go.

"Under normal circumstances, no question bankruptcy court is the best way to work through credit and debt and restructuring," he said during a speech and question-and-answer session at the American Enterprise Institute, a conservative Washington think tank. "These aren't normal circumstances. That's the problem."

Read more: http://www.google.com/hostednews/ap/article/ALeqM5gjq9nsV5ZDXYFK4m1M-Apv1OYtdQD9557UFG1

---

:cry:

The steel, rubber, transprtation, glass, plastic, and electronic industries all
depend on the auto companies too. How clueless is bush? This could bring
on another great depression that could last for years.

The cost in unemployment pay will far greater than the cost of the loan too.

We can get $700 billion for the money changers on wall street and spend
$600,000 a minute in money we are barrowing from China but the auto
industry can not get a $15 billion loan?

[DJ13]

25. Why did your post get moved?

We have three hundred seperate Rick Warren posts, but criticize Bush for his inept handling of the auto bailout is limited to a single thread?

[Botany]

27. maybe another great depression is not as important as a 90 second prayer

:shrug:

[Karenina]

28. This is the LBN forum.

The rules are stricter regarding duplicates. They're pinned at the top in yellow.

[DJ13]

29. But it was no more a duplicate than the hundreds of Warren threads

His was an opinion on the Bush action, not a generic post about the news.

[Karenina]

34. Please read the rules for LBN.

Editorials and GD accommodate opinion pieces.

[Botany]

32. I sinnned

the mods did the right thing

[lin_e65]

26. Bush : The Union Buster

By allowing bankruptcy, the companies will be able to screw all the retirees of their union benefits. There goes the rights of the common worker-that's all of us, whether we belong to a union or not. We're all going to become slaves to big companies. I'm having some nasty thoughts about Bush right now: one of them has to do with my size 10 up in a place where the "sun don't shine". I hope he is able to "partake" in all the consequences of the horrible things he has done. I hope "what goes around, comes around" is really true.

[damntexdem]

30. Well, that would fit with Dubya's managed destruction of this country.

And to think -- timely impeachment could have averted much of this.

[bif]

31. Anything to bust the unions. What a douche bag!

[Name removed]

38. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[natrat]

43. nah the real douchebags are the enablers reid ,pelosi frank dodd etc

[Trajan]

40. I wonder which of the Bush Cheney cronies ...

Will sweep up the remnants of a once proud tradition for pennies on the dollar ....

That is ONE thing Bush has been very good at: Paying off his ASSHOLE friends ....

[AnneD]

45. My reaction....

is too obscene for private conversation, let alone public print.

[The Stranger]

46. Bankruptcy allows the Big 3 automakers to shed union obligations and be like the Japan's automakers.

He wants to use bankruptcy with the Big 3 management to do away with the UAW.

We should have known all along.

[DemReadingDU]

48. Labor unions in Japan

Until the mid-1980s, Japan's 74,500 trade unions were represented by four main labour federations: the General Council of Trade Unions of Japan (日本労働組合総評議会 nihon rōdō kumiai sōhyōgikai, commonly known as Sohyo), with 4.4 million members--a substantial percentage representing public sector employees; the Japan Confederation of Labour (zen nihon rodo sodomei, commonly known as Domei), with 2.2 million members; the Federation of Independent Labour Unions (中立労連 Churitsu Roren), with 1.6 million members; and the National Federation of Industrial Organizations (新産別 Shinsanbetsu), with only 61,000 members.

In 1987 Domei and Churitsu Roren were dissolved and amalgamated into the newly established National Federation of Private Sector Unions (連合 RENGO); and in 1990 Sohyo affiliates merged with Rengo.

more...
http://en.wikipedia.org/wiki/Trade_unions_in_Japan