WASHINGTON (CNN) - Chrysler plans to file for bankruptcy, an Obama administration official said Thursday.
So they could have gone bankrupt before and saved the taxpayers billions? Thanks UAW, sc#w you too!
Way to go Obama! You're administration forked over $4 billion dollars to Chrysler and now they are going into bankruptcy? I thought the purpose of the bailout was to prevent the loss of jobs and preserve one of the "big three" auto giants from falling into bankruptcy.
Don't worry; my kids will be happy to help pay back the billions of dollars you previously spent.
Great leadership...if that's what you call it.
The Bush/Obama economic plan working.
WHEN DO WE GET THE BILLIONS BACK?!?!?!?
Mr President I know its fun to 'play' with other peoples money (taxpayers) but you are showing yourself to be no better than Bush and at the same time MUCH MUCH worse in your handling of the economy. It seems your and your followers anger and hatred toward the right is growing as you find there is more to being the President of the United States than merely criticizing a President that is no longer in office or the minority party (his attacks against the GOP reminds me of kicking a dog when its down or making fun of a loosing sports team IE rude at least and/or shows a disturbing non-empathic narcissism at worse)
I am on disability and am getting a $250 "one time payment' and they got BILLIONS?!?!?! I am sick thinking how 'out of touch' the Democratic party has become to the needs and fears of mainstream Americans. I am wondering how ignorant of history the American people have become and then I hear what comments I read and hear and I have no doubt that history is not what this administration wants the 'rabble' to 'dwell on' but to always 'look forward'.... unfortunately if one looks forward with out knowing where one has been the SAME mistakes will be made again and again.
Arrogance and lack of wisdom will prevent us from moving forward far more than any one party gaining power. (for a BETTER America not a DIFFERENT America)
God help us all.
Another Morning in America, hopefully SANE women and men are doing a think tanking and coming up with real honest plans for an new industrial revolution for America. One that works for everyday people and not for big corporations their lobbyists, former congressional people, special interests.
I hope they do not get to do what United Airline did to the tax payer which is dump their pension plan/health care cost on to us then out of bankruptcy for less then a year and give their top exec. million$ bonus.
What most people do not understand is that the Federal government would have to spend upto $24Bil to provide Debtor-in-Possesion financing to chrysler when it goes into bankruptcy. If Chrysler had been able to avoid bankruptcy, the Federal gov't would have only loaned chrysler $6Bil. We can all thank the hedge funds in forcing chrysler into bankruptcy. Could somebody please release the names of the greedy hedge funds that forced chrysler into bankruptcy.
First, did anyone ask Chrysler why they don't make one single fuel efficient car? Second, why did they think it was a great idea to introduce and re-release gas guzzling muscle cars like the Charger, Challenger and Viper at a time when gas was over $4 a gallon?? They have also been living off their big truck line. How are those hemi's working for you now?
With this kind of boneheaded leadership and planning, its no wonder they are going out of business.
Makes me glad I bought my Kia. At least the union didn't get any part of the monies I spent on my car. I'm a dem and I can't for the life of me see where the UAW is helping the workers.
If a bankruptcy judge allows the union to stay in the picture Chrysler won't stand a chance of making it. I bet if you ask the workers directly "would you be willing to get the same amount of money that a Toyota worker in the U.S. gets" they would say yes. The alternative would be to have no job at all.
Again though the US taxpayer get hit between the eyes because the dems in congress insisted that everyone and his brother get a bailout. I hope people remember them in 2010 and put some checks in place. One party (even mine) is not equip to handle all that power. It quickly goes to peoples (Nancy Pelosi) head.
Giving the UAW 35% of the company gave bondholders no choice but to turn the deal down. Obama knows nothing about how to run anything, this is proof, so much for him promising to save all those jobs.
Great! Thanks Congress for wasting taxpayer bailout money on a losing company. You should have let them and GM do this from the start as MOST Americans wanted. This is another example of your ignorance on handling problems when they arise!
The unions destroyed the steel industry and now they are distroying the auto industry.
Don't blame the banks; they lent money and deserve to get it back. Don't blame Obama, Bush Clinton or Reagan.
The unions have crippled our auto companies with excessive wages and benefits, crazy work rules and protection for the laziest workers. Automate these plants and you'll find that the quality of the cars go up and costs come down.
Nice Change King Obama! We give them BILLIONS of our tax dollars and then they go bankrupt anyway? How is such an educated well-spoken president, this BAD! This country is being run by the far left and an empty suit who doesn't have an idea what he's doing....yet trying to control everyone. Scary.