WASHINGTON (CNN) - Chrysler plans to file for bankruptcy, an Obama administration official said Thursday.
What happen to the bailout money WE TAXPAYERS GAVE THEM? Obama once again MISLED the American people. This bailout of carmakers were done LAST YEAR, a bailout VOTED BY OBAMA while he was a US SENATOR.
Well, we get to see again what happens when a company "too big to fail" fails. Let us pray that it is not "Lehman Brothers Part II"!
Good. They should have done this in December and taken GM with them - before they were given taxpayer money!
What a WASTE OF BAIL OUT MONEY!! In the end it is always the TAXPAYERS who suffer.
Why exactly did we give then billions in taxpayer money when it was obvious they were going under? What a waste. Thanks Obama.
This could be a litmus test for what could happen. The other auto companies will be watching closely to see exactly what happens, how painful it is and if they can fully recover afterward without the other marrriage partner, the UAW or at the very least, the concessions the UAW made. Chances are it will be painful, but they will recover and they will be better off, but only if they finally divorce the UAW.
If the UAW is allowed to hang on, it will be business as usual once Chrysler has recovered.
American car companies cannot compete for one simple reason, liberal Democrat unions.
Unions make it impossible for a business to make a profit due to their liberal greedy selfishness and totaly narcisistic mentality, being unable and not caring to see any other side than their own, which is typical of all Democrats.
Unions punish their members for working too hard, that may be true to Democrat tradition but certainly not the American tradition of working hard and being your best.
And I hope all of you blindly anti-union idiots like your 5-day/40 hour work weeks and your 2-weeks (at minimum) paid vacations and your 5 days worth of sick leave. None of you would have those options if not for unions!!! If corporations themselves weren't so patently greedy, unions wouldn't need to exist. Besides, I don't hear many of you complaining about the m(b)illions in bonuses that auto management gets for running companies into the ground. Get a grip!
Billions down the drain,one more thing to add to the presidents resume........
Auto-makers got very little of the overall bailout. We can get our money back as soon as we rebuild iraq and turn afghanistan into a thriving democracy. If you want to talk about a waste of taxpayer dollars that led to this whole mess in the first place... might as well bring it all into the conversation.
Cause and effect is fun, you can use it to place blame anywhere. So convenient.
As far as I'm concerned we live and work in a competative world and if you can't or won't compete then its time for you to leave and not burden the very people that buy your product "The American Taxpayer". All of the Corporation in this country that we loaned Billions Of Dollars to should have gone the same way Bankrupt and reorganize. If you worked at a low level job at any of these companies and your performance was bad they would fire you. As a tax paying American to all of the Corporations out there that are sucking on the American tit, YOUR FIRED ! ****************************************************************
The reason why the American auto industry is collapsing is because of the UAW. The union basically dictates high wages for its workers, regardless of productivity or quality of work. Therefore, their workers are encouraged to work the minimum and get paid the same. Non-Union Toyota workers are paid less but are incentivized with higher pay and bonuses for increased quality and productivity. Why do you think their cars are better and have fewer recalls?
The Union concessions is too late to safe the auto industry. They shouldn't have been greedy and lazy for the past 10 years!
To all you who say Chrysler doesn't make a good product, I own a Chrysler Sebring convertible, '98 model year. I just turned over 283,000 miles. It has had tires and brakes replaced several times, headlamps and starters. Other than that, it runs great.
So long Chrysler, time is up and its going to be just the BIG TWO in Michigan now.
All of you guys that are saying .. why did we waste money on the Auto Company if they just end up doing this anyway, you have to understand thousands of people work for these companies, so you have to try to save there jobs as well, but to put it in lame terms, if a person has a heart attack you dont just start digging the grave site, you try what you can to save the person and even if they go flat line you try a few times to jump start them before you right them off, remember people it's not just a CO that makes all the cars but a few thousand of people that have families to take care of that have been working there for many years and will be jobless and then what?
I forgot. Did Obama say that with all of that money there would be 3 million jobs created or did he say that 3 million jobs would be lost? Has anyone read anything about job creation? All i've seen is job loss.
The lenders cannot reach an agreement to accept $2 billion? This all or nothing mindset by the creditors has cost them Big Time! The TARP (bailout) money was intended to keep Chrysler afloat until they could come up with a plan to satisfy all parties involved and avoid bankruptcy. It was a grave mistake for the creditors (stakeholders) to disregard the workers (UAW) as a partner and walk away from the table empty handed. The Obama Administration should be commended by foreseeing the ineptness (greed) of the creditors before releasing additional TARP money to Chrysler. This outcome should send a message to everyone in the business/financial world that President Obama stands on his word about investing the TARP money wisely.
Lose the SUVS!
I love how people are blaming the Conservatives for this mess. They seem to forget that it was the LIBERALs who pushed for easier credit rules so more people could buy houses. Geee, look how well that turned out. It's led the the bankruptcy of one of the major Automakers in the US.
Sorry Libs, you made this mess, and you're now passed 100 days, so this is ALL yours, and ALL your wonderchild's.
Why is an Obama official releasing this story??? What does Obama have to do with any company filing BK. I am about to go get a cup of coffee in the breakroom...I would like for an Obama official to report that.
So, what does this do to the value of my Dodge Nitro that I just purchased?
Sooooo... tell me again how many BILLIONS were spent to prop up a failed company that was always doomed to bankruptcy?
Just think dummies (and Dubya, that includes you), we'd be how many BILLIONS richer?
There is no problem so insignificant that Washington won't throw money at.
This is what happens when govt gets involved in privately owned businesses. Taxpayers loose money, the company goes bankrupt anyway, jobs are lost. Thank you Obama!
let them go under. Perfect example of how the leadership of Chysler over the years made stupid choices. As long as that leadership mentality remains intact, nothing can save it. Why delay the inevitable?
I agree with those who blame the failure of our automobile manufacturers on unions. America needs to go back to the good old days, they way it was before unions spoiled everything. Remember how it used to be?
1. 12-15 hour workdays
2. Low wages
3. No benefits
4. Women made half as much as men. (After all, women only need a little money for perfume and cosmetics. Their husband supports the family.
5. Blacks and other minorities need not apply unless the job involved a broom or a shovel.
6. No vacation
7. No sick leave
8. No maternity leave. Pregnant women were summarily fired. No one wants a sexually active woman in the workplace.
9. No workplace safety regulations. If you got hurt, you got fired.
10. No retirement pay, no pension, no Communistic social security
Ah, those were the days.