GM Seeks Bailout at Taxpayer Expense

The US government has been taking our taxes and bailing out banks and other corporations – now the Automobile Industry also wants a bailout and the are making threats:

Check out this news story from Bloomberg:

GM Says It May Run Out of Operating Cash This Year.

General Motors Corp., seeking federal aid to avoid collapse, said it may not have enough cash to keep operating this year and will fall “significantly short” of the amount needed by the end of June unless the auto market improves or it raises more capital.

Some excerpts from the article:

“The message is, `we’ve done all the things we can do, and we need help.’ And if we don’t get help, fill in the blank.”

A bankruptcy filing “would be a disaster far beyond General Motors and a sad chapter in American history,” Wagoner, 55, said in a Bloomberg Television interview. GM said on Oct. 24 that bankruptcy “is not an option.”

A U.S. rescue package for GM, Ford and Chrysler is likely before President George W. Bush leaves office in January, said Dennis Virag, president of Automotive Consulting Group in Ann Arbor.

“Either the federal government provides money for a bailout and lets the industry retool, restructure, and move ahead, or the industry dies,” Virag told Bloomberg Television.

They want money from the taxpayers for bailing out their companies – when did they share their profits with the taxpayers?

I guess now that we are turning Socialists, our government will bail them out. Socialize the losses while privatizing the profits.

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2 thoughts on “GM Seeks Bailout at Taxpayer Expense

  1. Socialism does not compel workers to fund private enterprise; indeed, under socialism, private enterprise does not exist. Socialism is where there is “collective ownership and administration of the means of production” (Wikipedia). The big auto companies are not collectively owned and administered, they are private corporations. Thus, calling the present debacle “socialism” is inaccurate and deceptive.

    At present, private automobile and banking corporations are merging their power with the government to extract money from the people. 20th century Italian dictator Benito Mussolini defined fascism as “more properly called corporatism because it is the merger of state and corporate power.” State and corporate power are plainly merging; we are being subjected to a form of FASCISM.

  2. I would like to know about all the threatening letters from the car companies saying they can get all the information about us they want if we don’t renew our warranty. What does that have to do with anything? Our car runs great and I don’t have the money for a warranty, and I bet most people don’t, unless they are buying a new car. I am disabled and being threatened, monthly with their doing a credit check, why?, find out our banks and assets! What does that have to do with a warranty. I want this bailout to stop and now! Stop making cars and designing new ones and sell the ones you have on the lot. We have an auto mall with thousands of cars for sale. Who has the money to buy one? Who has the job? Do they think we are going to use our IRS money for new cars – I doubt it, we are going to use it, unless it is usurped xy the bailout, to survive. Again, the taxpayers are getting hit up front and in the behind. We would have a better chance becoming a citizen of another country and live where health care is paid for by the government and assistance for families without work is not so scrutinized. Do you know that the government hires outside contractors with misleading names like Training Initiatives to run their food stamp program and they get paid huge dollars. Every year this company takes its 12 employees on cruises, gives great big bonuses, all out of tax dollars. And to make sure they keep their cushy little contracts, they alter documents in their favor, like the green and red report , all under the blanket of safety o the Workforce Development, the US Government. WE are being drained, someone has stuck an IV in our arms and is just letting out blood run out. And all we do is watch TV; Anyone thought of subliminal messages, no more comedies in the evening, just crime shows. They are structuring our society to their benefit. Maybe they shouldn’t have so many fantastic wrecks on all these shows and movies. It might save some money, or make the movie people pay for the cars, not just mass marketing on film and video. WE must be smarter consumers and stop playing their games. It is like Vegas, it is rigged and the house is winning. Are you better off this year than 2 years ago? Fight people Fight and use your brains, they are probaly better than the ones we read about with 1.4 million salaries and 21.7 million in compensations.

    It has to start with us. Do no buy their crap , save it , keep your money for yourself.

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