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:
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.