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post #1 of 10 (permalink) Old 03-30-2009, 03:00 PM Thread Starter
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Obama Gives GM/Chrysler Bankruptcy Deadlines


Just ahead of the Obama Administration's press conference today, some of the most important details are already out.

General Motors is to be given 60 more days to complete its restructuring plan, while Chrysler is being given just 30 days to finalize a partnership with Fiat.

This news comes as both fumbling U.S. automakers are set to fail to meet the March 31st restructuring deadline as a qualification for the initial bailout funds.

Both automakers will be given additional funds to ride out the recession until the given deadlines. Chrysler requires $2 billion by tomorrow in order to avoid cash flow issues, while GM is looking at an additional $2 billion to keep itself afloat through April.

Both deadlines comes after the Obama administration's Auto Task Force determined that the current restructuring efforts by both General Motors and Chrysler would not make either company viable even if the economy improved.

If the two American car manufacturers cannot meet the deadlines laid out by the Obama administration, the cash flow will be halted and the companies will be forced into bankruptcy.

More: Obama Gives GM/Chrysler Bankruptcy Deadlines on AutoGuide.com
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post #2 of 10 (permalink) Old 03-30-2009, 05:23 PM
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Sadly, bankruptcy would be the best for both GM & Chrysler. Between this and Obama "firing" GM's Wagoner, we've marched that much closer to socialism and the government building cars and forcing us to drive them.

No more money to GM & Chrysler, I'm sick of hearing that they're too big to fail and that we have to save them. I say let them fail, we might be better off without them in their current forms.

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post #3 of 10 (permalink) Old 03-30-2009, 05:27 PM
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Originally Posted by rwmorrisonjr View Post
Sadly, bankruptcy would be the best for both GM & Chrysler. Between this and Obama "firing" GM's Wagoner, we've marched that much closer to socialism and the government building cars and forcing us to drive them.

No more money to GM & Chrysler, I'm sick of hearing that they're too big to fail and that we have to save them. I say let them fail, we might be better off without them in their current forms.
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post #4 of 10 (permalink) Old 03-30-2009, 06:33 PM
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post #5 of 10 (permalink) Old 03-30-2009, 06:43 PM
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X2. We are not just marching, we are sprinting there.
X3. The Land Rover Jaguar brands are now owned by some multi billion outfit in India known as Tata, yet Tata expect the UK Government to bail LRJ out after just buying them.....no chance fella's...you bought em...you live with em...why should we bail them out as you bought em cheap?

I'll never buy a LRJ product EVER as a result of that scam!!!

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post #6 of 10 (permalink) Old 03-30-2009, 09:23 PM
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Why do you say that bankruptcy would be the best thing. Personally, I'd see that being catastrophic to the working class. I'd just think that would put to many people out to pasture. Then again I'm not the most up and up on things like that.
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post #7 of 10 (permalink) Old 03-30-2009, 09:26 PM
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post #8 of 10 (permalink) Old 03-30-2009, 10:54 PM
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Let the strongest survive.
Then we won't have anything but Japanese cars.

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post #9 of 10 (permalink) Old 03-31-2009, 03:38 AM
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Then we won't have anything but Japanese cars.
Whats wrong with that ? as along as you have a good product from a well operating manufacturer supported by a good service because they are in better financial situation !!
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post #10 of 10 (permalink) Old 03-31-2009, 09:18 PM
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What's the problem with that is we are losing our manufacturing base in this country. This country and its middle class were built on manufacturing. You lose manufacturing you lose the middle-class.

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