Comments on: Underwater Car Loan BailOut ?

By: J. J. Smith Jr.

J. J. Smith Jr. — Mon, 22 Dec 2008 18:06:52 +0000

Don’t you wonder why after so many spoke out against the Detroit bail out George Bush did it anyway?
I wonder if it was because a company named Cerberus; Chaired by old Bush insider and former Secretary of the Treasury, John W. Snow owns 80.1% of Chrysler. That in it self may stink a little until you dig deeper and find that Global Investments, Chaired by another Bush crony former Vise President Dan Quayle and led by Cerberus management purchased 51% of GMAC finance in late 2006 at which point it begins to stink a lot. Just who is really getting bailed out? Quayle is also on the board of IAP, and their bread and butter comes from, you guessed it, Gov Contracts. By the way, look the word Cerberus up and you will find it is the name from Greek mythology of a 3 headed dog that guarded the underworld. Sweet!
As far as I can tell Ford Motor who opted out of the bail out doesn’t have a dog in the hunt with regard to these Bush connected investment groups which makes me want to hold my nose even harder than the last time I had to vote for President Bush.
Are you asking yourselves some hard questions right now? I am. I learned of this from Michael Savage on one of the talk radio shows that may soon be silenced by the so called “Fairness Doctrine”. I did some research myself as well, links provided below.
http://www.cerberuscapital.com/news_press_release.html
http://www.vicepresidentdanquayle.com/biography.html
J. J. Smith
beowulf39565@att.net

By: robert rothbard

robert rothbard — Wed, 03 Dec 2008 17:45:18 +0000

instead of giving the big 3 bail out money, why not take some of the billions we give away
in foreign aid and buy cars and trucks from them and send them as part of aid. kill two birds with
one stone.

By: JP

JP — Mon, 01 Dec 2008 02:05:45 +0000

Instead of the government having a 700 billion dollar bailout plan trying to descide which corporations will survive and which will fail, why don’t they comprise a list of corporations. Then divide the list by industry (auto, banks, retail, whatever) then apply a percentage value to each industry according to the the overall impact to the US economy. Send each taxpayer a form and let us choose which corporations we would like to keep. They can up the stakes, instead of giving us another stimulous package check give us $25,000 (or more) to invest in the corporations we want to survive. It can become our Social Security since that program is not working out either.

By: Quest St. Jacobs

Quest St. Jacobs — Fri, 28 Nov 2008 23:24:15 +0000

QUESTION: (this is a straight question from someone who may be missing somethign.)
what does the term “UNDERWATER” mean EXACTLY? i get it, but i might be missing something.
as well as, what difference does it make if your loan is “underwater” (which i believe as a negative term)? if the payment is $500, it will be $500 until it is paid off.
in general, i’m asking, what is so bad about buying a car Now?

Thank You
A Man With No Transportation

By: Chris Griffith

Chris Griffith — Mon, 24 Nov 2008 00:30:13 +0000

I might have mustered the strength to feel sorry for GM until I
saw the movie “Who Killed The Electric Car”.

By: David Sieverding

David Sieverding — Sat, 22 Nov 2008 15:11:38 +0000

The auto industry can become enormously successful, creating hundreds of thousands of new jobs by leapfrogging the competition technologically. That can be done by developing and switching to the turbine engine. This is discussed in http://www.economic-plan.com.

By: CJ

CJ — Fri, 21 Nov 2008 22:15:05 +0000

About the bail out of GM. Why don’t government give money to all the tax payers toward their new cars payments? This will also solved economy issue but putting money back in circulations. Tax payers get a new cars, car salesmen get to make their commissions, car dealer make their sales, and factory car workers will still have their jobs making cars to sales to people. Instead of just bail out company by giving money to the company so the CEO can leach off and all the workers will still going to get layoff. Everyone still end up poor and jobless accepts for the people that runs the company who will used the bail out to benefit themselves.

This also goes with all the other bail out. Really what is the point of bail out if people are still going to loose their jobs and economy still in the slump. With billion of dollars that government giving away to support the riches. Why don’t government give to the people that actually needed. I understand that we received tax refund, but seriously, WHAT’S THE HELL IS $600 DOLLARS GOING TO DO FOR US? Government willing to give billion of dollars away to the millionaires and billionaires, but only give us $600. Instead of using tax money to bail them out, why don’t they divide those money and give it to middle class people that are trying to make ends meet. We all will put those money back in circulation and people will still have jobs. The only people that are benefit out of all the bail out are people like CEO and other that are already making million and billon of dollars anyway. Why help them? Why don’t Government help us? Government is just giving more money so these guys can just get even richer and poor will just stay poor or get even poorer.

By: Ron

Ron — Thu, 20 Nov 2008 10:24:33 +0000

For all that say buy American, I say to you Make A Better Product and Make it in America. Most “American” cars are not made here, we support Mexico, Canada and who ever else will make them at a lower wage. Open new plants in America and implement them with new pay scales. We know labor is the most expensive part of auto industry. People will work for a reasonable and fair wage and benefits. If the UAW does not agree to the new terms, they are out of business as well. If things are done fairly, it should work. Foreign auto has proved that in America. Stimulate America…..
Those of us who do not buy American, we are not traitors or any of the other names that you like to call us. First of all , we probably have and would buy american autos, if we went by looks alone, but we don’t. Our money is hard earned and we look for quality and longevity in a auto. American auto makers have depended on us to buy there product because they look good, not quality of the auto. They depended on us coming back for expensive repairs or trade- in a few years, because we are tired of spending money on repairs. They knew we had little choice on where to go. They were Three Big Shots who forgot about the little niche that foreign car companies held. They are not so big , now are they….
I was in the market for a new auto three months ago and ran into the same old things in “American” autos, as I did years ago. Little things to start out with matter. Open and close the doors they rattle and don’t have that solid sound when you close them. Screws that are not all the way tighten or laying on the floor. Sloppy interior carpet, leather and dash finish. A solid and quite cabin feel when you are driving, not the engine noise that make you wonder if it running o.k. or the hard transmission shifts. Drive over a pothole and more rattling. We build some awesome engines, but we build some horrible ones also and continue to use them. Get rid of the old cheap to build engines. Surround the awesome ones with quality materials and craftmanship and “We Will Come”. The auto industry has known this for years and done nothing about it. They though that Americans would always be like “Cattle Lead To Slaughter” . Now they are reaping the whirl wind and looking to “The Cattle” for help. I say help them now, if they address some of the problems that they know caused there failure. Instead of making quantities of autos with good Iooks . Make quality autos that look good. If this doesn’t happen, we will be pouring money into the same bottomless pit.

“Americans” make some of the best looking auto on the road. Now we have to make some of the best built autos they can stay on the road.

By: John Peccin

John Peccin — Thu, 20 Nov 2008 02:47:54 +0000

Another reason not to bail out auto companies. The lazy and poor work ethics of the American people. What about the old saying never buy a car that was finished on a monday or friday. Say No To The Bail Out.

By: rmay4

rmay4 — Wed, 19 Nov 2008 03:41:49 +0000

It is funny how we rushed blindly into shelling out $700 billion to companies with few jobs to and are not going to help protect hundreds of thousands of jobs in the mfg. sector which is where the middle class with and without college degrees live and breath. The only reason I can think of for not helping them is that if they file Chapter 11, they can break the back of the union and end their contracts in court as part of reorganization and offer them their jobs back as less pay. My vote is to help them out now. I think $50 or $75 billion is better spent here and than $700 billion was previously. Here is a sample letter I found and a site to locate your representatives as well to support bridge loans to the auto industry. They loaned Chrysler money years ago and they were a strong and growing company until Daimler bought them raped them and they threw them out with little to nothing. Oh, I am sorry that was a merger of equals. Ha.