What The Fuck??? GM Gets Bailed Out And Jobs Are Going To Mexico, South Korea, And Chine

Just heard it on MSNBC. Don't have a link yet. Change and hope? I don't think so.

If Americans don't have jobs, they can't purchase their lousy cars.

"I fired all my customers".(Describing the outsourcing result to
his own company.

lake Ontario are Ford plants and a huge percentage of Oldsmobiles were made in Quebec.

To be frank, I'd rather lose jobs to Canada and Mexico than China, India or Indonesia.

But, especially when it comes to complaining about losing auto jobs, everyone mentions Mexico but not Canada.

I assumed you were kidding about "at least Mexico is a neighbor".

it was just an excuse here in the states and now that they have people agreeing with them, they are trying to come up with a different one just in case we get some kind of health care. They won't have that boogie-man anymore.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x309073

Thank you very much.

in NAFTA.

Your post plus the one on Friday tells me the jobs situation in
this country will only get worse.

It looks like Fed CHM. Bernanke has pulled the Financials back from
the brink. The Stock Mkt is showing improvement and some are making
money.

Once again the Democratic Party saves the Elites and kicks the
Middle Class to the side of the road.

Why does Pres. Obama have to follow in Pres. Clinton's footsteps
on NAFTA.

Please do not yell at me. I love Pres. Clinton but believe the
way in which Nafta was implemented has and is leading to the
present financial disaster especially for the Middle Class.

Yes I realize jobs are the last to recover--but let us be perfectly
honest. Any jobs that are and will be available will be at a much
lower pay scale when and if recovery takes place. You simply cannot
continue to outsource good jobs and bring in people on H-1B visas
and think the Middle Class will make gains. It defies logic.

This is not news. Nothing personal because DU is a pretty informed crowd and yet people "just heard" about this long-standing, worsening situation? Perhaps the multinats don't allow their media outlets to educate the peeps?

Single-payer healthcare could probably have saved the US auto industry but it's too late now.

An easy way to find out where any car model is actually built is Wikipedia. It's on the sticker of new cars, and used cars don't count anyway, now do they? Remember, the stock-holders got bailed out, not the US employees of the multinats. I buy autos that were assembled in America, which leaves out a lot of "American Big 3" models.

IMO we should un-elect every single congress person who voted "YEA" to any bailout that does not require re-payment.

Chrysler and others have used loans well in the past, and re-paid them with interest. I got no problem with that approach. How many bailouts are really government (tax-payer) guaranteed loans? The jargon used now is confusing, which can't be an accident.

BTW when you are in the middle of a real "bail-out" it means bail fast enough or sink. Ever been in a sinking boat? It doesn't mean "magical anti-sinking gravity spell". Which one is being used these days?

Chrysler has already said it will not be paying back the "loan."

Second, previous offshoring projects, while not necessarily welcomed by American workers, were at least not financed by taxes paid by American workers.


That's why this is "news."



Tansy Gold

In the 70s Chrysler got a bailout of guaranteed loans which they repaid with interest.

On 4-30-09 they filed for Chapter 11 bankruptcy, which allows the trustee (us taxpayers) to run their business, and allows for loans. Ch 11 is not a liquidation, which would write-off such loan debts (including any taxpayer funds received prior to 4-30-09).

From a 12-08 report: First, the real conditions: limits on executive pay and perks, warrants for non-voting stock, government debt is senior, government can block any large deals (over $100M), no dividends.

Nothing personal but I think you have been mis-informed. Like a lot of tax-payers.

I am NOT defending out-sourcing in case anyone has been mis-informed about that too.

And I am unhappy about ALL the bailouts, but will be less so when/if we taxpayers get repaid.

Our government has already accrued way to much debt against my wishes.

http://money.cnn.com/2009/05/05/news/companies/chrysler_loans/?postversion=2009050517

(Which btw is AFTER your 4/30/09 bankruptcy filing)

Chrysler won't repay bailout money

An administration official confirms that a $4 billion bridge loan and $3.2 billion in bankruptcy financing won't be paid back by Chrysler following bankruptcy.


NEW YORK (CNNMoney.com) -- Chrysler LLC will not repay U.S. taxpayers more than $7 billion in bailout money it received earlier this year and as part of its bankruptcy filing.

This revelation was buried within Chrysler's bankruptcy filings last week and confirmed by the Obama administration Tuesday. The filings included a list of business assumptions from one of the company's key financial advisors in the bankruptcy case.

Some of the main assumptions listed by Robert Manzo of Capstone Advisory Group were that the 0b]Treasury would forgive a $4 billion bridge loan given to Chrysler in the closing days of the Bush administration, a $300 million fee on that loan, and the $3.2 billion in financing approved last week by the Obama administration to fund Chrysler's operations during bankruptcy.

An Obama administration official confirmed Tuesday that Chrysler won't be repaying the loans, though a portion of the bridge loan may be recovered by Treasury from the assets of Chrysler Financial, the former credit arm of the automaker which is essentially going out of business as part of the reorganization.

* * * * *


FYI, it ain't 1979 any more, Lee Iacocca ain't runnin' Chrysler, and I ain't holdin' my breath for any repayment of these "loans."


Tansy Gold

I think about 2000 jobs are going to India. That's 2000 people in the US who could have something.

there's a point in bailing out automakers - it saves jobs.

but bailing out banks is horrific - Citibank ditched thousands of employees right after
getting a huge chunk of money.

And we know the bankers get big multimillion bonuses.

There's also alot of retired people who own stock in GM, this saves them too.

for consumption and market here.

buying millions of those 40,000 dollar Chevy Volts on their sub-minimum slave wages!

See ya in the welfare line brother..........

how all these subsidiaries and partnerships across the globe figure into things. How can you 'out-source' when you've got incorporated entities in those countries? Does money from one flow to the other?
http://www.gm.com/corporate/about/global_operations/