Did you guys have the partner meeting yet to bill less hours next year so you can pay less tax?
Auto Industry Bailout?
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Did you guys have the partner meeting yet to bill less hours next year so you can pay less tax?
Don't think you'll see bail out in 08--however expect it be one of 1st things on agenda in 09 after everyone is sworn in.
UPDATE 1-U.S. automakers bailout outlook in doubt-senator
Updates with Dodd, Grassley comments)
By John Crawley and Rachelle Younglai
WASHINGTON, Nov 13 (Reuters) - A senior Democratic senator raised doubts on Thursday that an attempt to bail out U.S. automakers had enough support to clear Congress this year.
As Republicans amplified their concerns about a bailout, Senate Banking Committee Chairman Christopher Dodd raised the biggest red flag for fellow Democrats trying to craft a $25 billion rescue and pass it during a post-election session set to start next week.
"Right now, I don't think there are the votes," Dodd of Connecticut told reporters about prospects in the Senate. "I want to be careful of bringing up a proposition that might fail," he said.
Although Dodd said "we ought to do something" and personally backed using money from the ongoing $700 billion financial services rescue program to help Detroit, he was skeptical that enough Republicans would support a bailout.
Senate Majority Leader Harry Reid, a Nevada Democrat, also cautioned that success of a bailout rests with Senate Republicans and the White House. With their slim majority, Democrats cannot force a measure through the Senate or trump a White House veto.
The White House opposes the approach being taken by congressional Democrats but has not threatened to block any bailout. Bush administration officials have said they would consider other steps Congress can take to help General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz), Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) and Chrysler LLC.
Dodd said there have been "legitimate issues raised" about how to help. He plans to hold a hearing next Tuesday, and a House of Representatives Financial Services Committee hearing is set for Wednesday.
House Financial Services Chairman Barney Frank, a Massachusetts Democrat, is trying to write a bill that would amend the financial services rescue package to include $25 billion for carmakers.
The government would likely take an equity stake in the firms and Congress would impose stiff conditions.
CONCESSIONS FROM AUTOMAKERS
In a letter to automaker chief executives on Thursday, the senior Republican on the Senate Finance Committee recommended specific concessions from the automakers.
"They should take every step possible, including cutting executive salaries and bonuses, and exhaust all alternatives before coming to the taxpayers for tens of billions of dollars in help," Charles Grassley of Iowa said.
The stakes for action in Washington rose earlier in the day when Goldman Sachs suspended its rating on GM and said the automaker needs at least $22 billion in aid. Goldman also said it would be difficult for Chrysler to survive without help.
House lawmakers are not formally scheduled to meet next week and Republicans on Thursday voiced greater skepticism about the rescue approach and Detroit's long-term viability.
Senior Republicans are open to considering changes in terms of the $25 billion in federal loans approved in September to help automakers retool factories and make more fuel efficient vehicles. They do not, however, favor extracting more money from the Treasury Department's rescue program.
"Spending billions of additional federal tax dollars with no promises to reform the root causes crippling automakers' competitiveness around the world is neither fair to taxpayers nor sound fiscal policy," House Republican leader John Boehner of Ohio said in a statement.
The administration is also encouraging lawmakers to expedite the retooling loans, which automakers have said are loaded with requirements and cannot help them survive their worst-ever financial crisis.
Democratic Sen. Charles Schumer of New York, chairman of the Joint Economic Committee, expects some Republican support for a bailout but he did not know if it would be enough for congressional passage.
Explaining the White House opposition to using Treasury bailout money, Commerce Secretary Carlos Gutierrez said in an interview with Reuters that a number of other industries have also knocked on that agency's door asking for help.
"Where do you draw the line?" Gutierrez asked. (Additional reporting by Caren Bohan, Doug Palmer, Rick Cowan and Kevin Drawbaugh in Washington and Soyoung Kim in Detroit, editing by Jackie Frank and Vicki Allen)
UPDATE 1-U.S. automakers bailout outlook in doubt-senator
Updates with Dodd, Grassley comments)
By John Crawley and Rachelle Younglai
WASHINGTON, Nov 13 (Reuters) - A senior Democratic senator raised doubts on Thursday that an attempt to bail out U.S. automakers had enough support to clear Congress this year.
As Republicans amplified their concerns about a bailout, Senate Banking Committee Chairman Christopher Dodd raised the biggest red flag for fellow Democrats trying to craft a $25 billion rescue and pass it during a post-election session set to start next week.
"Right now, I don't think there are the votes," Dodd of Connecticut told reporters about prospects in the Senate. "I want to be careful of bringing up a proposition that might fail," he said.
Although Dodd said "we ought to do something" and personally backed using money from the ongoing $700 billion financial services rescue program to help Detroit, he was skeptical that enough Republicans would support a bailout.
Senate Majority Leader Harry Reid, a Nevada Democrat, also cautioned that success of a bailout rests with Senate Republicans and the White House. With their slim majority, Democrats cannot force a measure through the Senate or trump a White House veto.
The White House opposes the approach being taken by congressional Democrats but has not threatened to block any bailout. Bush administration officials have said they would consider other steps Congress can take to help General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz), Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) and Chrysler LLC.
Dodd said there have been "legitimate issues raised" about how to help. He plans to hold a hearing next Tuesday, and a House of Representatives Financial Services Committee hearing is set for Wednesday.
House Financial Services Chairman Barney Frank, a Massachusetts Democrat, is trying to write a bill that would amend the financial services rescue package to include $25 billion for carmakers.
The government would likely take an equity stake in the firms and Congress would impose stiff conditions.
CONCESSIONS FROM AUTOMAKERS
In a letter to automaker chief executives on Thursday, the senior Republican on the Senate Finance Committee recommended specific concessions from the automakers.
"They should take every step possible, including cutting executive salaries and bonuses, and exhaust all alternatives before coming to the taxpayers for tens of billions of dollars in help," Charles Grassley of Iowa said.
The stakes for action in Washington rose earlier in the day when Goldman Sachs suspended its rating on GM and said the automaker needs at least $22 billion in aid. Goldman also said it would be difficult for Chrysler to survive without help.
House lawmakers are not formally scheduled to meet next week and Republicans on Thursday voiced greater skepticism about the rescue approach and Detroit's long-term viability.
Senior Republicans are open to considering changes in terms of the $25 billion in federal loans approved in September to help automakers retool factories and make more fuel efficient vehicles. They do not, however, favor extracting more money from the Treasury Department's rescue program.
"Spending billions of additional federal tax dollars with no promises to reform the root causes crippling automakers' competitiveness around the world is neither fair to taxpayers nor sound fiscal policy," House Republican leader John Boehner of Ohio said in a statement.
The administration is also encouraging lawmakers to expedite the retooling loans, which automakers have said are loaded with requirements and cannot help them survive their worst-ever financial crisis.
Democratic Sen. Charles Schumer of New York, chairman of the Joint Economic Committee, expects some Republican support for a bailout but he did not know if it would be enough for congressional passage.
Explaining the White House opposition to using Treasury bailout money, Commerce Secretary Carlos Gutierrez said in an interview with Reuters that a number of other industries have also knocked on that agency's door asking for help.
"Where do you draw the line?" Gutierrez asked. (Additional reporting by Caren Bohan, Doug Palmer, Rick Cowan and Kevin Drawbaugh in Washington and Soyoung Kim in Detroit, editing by Jackie Frank and Vicki Allen)
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4. They should probably be consolidated into one company.[/QUOTE]
I switched to Honda-Toyota in the early nineties, got tired of pouring money into fixing up detroits crap offerings.
Why does GM need Buick, Cadillac, Chevrolet, Saturn, Pontiac, Hummer divisions?
Pick your best product line, improve upon it, investigate alternate energy, and consolidate.
In this day and age of generic "junk boxes" who will miss the Pontiac Aztec, Chevy Cobalt, any old person Buick product, or the "sun blotting out, gas guzzling, behemoths called hummer..(I see abandoned Hummers as future shelters for homeless)
The bottom line is survival...GM can survive and prosper, just need to think smart.
GM has had the same in-house, in bred thought process for 60 years....it refuses to recognize reality....see any Dinosaurs roaming in the forest?
Adapt or Die...no handout without a new gameplan.
4. They should probably be consolidated into one company.[/QUOTE]
I switched to Honda-Toyota in the early nineties, got tired of pouring money into fixing up detroits crap offerings.
Why does GM need Buick, Cadillac, Chevrolet, Saturn, Pontiac, Hummer divisions?
Pick your best product line, improve upon it, investigate alternate energy, and consolidate.
In this day and age of generic "junk boxes" who will miss the Pontiac Aztec, Chevy Cobalt, any old person Buick product, or the "sun blotting out, gas guzzling, behemoths called hummer..(I see abandoned Hummers as future shelters for homeless)
The bottom line is survival...GM can survive and prosper, just need to think smart.
GM has had the same in-house, in bred thought process for 60 years....it refuses to recognize reality....see any Dinosaurs roaming in the forest?
Adapt or Die...no handout without a new gameplan.
My problem with auto bailout is the product remains the same.
Who will give them money to develop more appealing product line? How will they stay afloat during the minimum 2 years it will take to revamp your product line?
Who will give them money to develop more appealing product line? How will they stay afloat during the minimum 2 years it will take to revamp your product line?
Maybe they can use the money to fire all upper managers, import a Japanese thinktank and design, production, supplier, and engineering team to restart them on the right path.
I have driven U S cars exclusively 1966-1992 and the biggest issue was not comfort , invariably it was the poor quality control.
My 1989 Cougar was the last straw for me , among many, many other issues, I had power windows fail and fall outside the vehicle....even after a so-called repair of the first incident.
For years it was blindly buy American and the problems would always be fixed under waranty ...that was the way it always was, Americans were brainwashed, or by experience, expected nothing more than the status quo. The auto union workers had a great deal at the expense of the car buying public.
The Japanese bringing in Honda in early 1970's with gas shortages openned the door to a new chapter, the US automakers did not catch on till it was too late...
I wonder how many people fully supported the Wall St Bail Out as necessary to save the economy.....but, who also are opposed to this?
I know a few people here in my office......fwiw, they are talk radio listeners:SIB ......and they were all about saving Wall St. People who opposed it just did not understnad how the economy works, they said. That kind of stuff.....of course, for this, those same people are like let 'em go bankrupt.
Whats the difference? Why go gung ho to bail out one end, but not the other? :shrug:
Just curious.
I know a few people here in my office......fwiw, they are talk radio listeners:SIB ......and they were all about saving Wall St. People who opposed it just did not understnad how the economy works, they said. That kind of stuff.....of course, for this, those same people are like let 'em go bankrupt.
Whats the difference? Why go gung ho to bail out one end, but not the other? :shrug:
Just curious.
Once they open gates it's everyone for the money. It is funny how the big banks got theres first. So if they loan them money that has to be payed back thats OK. Why Not?
After looking at this a second third time. We better give them a loan. I dont care to see more jobs lost on bush's watch. He killed enough already.
And lets try not to forget we won WWII because some of the best equipment of it's time s made by big 3. And today they still build items for our military.
After looking at this a second third time. We better give them a loan. I dont care to see more jobs lost on bush's watch. He killed enough already.
And lets try not to forget we won WWII because some of the best equipment of it's time s made by big 3. And today they still build items for our military.
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I think the difference is the existing perception that the financial institutions can mend their ways and proceed in a positive direction with a few minor 'rule' changes.
A bailout for the flawed big3 appears to be delaying the inevitable. After the bailout the product is still not good, so why should we expect increased sales volume in the near term. Based on their own figures, the automakers appear to have little chance of simultaneously revamping their product line and staying afloat.
I've been thinking we should let them fail, allowing more effectively run firms to obtain the assets and move forward. Of course, I am definitely well above my paygrade at this point so my opinion should be taken very lightly.
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whatever happened to the US economy booming during a war ?
Production high, war material being made and shipped ?
how did we get to the point where it costs us 10 million a month
If a country does not the monty saved to go to war for a sustained period , then how stupid is it to get involved to begin with.
wtf :shrug:
Simple, you have printing presses, nothing backing the paper money other than your faith in the Gubberment....
If you had the paper, presses and ink, a license to steal, would you print dollar bills or hundreds?
The real losers will be our kids and grandkids paying $35.00 for a gallon of milk and $10.00 for a dozen eggs, while supporting all us old fuks on Social Security
nah, it was just a rant about how America is not seeing a boosted war time economy because we outsourced the war to multinational corps that could gvie a shit less about our interests. But the messengers wore American flags on their lapels so obviously it was very difficult to see we were being raped.
A guy I work with came to us after spending the last 6 years developing software for CACI. He has some stories to tell after spending all of that time in the belly of the beast.
A guy I work with came to us after spending the last 6 years developing software for CACI. He has some stories to tell after spending all of that time in the belly of the beast.
