It's OFFICIAL: Chrysler WILL file for bankruptcy.

Quote:
As a result, Chrysler was expected to file for Chapter 11 protection later in the day, according to published reports citing people familiar with the negotiations.

http://money.cnn.com/2009/04/30/autos/chrysler_deadline/index.htm

Damn, so much for the "stimulus' and Bailouts...

If I don't get a job soon, I, too, will be filing for bankruptcy.

Quote:
Damn, so much for the "stimulus' and Bailouts...

Yep, damn the man who started it all...

Jason

Yep, and all of those that supported it and continues to keep it up:

Quote:
OBAMA: "Number one, we inherited a $1.3 trillion deficit....That wasn't me." -- in Missouri.

THE FACTS:

Congress, under Democratic control in 2007 and 2008, held the purse strings that led to the deficit Obama inherited. A Republican president, George W. Bush, had a role too: He signed the legislation.

Obama supported the emergency financial bailout package in Bush's final months -- a package Democratic leaders wanted to make bigger.

To be sure, Obama opposed the Iraq war, a drain on federal coffers for six years before he became president. But with one major exception, he voted in support of Iraq war spending.

The nonpartisan Committee for a Responsible Federal Budget has estimated Obama's policy proposals would add a net $428 billion to the deficit over four years, even accounting for his spending reduction goals. Now, the deficit is nearly quadrupling to $1.75 trillion.

http://www.foxnews.com/politics/2009/04/30/fact-check-obamas-job-creation-deficit-claims-questionable/

SMan

Quote:
Yep, and all of those that supported it and continues to keep it up:

There's a difference between supporting the man (President Obama) and the policies (spending, bailouts). I held the same line with President Bush and President Clinton.

Bailing out companies-even with loans-is bad. No argument there.

However, your Fox News fact checker is a bit off, too. Bush had a Republican congress behind him for how much of his presidency...and when did the Dems take over? When did the first bailouts get doled out? When did Iraq and Afghanistan start?

And who was at the center of it all?

Jason, no...not me

I will not argue over Bush, Jason. You make valid points, but if you believe Obama will be this country's savior, you're sadly mistaken. He is on the path to making things exponentially worse.

Your friend,

wolfen

Quote:
when did the Dems take over?

Not sure but I think two years ago...

Quote:
When did the first bailouts get doled out?

October or November last year...

Quote:
When did Iraq and Afghanistan start?

Iraq...The Iraq War, also known as the Second Gulf War, the Occupation of Iraq, or Operation Iraqi Freedom, is an ongoing military campaign which began on March 20, 2003 with the invasion of Iraq by a multinational force now led by and composed almost entirely of troops from the United States and United Kingdom...
Afghanistan...The War in Afghanistan, which began on October 7, 2001 as the U.S. military operation Operation Enduring Freedom, was launched by the United States with the United Kingdom in response to the September 11 attacks.

Or there's this one:

Quote:
OBAMA: "Number one, we inherited a $1.3 trillion deficit. ... That wasn't me. Number two, there is almost uniform consensus among economists that in the middle of the biggest crisis, financial crisis, since the Great Depression, we had to take extraordinary steps. So you've got a lot of Republican economists who agree that we had to do a stimulus package and we had to do something about the banks. Those are one-time charges, and they're big, and they'll make our deficits go up over the next two years." — in Missouri.

THE FACTS:

Congress, under Democratic control in 2007 and 2008, controlled the purse strings that led to the deficit Obama inherited. A Republican president, George W. Bush, had a role, too: He signed the legislation.

Obama supported the emergency bailout package in Bush's final months — a package Democratic leaders wanted to make bigger.

To be sure, Obama opposed the Iraq war, a drain on federal coffers for six years before he became president. But with one major exception, he voted in support of Iraq war spending.

The economy has worsened under Obama, though from forces surely in play before he became president, and he can credibly claim to have inherited a grim situation.

Still, his response to the crisis goes well beyond "one-time charges."

He's persuaded Congress to expand children's health insurance, education spending, health information technology and more. He's moving ahead on a variety of big-ticket items on health care, the environment, energy and transportation that, if achieved, will be more enduring than bank bailouts and aid for homeowners.

The nonpartisan Committee for a Responsible Federal Budget estimated his policy proposals would add a net $428 billion to the deficit over four years, even accounting for his spending reduction goals. Now, the deficit is nearly quadrupling to $1.75 trillion.

http://news.yahoo.com/s/ap/20090430/ap_on_go_pr_wh/us_fact_check_obama_14

SMan

---

[Post edited by SantaMan on Apr 30, 2009 - CDT 1:00 PM]

I don't mean to be harsh, but I have little sympathy for Chrysler and GM. GM and Chrysler alike are part of the reason why the economy is in turmoil. They refused to change their business ethics years ago when they had the chance. First, was their Money buys everything attitude, secondly their disregard for the enviroment (HUMMER, JEEP, and High Powered Gas Guzzlers), and the oversaturation of product lines in North America. They didn't play it smart at all. Good Riddance to Pontiac! Thank God no more medicore crap like the Sunfire... Oldman's mobile is gone as well. It makes me wonder if Micheal Bay is taking more moeny from those GM dumb dumbs for the next feature... Talk about a company that wastes money. Don't get me wrong, but in all honestly why relaunch the Charger and the Challenger admist an oversaturated markets of Gas guzzling SUV's, and astronomical Gas and Oil prices. Were they stupid? I find it kind of funny that two years ago for a RAM 2500 Quad cab loaded they had the inclination to ask $60,000, and now you can buy the same new truck for under $30,000. I have to laugh. I saw one local dealer selling a 1500 Quad cab today loaded brand new for under $20,000. Good Riddance to both GM and Chrysler. It's time for those automaker employees to get together and put thier own economical friendly vehicle togther. Create their own jobs. That's what America was founded on.

Quote:
secondly their disregard for the enviroment (HUMMER, JEEP, and High Powered Gas Guzzlers)

I know that's become a common complaint, when people want to point out what's wrong with the auto business, but it takes two to tango. Would the auto companies continue to build these things and sell them if they didn't sell well? Nobody held a gun to the American people and made them buy SUVs.

The bankruptcy is long over due anyway. Propping up a failing business model doesn't make any sense. It's like trying to put out a massive house fire with a garden hose instead of calling the fire department. The problems that the big three are facing are right down to the foundations going back 40-50 years and only a complete restructuring is going to fix it.