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Automotive News & Views Do You Favor A Government Loan To The Detroit 3?
3958 messages, Last post on Oct 02, 2009 at 4:52 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: xrunner2 (Jan 16, 2009 7:29 am) It's only a loan if the receiver has the ability to pay it back...... What are the monthly payments on a $13B payment? |
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Here is a company with 30,000 employees that due to past mismanagement and the current recession, is closing its doors. I'm sure this will strengthen those competitiors that remain - i.e. Best Buy will do better. http://money.cnn.com/2009/01/16/news/companies/circuit_city/index.htm?postversio- n=2009011611 Whether GM or Chrysler go out of business, Ford and the remaining company would be strengthened.
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Replying to: xrunner2 (Jan 16, 2009 7:29 am) Yes but what the bailout did was change the urgency and schedule for change. GM, the UAW, the dealers, and suppliers want to delay change for as long as possible, because some or all of them will be hurt. What the bailout did was allow the B3 to change as little as they must to keep in business or keep the wrath of Congress from them. If the bailout hadn't gone thru, calling the B3 execs. and UAW bluff, then we might have had change in a few days! How? Well if the choice is to a) shutdown in a few weeks and lose everything, or to b) lock the parties in a room until new agreements were written and the business could survive, then most rational people would do b). The loans should have been denied, and b) would have been done (by now). Instead what we have now is TALK about cuts ... maybe this, what if we do that, AND they're bleeding the loan $. The longer this change takes the more likely all the loan $ will be spent with no chance for the companies to make a profit, and they'll be back asking for more. What the U.S. Congress did is basically "gave the kid next week's allowance, for a promise that the kid will take out the waste sometime soon". It would have been easy enough for Congress to say to the B3 and Gettelfinger that 1st day of hearings - "Gentlemen call your suppliers, and your dealer reps. and get them and their lawyers here, and we have a conference room reserved for you. Start rewriting your contracts, so you're at least breaking even. Then come back up here 3 days from now, and we'll discuss a loan."
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Replying to: kernick (Jan 16, 2009 8:57 am) Regards, OW
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Replying to: circlew (Jan 16, 2009 9:53 am)
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Replying to: lemko (Jan 16, 2009 10:00 am)
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Replying to: kernick (Jan 16, 2009 9:13 am)
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Replying to: xrunner2 (Jan 16, 2009 10:36 am) |
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Replying to: euphonium (Jan 16, 2009 10:26 am) Gross Annual Income X 3 = MAXIMUM Mortgage. Total Mortgage / 100 = MAXIMUM Monthly Payment. For instance - if your gross income is $70K, the most your mortgage should be is $210K. $210K / 100 = $2,100. Even then, $2,100 is a heck of a burden for somebody only making $70K gross. I'd try to work down from that figure.
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Replying to: lemko (Jan 16, 2009 12:22 pm) Had i believed everything I read before the real estate bubble burst they'd have lent me twice what I paid for the house on an equity loan. Not a chance.
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