Comments on: Forget nationalizing banks

By: Kathy

Kathy — Wed, 18 Feb 2009 19:43:34 +0000

Has your job been cut?

By: rawdawgbuffalo

rawdawgbuffalo — Wed, 18 Feb 2009 15:50:02 +0000

boy, credit is Crack’s evil twin and they still gone let go 50,000 workers (auto folks)

By: tas

tas — Wed, 18 Feb 2009 13:07:13 +0000

GM isn’t asking for $100 billion. That’s an estimate of what debtor-in-possession financing would cost the government were the company to go through a bankruptcy. I think they were required to present a bankruptcy scenario as part of their progress reports.

Some people would regard this as a threat — if you don’t give us $XX billions now, we’ll come back for $XXX billions later.

Because usually the deal works like this: if you give us $XX billions, we’ll keep XX,XXX jobs. But now GM is saying eh, just give us the money. Do we even know what they’re going to use this money for? Have they presented a business model that shows why the money is needed and where it’s going? Do they have a plan? I’m sick of the lack of accountability. If we give GM the money at this point, then I right the government should fire GM’s management and go in there with their own management crew since the current head honchos at GM obviously don’t know what they’re doing.

By: downing street memo

downing street memo — Wed, 18 Feb 2009 06:17:36 +0000

Also not sure why everyone complains about job losses – the way I see it, cuts are inevitable given this economy (Honda, Toyota, BMW and Nissan are doing it too), and you either cut some jobs or cut them all. Clearly, the better outcome for the overall economy, especially for a major employer like GM, is the former.