What is Digg?136 Comments
- merien, on 01/03/2009, -2/+72So the US government is bailing out Cerberus? From the Cerbus website: "Cerberus holds controlling or significant minority interests in companies around the world. In aggregate, these companies currently generate over $100 billion in annual revenues."
Why bail-out a successful and cash rich company? Cerberus could have easily saved Chrysler and GMAC but they don't have to, they can make the US taxpayers for generation to come pay. - clickwir, on 01/03/2009, -7/+59Dear The Government,
I do not want my taxes to be given to any company for use of a "bailout" or "emergency loan".
Thank you
The People - jgambleii, on 01/03/2009, -6/+46They should be allowed to fail. If you can't run a successful business in today's economic climate, then you deserve to die. It's natural selection, but for businesses.
- inactive, on 01/03/2009, -6/+39....
God damn it.
Next week on digg front page:
"Chrysler CEO picks up huge bonus and walks out." - jhandfield, on 01/03/2009, -1/+31Dear The People,
Yarr. What are you going to do about it, cry and blog?
Yours,
The Government - inactive, on 01/03/2009, -5/+29Chrysler has a history of doing this kind of thing and eventually paying off the debt, hopefully they'll do so again
- Ymeg, on 01/03/2009, -1/+21Taxation without representation?
It's sad that our Nation went full circle. Many years ago, people were upset because stamps were taxed. It seems like we have fallen from our values; everything is taxed. - darkened, on 01/03/2009, -2/+22Sweet we give 4 billion dollars to Chrysler which is owned by the Cerebus Group which is one of the most richest and powerful organizations in the world... It's not like they couldn't have taken care of their own company!
Yay fiscal accountability! - BleedingHeadKen, on 01/03/2009, -7/+26If they have such a great history of repaying debt, why can't they find it from private sources rather than putting the risk on the taxpayers?
- alwilson, on 01/03/2009, -2/+19This is strange, I just came from the mailbox and my bailout "loan" check wasn't there.
- ucccft, on 01/04/2009, -3/+18Wall Street recieved over $700 Billion
Israel recieved over $35 Billion
India recieved Millions of American low tech Jobs.
China recieved over 3 million Ameriacn manufacturing jobs
UK and Australia recieved over $30 Billion worth of hollywood jobs.
America is experiencing its longest sustained jobs crisis in 65 years
America has lost almost 3 million private-sector jobs
America has lost 544,000 information services jobs
Economists estimated roughly 690,000 American jobs have been moved abroad.
Experts say as many as 14 million white-collar jobs could be shipped overseas in coming years.
What did American's "Who pay for all that" get? The royal shaft!
Thank You George Bush! - darkened, on 01/03/2009, -0/+14And occurrences like these are how Cerebus has come to such a powerful position by ravaging us proletarians. While I'm devoutly free market, Cerebus is a corporation that has definitely never played by the rules.
- Racer20, on 01/03/2009, -6/+20Becuase nobody is lending right now.
- nerdzero, on 01/04/2009, -0/+13What was the point of the bank bailout then?
- inactive, on 01/03/2009, -3/+16Good luck paying that back when you're releasing crappy car after crappy car.
- akchrs, on 01/03/2009, -3/+15Dear The Humans
We're not really endangered.
Thank you
The Polar Bears - Skishy101, on 01/03/2009, -1/+12Car companies are failing because Americans cannot afford to buy cars anymore. So they give these companies money to keep them afloat. My question is where do they expect to get the money to repay the government when the American people STILL cannot afford to buy more cars?
- iamdan1, on 01/04/2009, -0/+11Cerberus only bought Chrysler to get some quick money, trying to force GM to buy it so they could get some profit. Cerberus isn't interested in the long-term success of Chrysler, and have already canceled any R+D beyond 2010, which means Chrysler is dead.
- pathouston22, on 01/04/2009, -2/+12Dear The Polar Bears,
OM NOM NOM NOM
Endangered yet?
Thanks,
The Hungry Humans - Racer20, on 01/03/2009, -0/+10WTF is your point? Why does that matter? President bush come on public TV a couple weeks ago and announced the plan, this is just Chrysler confirming that they actually have the money in hand now.
Why try to make something out of nothing? - tmlee, on 01/03/2009, -1/+11Interesting how special interest groups win out on tax breaks with the Republicans and then bail outs with the Democrats while the American taxpayer loses.
- hc1153, on 01/04/2009, -0/+9Should have*
- sjbdallas, on 01/04/2009, -0/+8Ignore the man behind the curtain.
- JedicodeWarrior, on 01/04/2009, -0/+7Detroit hasn't built a car worth buying in decades - let alone worth exporting. So we've basically bet the farm and flushed a ***** of money that could have been wasted on things like education. Oh wait, we don't have a dime to spend on education but we can dump $700M on these stupid ***** buyouts.
Maybe this is a sign that these companies have had their day in the sun. Let 'em die and let the new blood have a chance. I think the term is competition. By giving money to these *****, you kill the life of new startups that could certainly do better than what we have now.
What the ***** ever happened to risk and reward? These companies risked it all, failed miserably and now they want us to pay for their mistakes. ***** them! ***** the CEOs and If you're stupid enough to think giving these money pits any "loans", then ***** you too! - jboitnott, on 01/03/2009, -3/+10Whether or not they actually undertake a "restructuring" remains to be seen. Everyone expects the same old story.
- Racer20, on 01/03/2009, -0/+7They are already going through a significant restructuring. They've trimmed down significantly over the past two years and made many product plan chenges.
It may not be ultimately successful, but not for lack of trying. - inactive, on 01/03/2009, -2/+9They should of spent that money educating YOU instead. It's "Government."
- inactive, on 01/03/2009, -0/+7Wow, that's nice. It can buy about 100 apartments on Park Avenue.
- dalittle, on 01/04/2009, -0/+6Call it what it really is. Corporate Welfare.
- Frogking, on 01/03/2009, -4/+10Seems to me this conditional loan (LOAN, not bailout) will help out a lot more actual Americans than the money given to the banks with zero oversight ever will. Have any of your credit card interest rates gone down since the bank bailout? Doubt it. Maybe instead of bailing out the banks, we should have spent that money towards national health care, like the auto manufacturers overseas have, so we could be more competitive.
- retop56, on 01/04/2009, -3/+9The ***** government hands out all this money like it's candy. SOMEONE IS PAYING FOR IT, AND IT'S ME! I may be only 14, but I'm not going to pay more tax for my hot cheetos, 7-11 hotdogs, and slurpees. They already burn a hole in my pocket!!!111
- darkened, on 01/03/2009, -0/+6Or 1 million hotels on Boardwalk and Park Place combined!
- DigitAl56K, on 01/04/2009, -0/+6Yes, they have a history where they've paid off the debt.
What they don't seem to have a history of is changing their business so they don't run into these problems. - sjbdallas, on 01/04/2009, -1/+7That assumes Chrysler was some kind of competition for Honda and Toyota.
- moses141, on 01/04/2009, -0/+6One word: Ceberus. Chrysler's parent company, the well-connected private equity firm has billions in cash, plus hundreds more in other companies that can be sold for a profit.
It's not that nobody is lending... It's that nobody (including their parent) wants to spend their own money on a company that's going down the *****.
Chrysler is gonna take OUR money, pay Ceberus a few billion, and then file for bankruptcy. And as always, it doesn't matter what we say about it. - sjbdallas, on 01/04/2009, -1/+7"When the people fear their government, there is tyranny; when the government fears the people, there is liberty."
Thomas Jefferson - govsucks, on 01/04/2009, -1/+6Shut the ***** up! Back to work slaves!
Your magnanimous government
/S
Collectivism is destroying the world. You people think government is the answer? They are ***** FARMING you tax slave! - sjbdallas, on 01/04/2009, -0/+5Dear the People,
Hi, how are you? I'm fine. Did you see that Cowboys game last week? What a joke, ha ha!
Anyhoo, we have given you all plenty of opportunity to speak your mind in how we do things but since you keep re-electing all the same Senators and Representatives every few years, we figured you liked how things were going. Well, thanks for writing and good luck with the job search.
Love,
The Government you chose. - blueimac540c, on 01/04/2009, -0/+5Isn't this the same Bob Nardelli that tried to run Home Depot in to the ground, and cost $230m to remove from Home Depot?
- jhandfield, on 01/03/2009, -4/+9"Chrysler LLC said on Friday it has received an initial $4 billion emergency loan from the government."
What's wrong with this picture? Why is Chrysler the one telling us that we've had four billion dollars taken from our collective wallets instead of the people doing the taking from our wallets? - SetOverSet, on 01/04/2009, -0/+5Ah, here's to Obama and McCain who BOTH voted for the bailout! Don't you just love "change"?
- Yez70, on 01/04/2009, -0/+5The point of the bank bailout was to reward the idiots who bought the administration and kept it propped up for eight years. It's to make sure the ultra rich don't lose as much money as the rest of us as the economy collapses.
- sjbdallas, on 01/04/2009, -0/+5See, they've already worked that out. GMAC is getting money from the financial industry bailout to encourage them to make loans to less qualified buyers. I'm sure the fact that this kind of thing went sour with the housing industry is no reason to expect it to go sour with the auto industry.
- Stochio, on 01/04/2009, -0/+5What's next? Debating whether dog turds smell better than cow turds? It's still a turd.
- Elranzer, on 01/04/2009, -0/+5Christians don't believe in Natural Selection, and this country is run by rabid Christians.
- Elranzer, on 01/04/2009, -0/+5Americans ARE still buying cars... from Toyota, though.
- Stochio, on 01/04/2009, -0/+4Nice caps. You must feel smart picking on a 14 year old.
Now then, do *you* still call a loan a loan if the interest rate is below the market rate? At 0% it's a handout, because there is no such thing as a voluntary 0% loan**. At the market rate, it certainly is a loan, everyone agrees. So, when the rate is in between these two markers and arbitrarily decided by the government then it is correspondingly partially a handout. So you can lay off the capital letters on the word "loan", sit down, and read a book.
Second, on the usage of the word "IF" and the threat of more layoffs. I am pretty sure that the model-T put people cleaning horse crap from the streets out of business. By your logic, we should block out the sun so that we can employ more people at power plants. You cannot have a free lunch.
There are costs to a bailout. Off the top of my head....they include redistribution of wealth from existing holders of the currency. There are redistributions of wealth in expected cash streams for people with long term contracts. There is a disincentive created for long term contracts which are subject to these shocks. This pushes us towards shorter term contracts and higher transaction costs which is a deadweight loss for society. There is a real tax increase on society as people are pushed into higher marginal tax brackets which are written in nominal terms as a result of inflation. Any gains in output results from the unwitting coercion of those subject to money illusion or those unfortunate souls tied into contracts specified in nominal dollars***.
**In real terms.
***And no, CPI is not a remedy. CPI is a lie. - linagee, on 01/04/2009, -0/+4If all the companies are owned by the government, this is communism. We are headed in that general direction.
- HunterKiller, on 01/04/2009, -1/+5What is this, a lame-ass Jedi Mind trick?
- xmykro, on 01/04/2009, -1/+5Dear India,
Hi
Thanks,
Mom -
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