I hate the thought of it on many levels, but if you follow the news, lots of talk about GM and Chrysler not meeting the Governments demands for more loans.

The upside I wanted to point out that I read from AP is:

"In an effort to bolster consumer confidence, Obama planned to announce government backing of warranties for GM and Chrysler vehicles. An administration official said there is no price tag yet associated with that promise".

I believe this announcement comes at 11:00 am EST.

 

I have a feeling Chrysler and GM are not going anywhere. They may file, but they aren't going away.

 

Yep, Delphi filed chapter 11 a few years ago and they are still making spark plugs and such for the major automakers.

Besides, Obama needs to keep the unions employed so they can keep printing and distributing his propaganda for him.

 

What blows my mind is the White House required GM CEO, Rick Wagoner to resign before it give GM more money. That blows my mind during this time to force the resignation of a 30 year vet. The car business is not an easy business to run. I did not see the White House require the resignation of any of the Wall Street crooks before giving them hundreds of billions of dollars more than they are LOANING GM.

 

oh well it doesnt matter

 

It does matter. The White House decides who is running a company rather than the Board of Directors under the threat of withholding funds. The funds are not controlled by the White House, but the Congress.

 

It does matter. The whole situation is so screwed up.

I know, lets borrow even more money and waste it. That will fix the economy!

 

Thought the CEO was in place for 5 years. The question is under the CEO leadership how successful was GM? IMO 5 years is enough time to prove your worth.

 

The point that I am making is how differently the financial sector is being treated than the autos. The White House is committing extortion with money that they don't even control. It is the Congress that writes the checks and Obama needs to understand that. Obama and his people are also forcing Chrysler to bring in @$#%#$ Fiat for 30% ownership for NO CASH.

 

I agree. Retired as a wildland fire management officer after 30 years from the feds. People don't understand the budget process and its Congress with all the pull. Yet people blame the President (Bush, Obama, et. al.)

One way or another I think Chrysler and GM will survive and our warranties will be ok. My point is the GM and board of directors as well as CEO's of financial companies have failed. New leadership is needed.