evo_soul

Now I thought everything going on in the USA with the running practical joke of bailouts was comical enough, but now i just figured out that its also infectious, because now our Country Canada has caught the bug. And now its raining cash.


~~~~~~~~~~~~~~~~~~~~~~~~~~
Officials approve auto aid package worth about $3.3B
Updated Fri. Dec. 12 2008 8:35 PM ET

CTV.ca News Staff

The federal and Ontario governments will provide a lifeline worth about $3.3 billion for the struggling Canadian auto sector, but the money won't flow until the U.S. approves its own bailout package, Industry Minister Tony Clement announced Friday.

continue reading here http://www.ctv.ca/servlet/ArticleNew...12?hub=QPeriod
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Now I do have a few political takes on this but I will somewhat keep it to myself. But I will say that, if something isnt working, it shouldnt be in the market place. The market is a great self regulating, self contained eco system. If something works, then it grows and prospers, if it doesnt then it suffers a horrible death. I think the government should try its best to stay out of the market and just stick to law enforcement and tax collection, since they do that tax collecting part so well.

What do you think, Think its wise for the government to prop up the sector as a whole. Or do you think we should let the fire burn itself out?

Remember Air Canada, it went thru bankruptcy, planes kept flying thru the restructuring and what emerged was a leaner, more profitable company. Think it could work here?

LancerGirl08

My dad worked at GM for 20 years. We've always had GM vehicles, and they've always been kinda crappy. I think if they had just built better cars, they would've been okay. My mom's 2003 Cavalier had to have the fuel pump/lines replaced after only being a couple years old. She also had several tire issues (then again so do Mitsu though haha).

I don't really see why they should get help with the execs have like their own private jets and stuff. They have money for that stuff when they should've been putting that money into making better built cars.

But thats just my 2 cents.

TURBevO8

iTrader: (25)

Not only do their cars suck but they pay people 30 bucks an hour just to put on lugnuts! Now how the heck are they supposed to compete when they are doing that? The unions are going to kill the auto industry just like they killed the US steel industry. I am from western PA and have seen that first hand.

But it should be noted this "bail out" is just a loan because no banks would loan them any money. The government will get the money back and interest just like any other loan. Unless they file Chapter 11....then we all lose the money.

Its pretty f'ed up...

goldeneye_98

this is a fired up topic! I have to agree with lancergirl, the exec just think the money is going to come in and everything will go back to the way it was, and it cant why do companys pay millions in bonuses to execs that run the company into the ground and the common worker gets F#*ked? I cant remember the name of the company (AGI I think) they bailed them out and then the execs went to a spa resort?? those bas%ards should be hung in public view! An come to find out, with the first package that just failed, they were going to put a cost of living bonus in it for the federal judges! 2.8%, when they already make 169300 a year (number from yahoo). IM sorry but i only make about 50k and there is no way this year i am going to get any raise or bonus so why the F#*K should they? I work just as hard as them. Just goes to show you cant trust anyone in politics or upper government!

and as for the canadian gov putting money in, i dont know how i feel, its nice they want to help but it is the usa's problem. I can totaly see where canadians would say no way not our money. The only reason I think the govenments should get involved is because of so many jobs that may be lost, if it wasnt for the job loss then I think they should stay out, its a market problem not a gov problem. sorry if i rambled

LancerGirl08

I just want to add that my dad passed away and my mom's on disability and GM is her only source of money (pensions). So I don't neccessarily want them to go bankrupt (that would mean my mom would lose all sources of income) I just don't think they should be bailed out. They should find another way to cut costs and keep on keepin' on.

aj_pierce

Well the way the Ontario Premier put it was, He would rather put money into the Auto Makers and trying to get them back up and running as apposed to Paying out the EI payments that the workers would definitely go for. But the Way I look at it is that This is not the first time the BIG THREE have requested some sort of relief package. It didn't work in the past why the hell would it work now. You think the Unions are gonna say "hey ya our guys we'll take a pay cut", Hell no. You think the exec's are gonna say " Hey ya we'll take a pay cut", Hell no. Not only that, The corporations are extremely top heavy and how many of them have parachutes, and juicy ones at that. I say let them fail. Who the hell needs a 8 cylinder gas guzzling Camaro or 300 or even Escalade. I mean common folks, Its all a money grab anyway.

DxbIX

the problem you guys over there have if the big 3 go bust is that there's the potential for 4 million jobs to go down the toilet with them. hense an increase in benefit claims etc etc. which although the states has huge cash reserves, wont last forever and will have a huge effect on the economy of not oly america but also the resst of the world. I do agree though, they are building rubbish cars. when the rest of the world has moved on and gone smaller and more cost effective etc. the big 3 continue to build huge pick-ups with huge engines. I read some time back the ford used to make $10000 profit on a F150 truck, so it only makes sense that now nobody wants big trucks there is no-more big profits. and in turn no mone to develop smaller cars to catch up with everyone else.