Quote:
Originally Posted by gmlr
Its time for GM to stop begging. If they do not want to give GM a bridge loan then GM should file Chap 7 at 2pm EST. The Chap 7 will cause all car production in NA to stop in a matter of weeks, this is the Xmas wish of some. Citibank needs 25 Billion given, they need 20 Billion given, they need backstop 300+ Billion given(not a loan). AIG needs 100-200 Billion given (not a loan). GM CEO must beg like a child for what, a 10-20 billion loan. GM must make a line and hold it, Chap 7 at 2pm EST if no bridge loan is assured. Lehman did not beg, it did not get a gift like Bear Sterns and filed for BK before the sun set. The Lehman BK cost the Govt over 500B. Its time for GM to show that the days of begging are over.
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I certainly feel your sentiments, my thoughts about this are as follows:
1) The loans will go through no question, what politician wants to take the heat for not giving a chance to an American icon.
2) This is posturing to give the unsupporters of the the bill an "I told you so" clause to boast about...However, I don't think that will happen.
3) This will be ammunition for tighter negotiations with suppliers and unions down the road.
Just as GM gets some focus, and some plans with excellent product on the road, a bridge loan will help them through the worst economy in recent memory.
The next 10 years will prove Congress did the correct thing!