Obama withholds bailout for autos

Full story: WOOD-TV Grand Rapids and Michigan

The White House says neither General Motors nor Chrysler submitted acceptable plans to receive more bailout money.
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1 - 20 of 43 Comments Last updated Mar 31, 2009
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DEA

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#1
Mar 30, 2009
 

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Thats why I drive a ford
Fred

Detroit, MI

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#2
Mar 30, 2009
 

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Sorta like my big brother did when I was a kid when he keep sticking the Hersey bar square out for me and pulling it back just as I grabbed for it.

Nice

Since: Mar 09

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#3
Mar 30, 2009
 

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Michigan is doomed. We bail out all these banks with no restructure plans but GM and Chrysler are being held to higher standards. We have the highest unemployment rate and it will just get higher with GM and Chrysler workers who will be without jobs along with the many auto suppliers. This is an unjustice to Michigan. Still Struggling CW-Grand Rapids, MI
So What

Grand Rapids, MI

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#4
Mar 30, 2009
 

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So much for UAW support, nahhh, they'll still blindly follow the Dear Leader. What's left of it at least.
johnny

Muskegon, MI

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#5
Mar 30, 2009
 

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Way to go King Barrack. Wow is he power hungry or what. So glad I did not vote for him.

Since: Oct 08

Grand Rapids, MI

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#6
Mar 30, 2009
 

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How can GM or Chrysler meet the demands of the administration when the administration will not spell out what they want? How can a team from the administration develop a plan for the auto industry when that same team can't fix Washington? Either write the check or tell GM/Chrysler to Chapter 11 themselves. Stop hanging a carrot over Detroit.
Ellen

Whitehall, MI

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#7
Mar 30, 2009
 

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Obama campaigned on "change". People never considered that the word also can have negative
connotations. Who knows that better than Michigan, with the "blown away" theory.
Sam

Caledonia, MI

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#8
Mar 30, 2009
 

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I don't think that power hungry moron has any idea what the collapse of the American auto industry will do to this country. He'll blindly give money to AIG everytime they come begging, but wont loan the auto industry enough to survive. That's all they're asking for, a loan. Unlike the banks.

“Dude, Where's my car?”

Since: Jan 08

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#9
Mar 30, 2009
 

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DEA wrote:
Thats why I drive a ford
Like Ford Fusion? The made and assembled in Mexico car?

“Dude, Where's my car?”

Since: Jan 08

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#10
Mar 30, 2009
 

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Sam wrote:
I don't think that power hungry moron has any idea what the collapse of the American auto industry will do to this country. He'll blindly give money to AIG everytime they come begging, but wont loan the auto industry enough to survive. That's all they're asking for, a loan. Unlike the banks.
The power hungry moron who preceded Obama didn't have a clue what this loss of US manufacturing capacity would do to this country either.

Since: Nov 07

Caledonia, MI

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#12
Mar 30, 2009
 

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In ploitico.com this morning you can read the offer the Government is giving GM. It will involve Cuts to both wages and benefits to bring them inline with the prevailing wages in America. About 1/2 to 1/3rd cuts to both wages and benefits should do it. Also plants must be shut down immeadiately instead of the dragged out plan the UAW wanted. At last Obama is showing some leadership and is taking the power away from the UAW and giving them an ultimatuim. The Government will guarantee warantees on all GM vehicles should they chose not to accept the offer and go into Bankruptcy. YOU GO OBAMA !!!

Since: Jan 09

Hersey, Michigan

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#13
Mar 30, 2009
 

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Well comrades, here's the hope and change you voted for...enjoy it and stop whining for the best is yet to come. Wait til he sticks his nicotine stained fingers into your private life. We'll all have government owned pay toilets in our homes before this is all over.
give me a break

Grand Rapids, MI

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#14
Mar 30, 2009
 

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Wow,now the President of the USA can fire ceos of corporations, we are in big trouble people. this is called socailisim and in a free country such as we used to have, the government does not fire leaders of american corporations. Where is the resposibility of the banks he is giving all that money to, they don't have to have a plan or get rid of their CEO. This is a very dangerous place we are going.
give me a break

Grand Rapids, MI

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#15
Mar 30, 2009
 

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Mad Taxpayer wrote:
In ploitico.com this morning you can read the offer the Government is giving GM. It will involve Cuts to both wages and benefits to bring them inline with the prevailing wages in America. About 1/2 to 1/3rd cuts to both wages and benefits should do it. Also plants must be shut down immeadiately instead of the dragged out plan the UAW wanted. At last Obama is showing some leadership and is taking the power away from the UAW and giving them an ultimatuim. The Government will guarantee warantees on all GM vehicles should they chose not to accept the offer and go into Bankruptcy. YOU GO OBAMA !!!
The government, the government, the government, are you listening to your self, do you really think the great Obama is going to save you, he only wants to control you, you give up your freedom you never get it back, being envious of someone who makes more than you will do you no good, and having the great one control everything in this country is going to destroy us as a nation, we'll be the next third world country. And if you believe the great one is going to warrent your car your just stupid.
cynical

Grand Rapids, MI

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#16
Mar 30, 2009
 

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That is fabulous. The Chosen One knows what's best for EVERYONE. Watch Wall Street drop today.
Trash Man

Lansing, MI

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#17
Mar 30, 2009
 

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You mean the govern,ent can't fix this? But they should be able to fix the health care thing.....right? And they should be able to fix the economy.....right? Any they should be able to tackle the Mid East thing.....right?
RAB

Ionia, MI

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#18
Mar 30, 2009
 

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Firts Obama forces out Rick Wagoner and now he denies them any additional bailout money. I'd say this was nothing more than a power trip. Sadly, neither GM or Chrysler will make it out of bankruptcy and the are both going to file chapter 11. Whether you agree or not with bailing out the automakers you have to ask why there is one set of standards for them and a completely different one for banks, insurance groups, etc.
Jack from GR

Grand Rapids, MI

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#19
Mar 30, 2009
 

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Why is it that Obama pushes TONS of money to AIG and other financial institutions without hoops...and then when it comes time to help the auto industry not only makes hoops but demands and then still won't provide assistance? The US has ridden the backs of the auto industry since the industrial revolution and now is unwilling to lend them money to get them through? They're asking for loans and the government's is in the roll of "lender of last resort" - where is are they suppose to turn for the amount of money they're talking? Plus they're asking for compartively very little. Does Washington realize how far their failure would impact this already bleak economy? It's more than just these companies - there are litterally thousands of suppliers and suppliers to those suppliers, etc... that would be devistated. I can't understand why Washington is so tough on one sector (auto) and so freely giving on another (fiancial).

“Disgruntled ”

Since: Apr 08

Wyoming MI

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#20
Mar 30, 2009
 

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Gettlefinger and the UAW can work better with the new (old CFO) CEO at GM. All this move by the White House means is that the unions will have a substantial say on where GM is heading. Obama is NOT turning his back on the Unions quite the opposite, he is giving them a leadership roll and will supply taxpayer money to insure their success.
Why Obama didn't just put Gettlefinger in charge is beyond me.
If you think the administration is not systematically/methodically taking over the financial markets in this country then you aren't paying attention.
I am amazed by so many folks not recognizing that history is repeating itself here, just not in Europe this time.
cynical

Grand Rapids, MI

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#21
Mar 30, 2009
 

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Jack from GR wrote:
Why is it that Obama pushes TONS of money to AIG and other financial institutions without hoops...and then when it comes time to help the auto industry not only makes hoops but demands and then still won't provide assistance? The US has ridden the backs of the auto industry since the industrial revolution and now is unwilling to lend them money to get them through? They're asking for loans and the government's is in the roll of "lender of last resort" - where is are they suppose to turn for the amount of money they're talking? Plus they're asking for compartively very little. Does Washington realize how far their failure would impact this already bleak economy? It's more than just these companies - there are litterally thousands of suppliers and suppliers to those suppliers, etc... that would be devistated. I can't understand why Washington is so tough on one sector (auto) and so freely giving on another (fiancial).
You do have a point, but you're on the wrong side. We shouldn't be bailing out BOTH industries, we should be letting them sink or swim on their own. We DON'T HAVE THE MONEY.

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