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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (672414)9/8/2012 12:46:49 AM
From: Don Hurst  Read Replies (1) of 1582860
 
>>"There is zero percent chance GM would have "gone out of business". ZERO. Chrysler was in worse shape, but neither was even about to be shut down and liquidated."<<

Are you on one of those planets Mormons get when they depart and just got raptured in early to be part of the advance team?

>>"What would have happened without the bailouts?

This is central to the election debate over the bailout. Mitt Romney claims that if GM and Chrysler Group had gone through a privately-financed bankruptcy process, they would have emerged even stronger than they are today.

But many auto industry experts, including the Obama administration's former car czar, Steven Rattner, a Democrat, and former GM Vice Chairman Bob Lutz, a Republican, say there was no private-sector financing available in 2009 and the bailout was the only way to keep the companies alive.

"He thinks we didn't try to borrow money from the banks?" Lutz told the Detroit Free Press in February. "The banks were even more broke than we were. Who had the money?"

Without financing during bankruptcy, GM and Chrysler would have had to go out of business, taking down many suppliers. That would have likely caused bankruptcies at the healthier automakers such Ford Motor ( F, Fortune 500), who would not have been able to get the parts they needed to build cars. That is why Ford went to Capitol Hill in late 2008 pushing for the rescue of its rivals.

The Center for Automotive Research, a well-respected Michigan think tank estimates that the bailout therefore saved 1.5 million U.S. jobs by keeping GM, Chrysler and the companies that depended on them in business."<<

You obviously do not know who Bob Lutz is nor have any idea of his politics.

money.cnn.com
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