NO BAILOUT. the futures are abysmal. going to be ugly...i buy if we hit 7700 on the dow

I'm so pissed. I'm pretty much all in long in the market and I was expecting the bailout to pass, ride the nice bump to 9300ish and dump and ride it all the way back to the 7's.

guess I missed the temp high

sigh

Blue Horse Shoe Loves Cdmalgee

edit: BTW, we could go wellllllll lower than 7700. I think we break through 7k this time. I should prolly just sell and take my loss. and then short

to me this is good news for companies like tesla and zenn, smallerish car companies with strong possibilites and this could increase their prospects for expansion with a shot at a larger market share.

I think no bailout is a good thing. They need to change the entire way they run their business.. Whats the point of giving them all that cash if they arent going to restructure.. Youll just have the same problem 4 years from now.

 

Originally Posted by AFink93

I think no bailout is a good thing. They need to change the entire way they run their business.. Whats the point of giving them all that cash if they arent going to restructure.. Youll just have the same problem 4 years from now.

they were going to do that with the bailout. they weren't getting the money for nothing. there was going to be significant changes. these auto companies had to jump through a lot more hoops than AIG etc. etc. and we gave AIG 150 billion. they spent 10 billion of our money just to cover bad trades. JUST TO COVER BAD TRADES

It's a shame that we've singled out the automakers the way we have and given a free pass to the banks and AIG. yet we wont give 14 billion to the auto companies. even if it just props them up for 3-6 months, it may be worth it.

tekiller doesn't mind the shit because he just doesn't care. admit it, if we went into chaotic anarchy, it wouldn't bother you one bit. but trust me, most people don't want that.

Blue Horse Shoe loves CDmalgee

 

Originally Posted by saxman

gov't wanted to create an "auto czar

my head just fucking exploded.

do i want anarchy? no
do i care? no
do i expect it? no
i find the humor in all of this, so whatever happens, meh

 

Originally Posted by emcee21

 

Originally Posted by saxman

gov't wanted to create an "auto czar

my head just fucking exploded.

you hadn't heard about that?

That being the case, I can't even take any pleasure in this. The senate rejected a bailout because it wasn't quite socialist enough for them. Sweet.

Well, thats the slippery slope when gov'ts get involved with bailing out public companies. There's no way in hell they should give taxpayer's money to public companies unless there are strings attached but those strings come at a cost of freedom to running their businesses. Dangerous waters imo.

You could also make a case that the gov't is to blame for a lot of these wild swings in the market. Markets react on news or the threat of news through speculation. By announcing a willingness to make money available, people begin speculating on stocks (who is going to get the money and how much). The markets can also freeze up in anticipation of forthcoming news (ie. bailout plans). Just my theory of course.

 

Originally Posted by The Worm

WASHINGTON (AP) -- A $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts. sorry, but I have to LOL here. Arent they basically saying No to a pay cut, but Yes to being unemplyed? If the bailout doesnt pass, then the big 3 should pretty much be toast in a few months no? The government is giving you tax payer dollars to stay afloat, but you wont except it because you wont take a pay cut (a pay cut that would put US auto workers in line woth Japanese Auto workers)? I didnt want a bailout for Automakers, cause I think its bad for the economy long term. Now I dont want it because of their ignorance.

Wages are in line. The big issue is retirees. If I was a UAW member I would be saying no as well. The days of labor paying for management's mistakes is over.

 

Originally Posted by Niceguy

 

Originally Posted by RichardHurtz

Wages are in line. The big issue is retirees. If I was a UAW member I would be saying no as well. The days of labor paying for management's mistakes is over.

so wait you are blaming management for this and not the labor union? seriously?

You can't really be serious if you think its labor that is to blame. The managment of GM are heros!

 

Originally Posted by RichardHurtz

 

Originally Posted by Niceguy

 

Originally Posted by RichardHurtz

Wages are in line. The big issue is retirees. If I was a UAW member I would be saying no as well. The days of labor paying for management's mistakes is over.

so wait you are blaming management for this and not the labor union? seriously?

You can't really be serious if you think its labor that is to blame. The managment of GM are heros!

They aren't heros but their hands are/were tied. Supply contracts dictating what cars they have to make, full retirement benefits for every employee, taking a 2000 dollar loss on every car they sell. Warren Buffet, Carlos Slim, and Bill Gates as the leadership of GM couldn't overcome that.

lol mupp

Chapter 7 would be the best option. Assets would be liquidated and put back into use and reemploy people. Perhaps GM could be divided up amongst other car makers. To view the end of GM as the end of the US economy is wrong. Its the new beginning IMO.

We should learn a lesson from Citibank, and GM. We need stronger Anti-trust laws in this country. Allowing corporations to grow so large thru mergers and acquisitions that you can't afford to let them fail is a mistake IMO.