30 April 2009

That's funny... nobody's talkin' about...

..bailin' out Canadian farmers... and they produce stuff we all buy on a daily basis...

Chrysler will be in default of the loans if its auto production in Canada falls below the 20-per-cent threshold, meaning the federal and Ontario governments can demand repayment.
Yeah... like that's gonna happen.

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RELATED: Obama calls it a victory

Of course... it ain't comin' out of his bottom line...
Discussions between the U.S. Treasury Department and Chrysler's lenders were designed to reduce nearly $7 billion in secured debt, and avoid bankruptcy.

But in the end, 40 hedge funds that hold roughly 30 per cent of Chrysler's debt refused to budge, said auto industry analyst Dimitry Anastakis.

"They're owed about $7 billion in total and the government is saying you should take about $2 billion of the $7 billion that you're owed, and they're refusing to do so," he told CTV's Canada AM.
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12 comments:

JA Goneaux said...

Thanks for the meal
Here's a song that is real
From a kid from the city
To you

If you ate today, thank a farmer...

Brian said...

Ah yes ... a Chrysler bankruptcy should really help sales according to this 2005 poll!

If the car buyer sentiment is still valid today as it was in 2005 , Chrysler is probably in even more trouble ... even without the great Obama's "help" ... if 74% of the buyers shun a manufacturer in bankruptcy.


http://www.foxnews.com/story/0,2933,179821,00.html

" ... Consumers Won't Buy Car From Bankrupt Co.

Tuesday, December 27, 2005
CHICAGO — Nearly three-quarters of Americans wouldn't buy a car from a bankrupt company, according to a recent survey.

In a nationwide survey by the Cincinnati-based research firm Directions Research Inc. published Friday, only 26 percent of respondents said they would purchase or lease a new car from a manufacturer that had declared bankruptcy. ..."

Neo Conservative said...

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hey... if "the one" says it's true...

"U.S. President Barack Obama on Thursday congratulated Chrysler on reaching a deal with Fiat and deciding to seek bankruptcy protection, saying the moves will allow the automaker to 'not only survive, but thrive'." --

i wonder where he stands on santa & the easter bunny.

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JA Goneaux said...

I once asked one of your typical anti-capitalist loons from the Annex here in Toronto (a very common species there, what with the U of T, CBC executive types, etc.):

1) do you expect an auto worker to work for free?

No, of course not, he said.

2) do you expect an AIDS researcher to work for free?

No.

3) do you expect a janitor at the lab to work for free?

No.

4) then why do you want me, as an investor, to work for free?

Crickets...I tell you, crickets.

liberal supporter said...
This comment has been removed by a blog administrator.
Anonymous said...

About a year back i told someone about my Business Model that would also work well for GM and Chrysler along with GE,maytag,and Whirlpool because I'm venturing in to the Major Appliance business with a radical concept for a Kitchen item , and I'm going to use a completely new system for selling and delivering this item .

What i find very disturbing for canada is that almost every Company I contacted to help me with some of the parts that are similar to Auto parts made by Plastic, not one cared about my business with them nor seemed worried about the global crisis .

I wonder if Companies actually want to fail so they can feed of the Government hand-outs to employ people and then the Board Members just skim-off their obscene bonuses first to feather their nests in case the scam collapses.

Lets face it, Chrysler is dead because just today I heard the the Loans are at about 8% and must be paid back in 7 years.
Good luck with that because we all know that as soon a the first whiff of profit comes in we will see the CAW threaten a strike as if it's their money if they don't get their consessions back to 2008 levels.
We saw this Financial Terrorism be used in the past to threaten Bankruptcy if demands weren't met, but the CAW just doesn't get it....they won,they killed Chrysler and next is GM.
Good for the Unions, they killed the staff at the E.R. out of spite and now have a illness and infection that will slowly kill them as if that is some kind of Victory.

alexb said...

One to Two years from now Chrysler will be thrown under the bus.
It will turn out to be no fault of the "ONE"

Greg said...

The only thought that comes into my head with a joint ownership of a car company by government and the UAW is the famous Simpson's episode involving the Homermobile.

Neo Conservative said...

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good ol' liberal supporter... one minute he's kissin' up... the next minute he challenges you to a duel.

-- deleted --

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Rural and Right said...

Has anyone looked at a Fiat ... the saviour of Chrysler? Fiat's are completely un-American cars ...
I wouldn't be caught dead in a fiat 'panda', let alone any of their other compact death traps.

Behold the Fiat Nuovo Doblo! ... yes this is the change we were hoping for.

Philanthropist said...

If Obama/Chrysler/Autoworkers/GM etc get their way, we'll be paying fifty grand for a poorly built compact because there will be no other choice.

Neo Conservative said...

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does anybody imagine that these "loans" to the financial and auto sectors will ever be repaid?

this was a huge mistake that will eventually rank with the insanity of trudeau increasing the canadian national debt tenfold over the course of his uber-socialist reign.

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