Auto Suppliers Want Us Government Bailout. It Was Only A Matter Of Time. Your Thoughts?
by Joseph Szczesny Joseph Szczesny – Sun Feb 1, 12:36 am ET
DETROIT, Michigan, (AFP) – Auto suppliers are preparing to head to Washington to ask for government help in surviving a deep slump in car sales that has slashed the production of new cars and trucks to the lowest level in a generation.
“We’re formulating our position and the scope of what a potential ask might be,” said David Andrea, vice president of Original Equipment Supplier Association, which is expected to handle the petition for the supplier companies.
Suppliers had already asked for help in November when Congress was considering a bailout of cash-strapped General Motors and Chrysler, who were granted 13.4 billion dollars in loans.
Since then, the situation has worsened as US production was slashed by 36 percent in December and is expected to be down even more in the first quarter after GM, Ford and Chrysler halted nearly all production in January. http://news.yahoo.com/s/afp/20090201/bs_…
Edit:
“We know the money is available,” Fisher said.
The list of companies cutting production also continues to grow.
Mitsubishi announced it was closing its assembly plant in Illinois until May and Nissan, Honda and Toyota have all ordered cuts in production at their US plants until they are reasonably sure that inventory won’t pile up on dealer lots.
Yeah, the money is growing on “trees” called the “American Tax Payer.”
December 18th, 2009 at 6:13 am
I’m not suprised. Congress don’t listen to their constituents…so what else is new? You know they will come asking for more and more. And congress will give it to them. The manufacturers got the bailouts. Now it’s the auto supplier’s turn…lol!
December 18th, 2009 at 6:13 am
Most Republicanoids want American manufacturing to be wiped out.
They ought to get the money, how can cars be built without parts? And it’s not their fault if the industry has been so seriously hurt by this recession.
The survival of American manufacturing is critical to our national defense. ∠°)
December 18th, 2009 at 6:13 am
Auto suppliers won’t get a bailout, or at least not a direct one. Know why? Because they don’t lobby congress, whereas the Big 3 and the UAW spent $50 million lobbying congress last year alone.
The Big 3 and the UAW were struggling, but so was nearly every manufacturing sector in the country. Only those that lobby congress have access to them. It is not as if the Big 3 and the UAW were unique in their struggle.
December 18th, 2009 at 6:13 am
“We know the money is available” HaHaHa. Quote of the year! Yeah its available alright. Just start the printing press and print more money. All this printing new money is going to lead to huge inflation in the coming years. This is an indirect way of stealing money right from hard working Americans pockets. Sure the gov’t might (big might) make money off these “loans” however, by that time inflation will have taken its toll and the profits made will be useless. Everything will be more expensive. So the average American will be poorer.
December 18th, 2009 at 6:13 am
No more Freakin Bailouts. None, Nada.
The US taxpayer does not have any more money.
We’re going to saddle our kids, grandkids, great-grandkids with
unbelievable debt.
Why is it so hard for the politicians to understand this.
Do they think they will all be dead before it’s time to pay the piper.
Damn – does anybody in Washington ever read these bills.
I Give UP !!!