Rippling over into the canadian auto industry

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    Dec 21, 2008 3:29 AM GMT
    Canadian auto industry gets bailout too

    Story Highlights
    •Government promises $4 billion to subsidiaries of U.S. automakers

    •Amount is 20 percent of loans President Bush promised GM, Chrysler

    •400,000 Ontario residents rely on auto industry, premier says

    •Loans "not a blank check," require changes, prime minister says

    http://www.cnn.com/2008/WORLD/americas/12/20/canada.auto.bailout/index.html
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    Dec 21, 2008 5:11 AM GMT
    I'm running low on york peppermint patty monies.. think I can get a bailout if I get into debt to Steve, the Circle K clerk?

    If I can't get anymore credit I'll have to knock over the Pack Ship & More or beat some little old ladies with a halibut to score..

    Oh noes!
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    Dec 21, 2008 7:32 AM GMT
    5464bailout.jpg
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    Dec 21, 2008 8:07 AM GMT
    ^^^

    Bailing out Wall Street: $700BN dollars

    Bailing out struggling homeowners: $0 dollars

    Bailing out a completely backward and leaden auto industry: Priceless (i.e., bankruptcy)
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    Dec 21, 2008 1:57 PM GMT
    It is scary how reliant Ontario is on the auto industry. And since I live in the province I am not sure I want to live through a time when we find out exactly how reliant. Supposedly the loans come with a lot of strings attached. It will be interesting to see what happens to the union members wages. Nobody is buying cars these days, and not just the so-called "Big 3" are struggling. Toyota is going to probably announce a loss for the first time ever this year.
  • Mikeylikesit

    Posts: 1021

    Dec 21, 2008 3:38 PM GMT
    ruck_us said^^^

    Bailing out Wall Street: $700BN dollars

    Bailing out struggling homeowners: $0 dollars

    Bailing out a completely backward and leaden auto industry: Priceless (i.e., bankruptcy)


    I am against any bail outs period!. Lets not all forget, These people all knew they where buying houses they cound never afford. With all these no doc verification loans , ect....I see no reason why responsible citizen should have to pay for other peoples bad mistakes!....Real estate was never designed for ALL people to own Period!. I been in the real estate industry for over 10 years. So i have seen it first hand. I knew somewthing would eventually have to give out! Now WE all pay the price. Gotta love it. Capitalism at its best!....Cant wait to see the "wealth being shared".....LOLicon_eek.gif
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    Dec 21, 2008 6:25 PM GMT
    So sad people can't look beyond the past decades when it comes to cars. Or beyond the Hummer.

    If I was in the market for a non hybrid/econobox the domestics pretty much take the top picks of every other class.

    CTS > > > > Acura/Lexus/Audi/Crapcedes
    Mailbu/Aura > Best fuel economy in mid/large sedan segment
    Corvette > > > > Everything else icon_cool.gif
    Cobalt SS > > > > Si/GTI/GLI/MS3/ (XRS is a joke....)
    F-150 > > > Truck market
    Traverse > > > Murano/Venza/Pilot/4 Runner

    And with a Fiesta/Mazda 2/1.4L Cruze/Fusion hybrid plus some other Euro models the American makers will really dominate in every segment. The Yaris and Fit are about to become dinosaurs when Chevy and Ford are offering F/I compacts that are faster AND get better fuel economy.

    And hopefully people start buying cars again soon too.... A market improvement coupled with universal heathcare (can't believe I'm saying that) could really level the playing field for automakers.
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    Dec 21, 2008 8:42 PM GMT
    When it comes to buying cars people purchase based on past experiences. Unfortunately until recently the experiences of purchasing the big 3 have not been positive. It may take years to regain the confidence of the buying public. And yes Universal health coverage would make the US automakers more competitive.