U.S. Government Ends Chrysler Investment With $1.3 Billion Loss

iVillage Member
Registered: 06-07-2011
U.S. Government Ends Chrysler Investment With $1.3 Billion Loss
22
Thu, 07-21-2011 - 7:43pm
Way to go Obama!

http://www.foxnews.com/politics/2011/07/21/us-government-ends-chrysler-investment/

The U.S government has sold its shares in Chrysler LLC at a likely loss of $1.3 billion in taxpayer money, the Treasury Department said Thursday, announcing the end of a controversial investment that resurrected the troubled auto company.

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iVillage Member
Registered: 02-05-2011
I wish we had let these companies go under, their valuable assets would have been purchased and could be creating new wealth with different management and workers.
iVillage Member
Registered: 03-03-2009
It was thought that jobs would be lost if the Big Three folded. For that reason, and that alone, bailouts were made by the BUSH administration. With all the jobs that have been outsourced to other nations, the concern was probably valid--your "new wealth" might have wound up in other countries, not the U.S.

I would also like to point out that lack of a reasonable energy policy did much to lull Detroit into thinking (as they did in the 1970's) that CAFE standards would enable them to continue producing guzzlers.

IMHO, Detroit has failed to learn from past mistakes......but that's equally true of the rest of the nation as well when it comes to energy consumption.

Jabberwocka

iVillage Member
Registered: 06-07-2011
(( For that reason, and that alone, bailouts were made by the BUSH administration.))

I believe the auto bailout was the doing of the Obama administration, no?
iVillage Member
Registered: 03-03-2009

No. http://detroit.about.com/od/bigthreebailout/a/auto_bailout.htm I find it droll that the conservatives have such selective and apparently, short, memories.

Jabberwocka

Avatar for xxxs
Community Leader
Registered: 01-25-2010

The TARP was a great mistake.

dragowoman

iVillage Member
Registered: 06-07-2011
(( I find it droll that the conservatives have such selective and apparently, short, memories.))

Droll? Short memories? Lol!!! Give me a break! You do realize that the auto industry got 80 billion right? Nice try though. ;)
iVillage Member
Registered: 03-03-2009
I'm not sure what the "nice try" is in aid of. BushCo started the bailouts and 13.4 billion is certainly nothing to sneeze at.

Frankly, there is plenty of room to fume at Detroit and I am no fan of their products. But considering the possible loss of jobs, a bailout made some sense.

Jabberwocka

iVillage Member
Registered: 03-03-2009
I disagree that CAFE standards "had nothing to do with it". Detroit made big bucks by manipulating and demanding exclusions to higher MPG requirements. They gave lipservice ONLY to more fuel efficient vehicles. 1970's deja vu all over again. When gas prices rose and drivers started looking for better energy choices, Detroit had virtually nothing to offer. And they did not foresee the belt-tightening which would make upscale and gas guzzling marques vulnerable; and basically affected new vehicle purchases by delaying many would-be customers.

I also disagree that conservation is "a waste of resources". In fact, it's the exact opposite--a call to use the resources currently in place with far more care and thought than we have done in the past. Relying on either fossil fuels (finite) or nuclear power (still dirty for thousands of years) is singularly short-sighted.

I believe a combination of conservation (which will necessarily involve ditching reliance on cheap oil) and development of renewable energy sources can be far more promising than many think.

BTW, I went to the Intersolar Conference in San Francisco earlier in the month and was able to see that there are plenty of innovators and products. They've come a long way since being nearly suffocated by status quo Big Oil.

Jabberwocka

Avatar for xxxs
Community Leader
Registered: 01-25-2010

We are going to disagree because economically cheap energy is one of the cornerstones of prosperity.

dragowoman

iVillage Member
Registered: 06-07-2011
To Jabbawocka

((Frankly, there is plenty of room to fume at Detroit ))

There is also plenty of room to fume at Obama for his poor investment decisions with our tax dollars. Not surprising to see a few liberals try to blame this one on Bush though....lol!

How lucky for Obama that no matter how poorly he performs as President, no matter how much worse he makes things, his liberal fringe base is blind to them. But, I hope those same liberals understand that Obama won the election because of the independent voters and as of now....he has pretty much lost them.

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