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The Basement
Chrysler paid....
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<blockquote data-quote="John Roberts" data-source="post: 30933" data-attributes="member: 126"><p>Re: Chrysler paid....</p><p></p><p>I'm glad 80k were made happy, what about the millions of us? Some winners, indeed, but not all. </p><p></p><p>First before we confuse what the news item is about, Chrysler is not really retiring this debt, just borrowing a similar amount from somebody else to lower their interest rate. They were paying something like >10% to the government, way above market rates, because they were ummm bankrupt. The government still holds something like 8% equity, because even the government couldn't justify loans for the whole amount they needed. BTW UAW retirement owns 55% of Chrysler. The government actually owns more of GM at 26% but this is down from a high of 60% reduced by the public offering a few months ago. </p><p></p><p>Opinions vary. This bail out has certainly helped some interests. OTOH VW just opened a new factory in Chattanooga that will give them a low cost manufacturing base, and provide new employment for the good folks in TN. </p><p></p><p>I am also following the Government's interference with Boeing's attempt to open a new factory in SC. I sure hope Boeing doesn't just move the new factory to Canada or Mexico. This government advocacy for special interests is certainly not what I want them to focus on. Of course government gifts to big business is equally inappropriate. They need to get the hell out of all business, and stick to governing. [/rant]</p><p></p><p>JR</p></blockquote><p></p>
[QUOTE="John Roberts, post: 30933, member: 126"] Re: Chrysler paid.... I'm glad 80k were made happy, what about the millions of us? Some winners, indeed, but not all. First before we confuse what the news item is about, Chrysler is not really retiring this debt, just borrowing a similar amount from somebody else to lower their interest rate. They were paying something like >10% to the government, way above market rates, because they were ummm bankrupt. The government still holds something like 8% equity, because even the government couldn't justify loans for the whole amount they needed. BTW UAW retirement owns 55% of Chrysler. The government actually owns more of GM at 26% but this is down from a high of 60% reduced by the public offering a few months ago. Opinions vary. This bail out has certainly helped some interests. OTOH VW just opened a new factory in Chattanooga that will give them a low cost manufacturing base, and provide new employment for the good folks in TN. I am also following the Government's interference with Boeing's attempt to open a new factory in SC. I sure hope Boeing doesn't just move the new factory to Canada or Mexico. This government advocacy for special interests is certainly not what I want them to focus on. Of course government gifts to big business is equally inappropriate. They need to get the hell out of all business, and stick to governing. [/rant] JR [/QUOTE]
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