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Thread: Warren Buffet says automakers need either bailout or bankruptcy

  1. #1
    Elite Member louiswinthorpe111's Avatar
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    Default Warren Buffet says automakers need either bailout or bankruptcy

    OMAHA, Neb. Billionaire investor Warren Buffett says U.S. automakers need a new business model to better compete, whether it takes bankruptcy or a government bailout to achieve.

    Buffett also says he would never serve as U.S. Treasury Secretary. The Berkshire Hathaway Inc. CEO is a member of President-elect Obama's Transition Economic Advisory Board.

    Buffett says any automaker bailout package should include a business solution, and be negotiated by the president, not Congress. Buffett spoke to Fox Business News in an interview scheduled to air Friday afternoon.

    Buffett says the government should insist top executives at Ford Motor Co., General Motors Corp. and Chrysler LLC invest a significant percentage of their own net worths in the Detroit-based companies, ensuring both executives and taxpayers would share in any profits or losses.

    Yahoo!

    As usual, Buffet is right. The automakers have needed a new business model for years. And, I hope the unions get it.

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    Elite Member chartreuse's Avatar
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    i love that bailouts are an option for huge corporations. hubby & i are considering opening a cafe/deli type of place & damn sure i wouldn't get any kind of gov't bailout help if we weren't making it. but, be a big corporation & you can run yourself out of business & then get money from the gov't to help fund the extravagant lifestyles of the corporate execs. it makes me want to scream & cry & pull my hair out. just another example of the little person getting fucked over while the gov't continues to cater to big business.
    white, black, puerto rican/everybody just a freakin'/good times were rollin'.


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    Elite Member McJag's Avatar
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    Quote Originally Posted by ang View Post
    i love that bailouts are an option for huge corporations. hubby & i are considering opening a cafe/deli type of place & damn sure i wouldn't get any kind of gov't bailout help if we weren't making it. but, be a big corporation & you can run yourself out of business & then get money from the gov't to help fund the extravagant lifestyles of the corporate execs. it makes me want to scream & cry & pull my hair out. just another example of the little person getting fucked over while the gov't continues to cater to big business.
    You know it! Let 'em sink.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

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    Elite Member kingcap72's Avatar
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    Got to agree with Buffet. The automakers can't keep expecting the taxpayers to bail them out, while they continue making a shitty product that people don't want to buy.

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    Elite Member Belinda's Avatar
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    Buffett says any automaker bailout package should include a business solution, and be negotiated by the president, not Congress.

    I agree that the president, ie Obama (not Dubya) should negotiate this as opposed to Congress, I hope Obama takes this advice.

    And where do the bailouts end if the automakers get help? Which industry will want a bailout next? It's ridiculous.

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    Elite Member Grimmlok's Avatar
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    Obama is already quietly crafting a pre-packaged bankruptcy legislation for them, mwahaha
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member B.C.'s Avatar
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    Quote Originally Posted by Grimmlok View Post
    Obama is already quietly crafting a pre-packaged bankruptcy legislation for them, mwahaha
    For what it's worth, not so according to this article

    Obama not eyeing prepackaged carmaker bankruptcies - Reuters - National Business News - Portfolio.com

    The UAW membership gave millions by way of a monthly donation of $9.00 a month to Obama to help elect him.

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    Elite Member McJag's Avatar
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    Quote Originally Posted by B.C. View Post
    For what it's worth, not so according to this article

    Obama not eyeing prepackaged carmaker bankruptcies - Reuters - National Business News - Portfolio.com

    The UAW membership gave millions by way of a monthly donation of $9.00 a month to Obama to help elect him.
    No guarantee that he will give them the time of day-the President can't be bought. He owes them-or any of us-nothing.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

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    Elite Member B.C.'s Avatar
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    Quote Originally Posted by B.C. View Post
    For what it's worth, not so according to this article

    Obama not eyeing prepackaged carmaker bankruptcies - Reuters - National Business News - Portfolio.com

    The UAW membership gave millions by way of a monthly donation of $9.00 a month to Obama to help elect him.
    Quote Originally Posted by McJag View Post
    No guarantee that he will give them the time of day-the President can't be bought. He owes them-or any of us-nothing.
    Not that I didn't realize that. He will give us the time of day because he realizes how many millions of jobs will go down if the US industry fails. I just thought I'd mention the UAW helps elect democrats. We put our money out there for the canidates that support the working class. I wasn't saying he can be bought and I certainly hope he can't but I don't think he's blowing the industry off like much of the country does. IMO he does owe the working class something, like keeping the country working. I voted for him and trust him to make a sound choice on whether to support the US industry/economy with a loan.

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    Elite Member Grimmlok's Avatar
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    Throwing more money at Detroit (like the last 50 billion times) won't solve anything. They'll just burn through it in a month and come whining for more. THe problem is at the top, as evidenced by all 3 of them flying in on their super fancy luxury jets for no fucking reason.

    Detroit is DYING from its own hubris and incompetence and expects a free handout again?

    Nuh uh.

    They need to rework their businessplan.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member celeb_2006's Avatar
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    I think what buffet said has already been said multiple times by various sources, except he's covering both ends.

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    Elite Member B.C.'s Avatar
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    Quote Originally Posted by Grimmlok View Post
    Throwing more money at Detroit (like the last 50 billion times) won't solve anything. They'll just burn through it in a month and come whining for more. THe problem is at the top, as evidenced by all 3 of them flying in on their super fancy luxury jets for no fucking reason.

    Detroit is DYING from its own hubris and incompetence and expects a free handout again?

    Nuh uh.

    They need to rework their businessplan.
    I don't recall a billion times that Washington threw money at Detroit. I know they gave Chrysler a loan once. I'm not being a smart ass when I ask when did Washington throw money at the US manufacturers a billion times? I'd like to know. I agree the jets that fly the CEO's around need to go. It's bullshit that they have them to begin with. It's kinda hard to make a plee when flying around the country at a huge expense to the company, not to mention the unbelievable salaries they recieve.

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    Elite Member celeb_2006's Avatar
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    Quote Originally Posted by McJag View Post
    No guarantee that he will give them the time of day-the President can't be bought. He owes them-or any of us-nothing.

    True there's no guarantees in this world but there's no way Obama, or anyone else for that matter, would snub the very people that helped support and elect him into office. Especially those in manufacturing jobs like the auto industry, they supported Obama and regardless of what the experts say he can't turn around and stab them in the back by letting the industry fail. He has to do something to help them even if it seems like it would be the wrong thing to do.

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