Wednesday, December 03, 2008

GM Bailout Plan...and the others too.

GM is out with their plan and critic's are already saying it will not work. In it GM vows to cut 31,000 jobs, close nine plants and rid themselves of 1,750 dealers.

GM hopes the plan will convince lawmakers to give it up to $18 billion from the government: $12 billion in loans, including $4 billion by the end of December, and a separate $6 billion line of credit in case market conditions worsen.

"Absent such assistance, the company will default in the near term, very likely precipitating a total collapse of the domestic industry," GM officials said, contending its collapse would have "a ripple effect that will have severe, long-term consequences to the U.S. economy."

Here is the rest of the story.


Good Luck and Good Currency Trading.



Blogger Mberenis said...

I think it's a great plan, and is needed very quickly. Bailouts are not always a bad thing, and if you look at past bailouts you'll see american's are already reaping the bennefit of them. I've been doing some research, and there's more grants and lower APR's out there now than before. Bailout is for you too!

3:16 AM  

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