If it’s Friday night…
…the government is giving someone somewhere a bailout. The Treasury Department announced tonight in a statement that Chrysler’s $4 billion loan went through. It’s the bridge loan to…more bridge loans.
Via AFP:
The US Treasury said it has finalized a 4-billion-dollar loan to troubled cash-strapped carmaker Chrysler.
“Treasury today finalized the loan transaction for Chrysler car company and funded the full amount of 4 billion dollars,” Brookly McLaughlin, a Treasury spokeswoman, said in a statement.
Chrysler Chairman and CEO Bob Nardelli said the loan would help the company “bridge the current financial crisis.”
“This initial loan will allow the Company to continue an orderly restructuring, while pursuing our vision to build the fuel-efficient, high-quality cars and trucks people want to buy, will enjoy driving and will want to buy again,” he added in a statement.
The loan is part of a 13.4-billion-dollar rescue package the US government approved in December for General Motors and Chrysler to stave off collapse amid tight credit and dismal sales.
The first segment of the bailout provides four billion dollars each to GM and to Chrysler, the smallest of the Big Three US automakers.
GM, the largest US automaker, was to receive an additional 5.4 billion dollars in mid-January and would be eligible for a further 4 billion dollars from February pending congressional action. Treasury has also provided six billion dollars in aid to GMAC, GM’s financial arm.
Under the agreement, the automakers will have to prove their viability by March 31 or the government could require the funds to be repaid within 30 days.
“The objective of this program is to prevent a significant disruption of the American automotive industry that poses a systemic risk to financial market stability and will have a negative effect on the real economy of the United States,” the Treasury said on its website Wednesday.
The Treasury added it would determine eligibility of participants in the program on a case-by-case basis.
“The Treasury added it would determine eligibility of participants in the program on a case-by-case basis.” In other words:
Eenie, meenie, minie moe.
One billion, two billion, three billion, fo’.
If the taxpayers holla, let ‘em roar.
Eenie, meenie, minie moe.

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More attempts to keep things quiet by Paulson and crew … the real bridge (loan) to nowhere …
Apparently Chrysler will be building Toyotas and Hondas.
Don’t worry. The Democrats will get all that bailout money back when they raise taxes on those evil corporations.
I know that many, many people who post here claim this nation needs a revolution. We need to understand that we have already had one.
The GOP and Democrats have usurped power and destroyed the limited constitutional government this nation once possessed. The constitution is, far from a “living document, a completely dead scrap of paper at this point.
I don’t know who or when or if we will ever restore the limited government that once made this nation unique among nations. I fear it will be a long and costly undertaking if it ever comes to pass.
very true.
not a chance. age follows age..and freedom is unusual in the history of this world…
That’s highly unlikely when in the next paragragh this is said:
The negative effect would be the billions of dollars being wasted on companies that are failing. Period!
Ya, right….
Yeah, that caught my eye too AG. My favorite part was:
Just who’s vision anyway? And how sure are they about buying there products are they?
I could be persuaded to have a vision too when spending $4 billion dollars. All you need to do is buy this snake oil I’m selling.
Well said.
Imho Obamas first term will focus on fixing the 2010 and 2012 elections and vastly increasing the size of government. When the dems win in 2012 all hell will break loose, in no sense of the word will we be able to call ourselve a ‘free’ socity.
Those who have paid close attention have seen the dems layout their strategic goal of socialism. Clintons nationalization of oil and healthcare. Polosie and Obamas nationalization of the big 3. Reids definition of patriotism as, giving daddy gov all your wealth. Obama declaring a open Marxist as him mentor and father figure. And much more.
Lets not allow ourselves to forget Freddie, Fannie, and Acorn.
When will the spending spree end?
Consumer spending has dropped continually since November. Smart people are saving their money in an effort to shore up their financial future. I know we are. In fact, we are doing our absolute best to minimize our debt; paying off a car loan early and reducing our credit card debt. We aren’t spending any more than we need to spend and if I were in the market for a vehicle, most assuredly wouldn’t be looking at any of the “Big 3″. So, we’ll prop up the UAW … anyone want to hypothesize about quickly they blow through 4-billion dollars?
There, that sounds better. That’s what I get for checking out the ‘Bama chearleaders!
Ever seen flash paper burn 30?
Poof! Gone!
How’s that for quick.
thats right now, today. we don’t need to wait.
Why didn’t they think of this years ago?
Now let me say that I drive a GMC truck. I enjoy driving it. It isn’t the most fuel efficient vehicle on the road, but it does provide me a certain amount of safety while out amongst these insane Memphis drivers.
Would I buy from GM again?
A history of vehicles:
GMC (this one)
Chevy truck
GMC truck
Ausin Metro (well, I was stationed in England)
Camero
Vega (yes, but I was in college)
Chevette
Oldsmobile Cutlass
It seems I buy American.
Since our hostess is in a poetic mood tonight I’ll add a little limerick to the thread …
Three automakers from Detroit
With business sense maladroit
Hearing of big bailout plans
They stuck out their empty hands
To be filled with funds to exploit
I just wonder what tall tale will be told then…
All they need now is a Super Bowl commercial to say thank you.
Good one DL.
Don’t think that could be improved upon, although, “along came a spider” popped into my head for some reason.
Must be my pessimistic view.
That would be after we get to see how wonderful those pickem up trucks perform in a desert driving through a fireball or outrunning a swinging hammer. Right?
Then again, for $4 billion they could buy up all the time just to say thank you.
Oops, they I go again. Sorry, my sarcasm is showing….
Are you sure about that? There may not be enough penance in this earthly kingdom to pay for the lies that would be told!
The spending spree will end when the whole house of cards collapses. From there:
Russia 1917
Germany 1933
China 1949
Cuba 1959
France every 18 months
America 1775
The choice is ours.
I’m not so sure about many things these days.
Yeah, same here.
When ever government removes the risk of failure by bailing out industries, they only insure more failure. If a company or an individual has no incentive to prosper they will only become weaker.
Now if the government takes over health care, it would seem logical that the overall health of the general public will decrease because they have no incentive to take care of themselves. Part of the reason people try to stay fit is because it is expensive to be sick.
Never have so many “wise” men made such foolish decisions with “other” peoples’ money.
I would trade all the Harvard and Yale grads for a few self made folks to take over and put this ship back on the right course. I can dream can’t I?
However, with the dumbing down of the general population, the allowing of a larger and larger portion of the general public fooling themselves into raiding the national treasury to benefit themselves to keep from working, elected officials who are stupid enough to obilge and allowing more and more people into this country who care more about themselves than furthering this country, etc., we may have to tear US apart and put it back together again. As well written about in the Declaration by Mr. Jefferson.
If they presently had the money and was able to pay, then they wouldn’t need our money.
And Middlefinger announces pay raises for UAW members in 3.2.1..
Isn’t this the Nero who fiddled at Home Depot while Lowe’s kicked his a$$ in market cap?
No surprise he would be busy rearranging the deck chairs on the Titanic.
Michelle, I’m laughing at your ditty so I won’t cry or throw my shoe. OY!!!
Can the government screw us anymore? Oh yes…Obama, Reid, and Pelosi will be in power.
*Chrysler will disappear in 2009, so of course, as expected, our money has been wasted.
This whole mess makes me want to buy a Toyota out of spite. That way at least I’d be supporting the American autoworkers who aren’t getting taxpayer bailouts because their companies and unions are incompetent.
Obama, Reid, Pelosi, Biden …
The Four Horsemen of the Apocalypse
I think it should be “Eenie Meenie Miney More.”
Time to guess how far they go and what will be the result.
Want to see soemthing funny? http://blog.chryslerllc.com/comment.do
The Chrysler blog, with the text of a “Thank You” ad that ran in the paper. (On our dime, of course.)
The comments are awesome. Note that there’s no email verification system in place for their registration process…
Jan 21st!
So when do I get bailed out, and if not, why not and should I get a discrimination attorney now or wait a week?
Obama’s first efforts at fixing things will be the 2010 election. Once that’s fixed then the 2012 election is in the bag. There will be no need for a 2016 election.
As a taxpayer, the portfolio of companies I own shares in is starting to look pretty impressive, Chrysler, GM, AIG, Citigroup…(still waiting on New York Times). Of course my portfolio is only worth something if any of those companies survive, we’ll see. Now, if I can just keep my porfolio out of the hands of Bernard Made-off.
BTW, when’s Made-off going to move out of his New York penthouse? I’ve already called a moving company and I’m wating to move in. I claim squatters rights on those digs. (What’s he going to do, have me thrown in jail for breaking the law?)
I WANT to buy an American vehicle to help the ever shrinking manufacturing base in this country. However, I dont want to support the corrupt unions. Too bad.
Nice catch BayState! I knew that name was familiar. Yes, Home Depot became a mess under his leadership. And look at this from Wikipedia:
“During his tenure at The Home Depot, Nardelli met President Bush at the White House in 2002 and was appointed to Bush’s Council on Service and Civic Participation (although he is no longer a member)….Nardelli also hosted a garden reception/fundraiser for Bush at his Atlanta home on May 20, 2004….”
And voila – bailout money!
BTW – the Wiki entry largely looks like Nardelli himself puffed it up.
It’s all about the unions. They have the real power there and the votes. They bark, congress jumps.
We sit on our money eventually they die.The unions votes are concentrated. Ours are broad. It is now a test of will.
I agree, tff. Jefferson, Franklin and the rest of the founders (even Hamilton with his views on fiscal policy being somewhat different than Jefferson’s), would be calling for a large ‘tea party’ at the nearest harbor and are probably
rollingspinning in their graves at this time.What else do you expect from our corruptocrats sneaking a deal like this through on a Friday night hoping no one will notice? Thanks again Michelle for sounding the clarion of truth as they try to smoke another one by we the people. I am still interested in how many pissed off taxpayers will bother to visit the dealerships of these failing companies and pay up for their inferior products. If anything we should be demanding our free cars, trucks, and SUVs after all we will have more than paid for them with interest should GM or Chrysler survive.
ΜΟΛΩΝ ΛΑΒE (mo-lone lah-veh) Translation: Come and take them!
I would like to know, under what PROVEN economic model are these jokers working under?
GEEESSS!!!!!!!!!!!!!
Boomer …
How about Congress gives every taxpayer a voucher for the purchase of a new American made car as our bailout?
Make that the way that the automakers get their bailout money … one car at a time … money to be paid by the government to the automakers when they submit the vouchers back to Congress for payment.
Has anyone in Congress made a monetary flow chart? How can we the tax payers have confidence in a plan without complete information. Our corporation are required by law to have their books open for inspection. Where is or governments open books?
WHERE IS OUR GOVERNMENTS TRANSPARENCY?
If FDR’s first two terms didn’t destroy us completely, I find it hard to believe this will end us.
I will say this… I will NEVER again purchase a new vehicle made by a UAW worker. Never.
On January 3rd, 2009 at 2:08 am, happy2behere said:
I WANT to buy an American vehicle to help the ever shrinking manufacturing base in this country. However, I dont want to support the corrupt unions. Too bad.
——–
Toyota makes a heck of a lot of cars in North America.
http://www.toyotatundra.com/about/our_business/operations/manufacturing/index.html
I’ve been very happy with my Tundra and a series of Camrys… just bought the newest in the series this summer…
Funny, a car company making a solid product in America that Americans like. I thought we couldn’t do that anymore…
Mew