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Report: Detroit Three bailout agreement reached

digg_url = "http://digg.com/business_finance/Detroit_Three_bailout_agreement_reached";

A group of bipartisan U.S. senators have reached a compromise on an auto loan agreement that will provide aid to General Motors, Ford, and Chrysler. News broke shortly after noon, as reported by CNBC and others. A press conference will be by the senators behind the deal at 2:30 p.m. EST to discuss the proposal. Shares of General Motors shot up 30 percent on the news. Shares of Ford rose even more sharply, up 40 percent.

Developing story… Stay tuned….


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11/20, 1:40 PM

posted by:

Architect

I’m very glad to see a compromise. Regardless of your position on the source of the problem, the failure of any (much less all) of the American automotive industry would be a disaster on too many levels to comprehend.

11/20, 1:49 PM

posted by:

johnnycanuck

Flash up those corporate jets, boys, you’re going to Disneyland!

11/20, 1:52 PM

posted by:

zeeck

well I told my parents to buy Ford shares, I sure hope they took my advice…
I hope the compromise actually works, it really depends on the consumer in the end, and they are in no shape to really help out in the near future

11/20, 1:57 PM

posted by:

tzu13

As long as the money goes towards saving their asses and not pampering them, I’ll be okay with another bailout.

11/20, 2:03 PM

posted by:

bolex

lol johnnycanuck….man those are idiots

11/20, 2:03 PM

posted by:

Lariat Luxury Locomotive Liner No.3

Short-lived jubilation; I guess it means those execs will be getting those holiday bonuses after all! Another burden blanketed onto the taxpayer to keep them warm throughout the holidays. Bailouts do not work. Welcome to America home of corporate welfare!

11/20, 2:05 PM

posted by:

Lawnchair88

I think president elect Obama voicing his interest in saving the US auto manufacturers and his picking a cabinet have a strange coincidence with a sudden change of heart on capitol hill.

11/20, 2:07 PM

posted by:

cskoeshall

More money out of my paycheck.

11/20, 2:10 PM

posted by:

Lariat Luxury Locomotive Liner No.3

Hooray for the red, white, and bailout (set to the tune of a marching band).
.
Give me your tired, your poor,
Your huddled corporate masses yearning to breathe free,
The wretched Big 3 of your teeming shore.
Send these, the fiscally incompetent, technology-tossed, to me:
I lift my lamp beside the golden bailout of US taxpayer dollars.

11/20, 2:12 PM

posted by:

jmstang66

about time

11/20, 2:14 PM

posted by:

howsmydriving

Chapter 11 might be a good thing. It would get the manufacturers out from under those dreaded UAW contracts.

11/20, 2:14 PM

posted by:

A4

thank god

11/20, 2:15 PM

posted by:

bauer100

researching this further….it still has to pass house and senate, and it would come for the already $25B set aside for retooling. it will have to be repaid despite what people here think.

11/20, 2:15 PM

posted by:

terk184

I have a question. I graduated college 32 years ago went to work and have always saved and invested a minimum of 10% of my paycheck ( I currently save about 24%). I bought and sold 3 houses all with conventional mortgages, and purchased all 3 homes based on 1/2 the amount I was told by the banks I could qualify for. I drove cars I could afford, paid cash and essentially drove them into the ground.
Now that my savings and home values have been decimated, through no fault of my own, who the F*&K is going to bail me out? Your thoughts please…

11/20, 2:17 PM

posted by:

kansei

howsmydriving: exactly why this is a very sad day for me. Let them Ch11, then bail out. Unions are the demise of this country. They were needing back in the early 20th century but now they are just a huge cash grab nuisance.

die unions die!

11/20, 2:18 PM

posted by:

Lariat Luxury Locomotive Liner No.3

@bauer100, and if they do not succeed who is there to repay said loans (read bailouts)?

11/20, 2:24 PM

posted by:

terk184

That’s an easy ? to answer Lariat, the taxpayers.

11/20, 2:28 PM

posted by:

cskoeshall

Why should we be responsible for the failures of others?

11/20, 2:33 PM

posted by:

Borat

I smell corporate bonus before Christmas and donation to DNC along with campaigns or participating patricians.

11/20, 2:35 PM

posted by:

Borat

Dear terk184,
You are fuked up. Congratulations.
Signed,
Senate

11/20, 2:36 PM

posted by:

Borat

BTW, terk184, am just as “success” as you are

11/20, 2:38 PM

posted by:

oldraven

Hey, LLLL#3, the bailout (LOAN) worked 30 years ago, and every penny was repaid, with interest.

11/20, 2:40 PM

posted by:

Lariat Luxury Locomotive Liner No.3

@oldraven, unfortunately, a lot has changed in the past three decades.

11/20, 2:50 PM

posted by:

Lariat Luxury Locomotive Liner No.3

Dammit, it this does go through then Wagoner has to at least cutoff that crappy comb-over. I mean hell, that action alone should be worth at five billion dollars of US taxpayers’ money don’t you think?

11/20, 2:56 PM

posted by:

terk184

Borat I like your thinkin’. Thanks, I feel much better now.

11/20, 3:01 PM

posted by:

dmlgc

I’m glad our nation is able to keep the execs and the unions living the lifestyle they have become accustomed to. Wonder who’s money the government will steal to pay for this.

11/20, 3:05 PM

posted by:

400horseSS

The slave/japanese staes are gonna be pissed, bye bye Ricky W

 
 
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