PPVRA
Topic Author
Posts: 7878
Joined: Fri Nov 12, 2004 7:48 am

Next In The Bailout Line: Auto Parts Suppliers

Sat Feb 14, 2009 1:11 am



Quote:
Next in the bailout line: Auto parts suppliers

By TOM KRISHER and KEN THOMAS – 1 day ago

DETROIT (AP) — Saving the U.S. auto industry will take more than bailing out GM and Chrysler. It also hinges on companies like FormTech Industries, which employs just 440 people and forges steel for parts under the hoods of cars and trucks.

And now those suppliers are asking for a bailout of their own.

Two major parts supplier groups are expected to make a formal request as early as Friday for a government loan of up to $25.5 billion to stay afloat, putting the auto industry back at the front of the seemingly unending bailout line.

"You can't just provide support for the manufacturers, which I hope we do, and then see the suppliers go under," said Sen. Carl Levin, D-Mich. "It takes both parts to hold up the industry."

So far, federal help for the auto industry has been confined to General Motors Corp., Chrysler LLC and their financing arms. GM and Chrysler have to turn in plans by Tuesday showing the government how they plan to restructure and turn profits.

For the parts suppliers, which have been scraping by for years, the automakers' own efforts to survive by shutting down their assembly plants for long stretches have only made things worse.

In the coming weeks, the suppliers expect to see their revenue all but disappear.

http://www.google.com/hostednews/ap/...3Is75NgcdLeq984Q20D6HWKNQD96AA0202
"If goods do not cross borders, soldiers will" - Frederic Bastiat
 
Phoenix9
Posts: 2044
Joined: Tue Aug 28, 2007 8:25 pm

RE: Next In The Bailout Line: Auto Parts Suppliers

Sat Feb 14, 2009 1:35 am

I'm not surprised. As we get deeper and deeper into recession, the bailout lineup is going to keep growing. Hell...even the lady who gave birth to octuplets wants a bailout because of her $50000 debt.

We'll just have to wait and see how much money the govt. is willing to print.
Life only makes sense when you look at it backwards.
 
flybyguy
Posts: 1415
Joined: Sun Jun 27, 2004 12:52 pm

RE: Next In The Bailout Line: Auto Parts Suppliers

Sat Feb 14, 2009 2:04 am

 Yeah sure lord help us. At the end of the day... the people who really drive this economy... the middle class consumer... gets jack-squat. If I got even 1/3 of the money I paid in federal taxes last year I'd be in awesome shape now. Instead of giving people back money they earned... our illustrious socialistic government would rather give it to the CEOs of fat cat industries... who, by the way, are laying off people by the millions to spare their stock price the 2 buck drop this quarter.

Prez Obama... stop giving handouts to greedy companies to save jobs already on the cutting block... give us our damn money back instead!!!!!
"Are you a pretender... or a thoroughbred?!" - Professor Matt Miller
 
Pyrex
Posts: 4082
Joined: Thu Aug 25, 2005 7:24 am

RE: Next In The Bailout Line: Auto Parts Suppliers

Sat Feb 14, 2009 5:30 am

Just wait until the business jet manufacturers come asking for a bailout - I wonder what they will say then.
Read this very carefully, I shall write this only once!
 
PPVRA
Topic Author
Posts: 7878
Joined: Fri Nov 12, 2004 7:48 am

RE: Next In The Bailout Line: Auto Parts Suppliers

Sun Feb 15, 2009 9:09 pm

Quoting Pyrex (Reply 3):
Just wait until the business jet manufacturers come asking for a bailout - I wonder what they will say then.

LOL! I hope it happens, and that it gets at least as much press coverage as the Porn Bailout proposal had.

(although I really hope those companies will be ok)

[Edited 2009-02-15 13:10:16]
"If goods do not cross borders, soldiers will" - Frederic Bastiat

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