 Federal government, Ontario agree on $3.3B auto bailout package The federal government and Ontario have reached a deal to offer a proportional aid package to Canada's auto industry if a proposed $14-billion US package is approved in Washington, Industry Minister Tony Clement said Friday.Commentsview comments in forum Page 1 You need to be a member of CKA and be logged into the site, to comment on news. |
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*On the spending thing, I thought this was simply a loan guarantee thingy. Am I wrong in assuming that?
My biggest concern is that we will dish out money only to see continued job loses. If the auto industry can't make the proper corrections to there long term business plans would we be better off directing these funds in another direction? To me that is the real question.
I'd like to know what preconditions are attached to bail out before I pass judgement on it.
http://watch.ctv.ca/news/latest/auto-ai ... clip121363
According to one report GM has about 100,000 employees in various parts of Canada including all the provinces, not just Ontario. Then you need to consider Chrysler and possibly Ford. Then there are all the parts, paint, repair, advertising, media, accountancy, lawyers, IT and computer companies, food businesses, electronic firms, and many others that are indirectly dependent on the auto industry in Canada.
If the big three go under, imagine the snowball effect. Complete stock market meltdown, millions in taxes disappeared resulting in higher taxes for all, Unemployment up to the 20% range with higher premiums being paid by all workers, huge government deficits to cope with the problems, social unrest with demonstrations, riots, and a possible increase in the crime rate, the housing market will degenerate with people walking away from high mortgages on houses that they can no longer afford and can't sell,....the list goes on and on and it will affect everyone no matter where you live in Canada.
So, taxpayers and governments it is the dilemma of bail-out now or face dire financial consequences that will be much worse for everyone.
absolute nonsense.. if they file chapter 11 they don't knock down the plants and toss everyone out of work. Ownership will change hands and accountability will finally come to the big 3(yes that means the CAW will have to accept pay cuts). Many analysts suggest that is better than a bailout.
brush up on some basic economic fundamentals and quit reading Union press releases as legitimate news sources.
Anybody who bets their industry is "too big to fail", deserves to fail.
I'm still waiting for the massive bailout for the mechanical typewritter industry.
Anybody who bets their industry is "too big to fail", deserves to fail.
oh Brother!!!