Tuesday, February 17, 2009

GM and Chrysler Crawl Back To Washington For More Handouts

Let them fail! Let the free-market run its course! Let one of them fail and between the winner and Ford, a stronger, more economically viable Auto Industry will prevail. Economic Darwinism. Survival of the fittest. It has worked for 233 years and it will continue to work if the government stays out of it!

Where is my bailout? Where is my free house? Oh, I forgot, I get $8 per week.

General Motors Corp (NYSE:GM - News) said on Tuesday it could need a total of up to $30 billion in U.S. government aid -- more than doubling its original aid -- and would run out of cash as soon as March without new federal funding.

The request for additional aid from the top U.S. automaker came in a restructuring plan GM submitted to U.S. officials on Tuesday.

Chrysler LLC on Tuesday told the U.S. government it needs even more taxpayer money to survive. General Motors is expected to do the same. Acknowledging that industry conditions are worse than expected when it made the case in December for a government bailout, Chrysler requested an additional $5 billion in government loans. It originally said it would need $3 billion more. The company had previously received $4 billion from the Treasury Department.


In related news, UAW workers continue to be overpaid, overcompensated and soon to be overunemployed.

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