Bailout Watch 436: GM Withdraws Request for $2B Pre-Bailout Bailout
The Detroit News reports that GM told the Presidential Task Force on Autos (or at least the two guys who went to Detroit on a Volt junket) that the zombie automaker won’t be needing the previously requested $2B federal “advance.” GM requested the money last month to get them to the end of this month—when they’ll need another $16.6B federal “loan.” Oh, and please note that the $16.6B—on top of the $13.4B previously loaned, not including a share of the $25B Department of Energy retooling loans, or the $1B loan to prop-up GMAC—STILL includes the $2B that GM says they don’t need. You know, now. For another couple of weeks. Did I mention GM’s $2.6B request for April? Funny how all these billions get confused in my mind. So, how come the deferral? Bad planning? No, good! “This development reflects the acceleration of GM’s company-wide cost reduction efforts as well as pro-active deferrals of spending previously anticipated in January and February,” the automaker said in a statement. So, they’re cutting they’re way to prosperity. As if.
A politically-driven statement by GM, to be sure, skillfully released in the same week as the Volt $21B test drive by the Task Forcers. There's nothing to stop them now - from reaching deeper into your pocket. Does it matter when you refuse the last drink, but your BAC is already 0.30%? Just wondering.
So, is this good or not? Can I dream about a Camaro again? I noticed that cars.com has their fifth-gen Camaro configurator up, and I optioned it up to $36K with the stuff I want. Should I go back to my desires for a Camaro, or should I keep thinking about a Mustang?
@Ferrarimanf355: Camaro, Camaro, Camaro...I've driven both a fair amount-we have both at work and no one fights over the Mustang's keys. Although conversely, I have a 'Never buy version 1.0 of anything' kind of mindset about such things...I'm not saying, I'm just sayin'... Also...for about $1 Billion you could develop a new vehicle from the ground up.
Stu, First, I have to get a job, then my parents have to sell a house that's been on the market for months now before I think about getting a new car. By then, it'll probably be 2010. Of course, by then, GM may be out of business. Maybe I'll just stick to thinking about a Mustang. Or a 370Z. Dammit, I can't decide...