Originally Posted by rgrovr
GM is no where near out of the woods...............
The airline industry goes thru major bankruptcy...................
Or is anyone old enough here to remember the Chrysler debacle of 79 with Lee Iococca? The gov't stepped in there too and they still went thru Bankruptcy eventually..
Or how about this one.
Drowning in debt, in 1971 Lockheed (then the largest US defense contractor) asked the US Government for a loan guarantee, to avoid insolvency. The measure was hotly debated in the US Senate. The chief antagonist was Senator William Proxmire (D-Wis), the nemesis of Lockheed and its chairman, Daniel J. Haughton. Following a fierce debate, Vice President Spiro T. Agnew cast a tie-breaking vote in favor of the measure. Lockheed finished paying off the $1.4 billion loan in 1977, along with about $112.22 million in loan guarantee fees.
So the FEDs have stepped in before. But never like they did this time with GM and Chrysler. So many Dealers lost everything when they were forced to close and go out of business. Think of all of those employed at those dealerships that no longer could feed their families or make their house payments. Etc.