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| Re: Millennium debt deepens (161802) | |||
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Re: Millennium debt deepens |
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Posted by brightonr68 on Wed Aug 26 16:51:02 2009, in response to Re: Millennium debt deepens, posted by busdude2 on Wed Aug 26 16:32:20 2009. "Sorry we should not be giving money to any company. "The money was lent to the banks at a 5% interest rate. If you look at the facts it is the gov fault for the mess. It has been talked about(an article every six months since 2003 in the wall street journal) that private money was lending money to people who could not afford to repay it. The gov ignored it an in fact encourage fanny mae and freddy mack to increase the cap and lower standards. that is the truth. Research it and get back to me. The money was to make up for the mistakes the gov made to make it look like the economy was doing far better then it actually was. The shut hit the fan eventually. It always does As for the big three ans the gas guzzling SUV's. The UAW was one of the leading groups to lobby congress to allow SUV's for consumer purchases to have a far LOWER CAFE score than cars which was 28 mpg. this was to preserve the HIGH salaries and job banks(basically if the company did not need you to build cars they had to pay you your salary anyway) The UAW knew with the current contract the Big three could not sell cars at a profit. The big three did what they could to stay in business. The UAW contract put the big three at a cost diasadvantage of $3000 per vehicle. They could not comepete with toyota and honda on price. The margin on SUV's was big so they could make money on them |
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