Ferrari Mailing List: Re: Motor City Christmas Card

[Steve Jenkins (steve]

As part-maker of the loan, I'm curious as to what is the collateral on the
loan?

I'm a fan of chapter 11 for the "big" three. It's doesn't mean they have to
go out of business - it means they have to re-organize, they have greater
ability to strong-arm the unions (don't get me started on unions - they were
necessary "back in the day" but have far outlived their necessity) and they
can restructure some of their debt. Airlines who've done it (United, Delta,
NWA) are all still alive and kicking. Of course, it didn't work for Aloha
Airlines - but staying in business is not the right of any organization,
it's a privilege afforded it by its customers.

SJ

-----Original Message-----
From: Lee S. Lingo [mailto:LeesCars [at] comcast.net] 
Sent: Sunday, December 14, 2008 9:25 AM
To: Steve Jenkins
Cc: 'The FerrariList'
Subject: Re: [Ferrari] Motor City Christmas Card

Yeah, this has been floating around for a month or so.  It's unfortunate
that it plays to the stereotype that the "Southern Senators" are claiming.
Sen.'s Bob Corker (TN), Mitch McConnell (KY), Jim Bunning (KY) and Richard
Shelby (AL) are some of the more outspoken leaders of the anti-American
sentiment where it pertains to the automotive industry.

I know that it's a lot of political posturing, but I find it unbelievable
that they are pushing out the US Auto makers and feel that they are in no
need of assistance just because they have some foreign auto manufacturer's
in their state.  Those manufacturers, Toyota, Honda, Hyundai, Nissan and
Mercedes-Benz chose those locations because of intense lobbying by those
states and the subsidies in taxes and such.  Those five manufacturers all
use parts vendors that also provide parts to the US auto makers.  If one or
more of the US auto makers go down, their inability to pay their vendors
will cause significant hardship, and most likely, closing of the vendors at
least temporarily should sufficient credit be available which will in turn
affect the foreign makers.  They're all tied together.

And I'm sick to death of the term bailout being bandied back and forth.
It's a bridge loan...

Sorry Charles, but this issue REALLY gets my goat.

Lee

-----Original Message-----
From: Charles Perry [mailto:charles [at] carolina-sound.com] 
Sent: Sunday, December 14, 2008 11:20 AM
To: Lee Lingo
Cc: The FerrariList
Subject: [Ferrari] Motor City Christmas Card


Amusing, in a sad way...

-- charles

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