Filed under: Government/Legal
Canada to the rescue! (after U.S.)
With all signs pointing to White House action on an automaker bailout despite the the bill not making it out of the Senate last Thursday, Canada has its taxpayers' wallets on standby as well. Our neighbors to the north account for a 20% share of the auto industry, and both the federal and Ontario governments are ready to add a commensurate amount of money to the bailout pot if U.S. government action does take place. So, assuming President Bush instructs Henry Paulson, the recently-crowned King of All Our Money, to give Detroit $14B out of TARP to tide them over and keep the RenCen escalators running until this all officially becomes Obama's problem next month, look for an additional $2.8B or so to float across the Detroit River. Thanks for the tip, BrandleSmith![Source: Reuters]
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Reader Comments (Page 1 of 3)
MemphisNET 5:42PM (12/14/2008)
Fully support my Cnd. gov backing the Detroit 3.
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sw 7:40PM (12/14/2008)
That's good and well but I don't want to spend money on the big 3 out of my own wallet. I'm somewhat cynical about it and I'm sure my portion of the money will go to some exec's bonus and they'll treat themselves to oh I don't know, some crystal wine glasses.
I will probably never buy a product from the big 3 again if they have the audacity to reach into my wallet. I'll also attempt to change the government the next election around with my vote.
Sean 11:04PM (12/14/2008)
Are you never going to pay taxes again, or never go to any of the banks that got a bailout ten times (or more) than what these companies are getting?
tankd0g 3:33AM (12/15/2008)
Me too, if the big three are Magna, Bombardier and RIM.
sw 1:11PM (12/15/2008)
I'll gladly pay taxes to subsidize unemployment, social programs or humanitarian aid. I do not like the idea of subsidizing for profit organizations because they've failed to remain competitive. I'd rather see the US or Canadian govt. buy out the automakers. Much like how Amtrak was handled. If I'm paying the money I don't want it to go to an assembly line worker or ceo that get paid much much more than the industry average once the bottom line has been factored in.
Also, my personal bank did not require a bailout by the Canadian or US govt (BMO).
Randy 2:03PM (12/15/2008)
@SW
Don't you think they already have Crystal wine glasses? (oxy moron by the way and it's not your doing)... Anyway! I'm sure all the non supporters have already pointed out all the wonderful things that the execs are going to buy with bailout money!
Let's get something straight!
A. It's not a bailout! It's a loan!
B: If it doesn't happen the ENTIRE US economy will TANK quicker than a Pontiac Aztek!
C: The money will be paid back.
D: It keeps everyone working.
In all there is way more good than bad.
If you're so worried about 15 billion. Remember that between now and the new year we'll spend 10 Billion to be in Iraq! Who's that helping!
So please. for the Love of Henry Ford, get behind this thing and be part of a solution instead of being like anchor on a row boat! Okay?
Kotse 5:48PM (12/14/2008)
"Canada has its taxpayers' wallets on standby as well..."
Old news...socialism is but a way of life for Canucks.
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GenoMalice 7:32PM (12/14/2008)
In Canada... the first question our health care administers ask is NOT if I have insurance .. We just go for any damn reason and flash our Health Card (OHIP in Ontario). If Socialism brought me this, then dammit, Socialism FTW!
416Hammy 11:08AM (12/15/2008)
I love how some Americans think of Socialism as a bad thing, like it's a slippery-slope on the way to Communism.
Too much CNN will do that to you, I guess...
MajorGeek 5:52PM (12/14/2008)
I might be off, but here has been my thoughts on this; I would also love to see some Mexico numbers, how many employed, how many cars built there and so on. As I have said before my 2 main issues with this bailout is that these companies need to make themselves profitable and that many jobs were moved out of the country devastating some places, mainly Flint Michigan. We can debate the reasons for this, but it does not change the fact that so many American jobs were shipped out and now they want the American taxpayer to assist them. Im glad the bill was stopped, we need to stop printing money and people need to start taking responsibility, from the average homeowner to the CEO of a big 3 company. Its going to hurt, but a lesson needs to be gotten here or we are in deep shit.
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JDC 6:36PM (12/14/2008)
Make Wall St. pay Detroit since they are the reason we are all in
this mess. The Big 3 were making the changes they needed until the
credit crisis collapsed the economy. This accelerated Detroit's
issues causing them to request a loan until the economy returns.
Those in Wall St. are repsonsible and should be sent to a "Maximum pound me
in the a** prison"!
MoeJoe 5:53PM (12/14/2008)
Yup, you gotta love it.
Free health care and money for all companies that fail to succeed.
I do support the bailout though.
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Sid 6:03PM (12/14/2008)
I support this as well.
MoeJoe - So would you say Toyota is a failing company? Because...after all, the Japanese government gives them all sorts of financial support and practices protectionism.
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tankd0g 3:33AM (12/15/2008)
Are they asking Canada for $6.8 billion dollars?
JDC 6:04PM (12/14/2008)
Canada is on board for saving jobs and building the future of the automobile industry. Will the U.S.A. get on board to saving its own?
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scott 6:39PM (12/14/2008)
Probably not....we eat our own here.
Andrew 6:06PM (12/14/2008)
I love the US and Canada, but seriously, maybe the US government should quit screwing around and get this over with. Approve a damn fund for the automakers so that we don't have to keep hearing about this EVERYWHERE. Yes, it's a problem, yes it's expensive, now get over it. The war was expensive, the financial bailout was expensive...and so will be the auto bailout. Welcome to the newest recession, now pump some money into the system to keep it going. Canada gets it, what's taking the Americans so long?
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MoeJoe 6:07PM (12/14/2008)
You are right Sid, I wish the US and Canadian government would practice protectionism.
Spot on JDC.
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JDC 6:48PM (12/14/2008)
Thanks!
BTW - I am not for protectionism, but Fair Trade would be a good start. I guess some would say that is protectionism in the circles negatively affected by it being "Fair" and not "Free".
Sid 6:50PM (12/14/2008)
I know what you mean JDC. Fair trade is indeed the best option. But you can't be the only guy practicing the 'Fair' part.