• Dec 14, 2008
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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  • 38 Comments
      • 6 Years Ago
      Of course the big are considered domestic in Canada.
      Hell, be build a good portion of your "big 3" cars.

      The big 3 are north American companies.
      • 6 Years Ago
      Now that is what I call a good neighbor, thanks Canada you're a class act.
      • 6 Years Ago
      "Canada has its taxpayers' wallets on standby as well..."

      Old news...socialism is but a way of life for Canucks.
        • 6 Years Ago
        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...
        • 6 Years Ago
        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!
      • 6 Years Ago
      With 1 in 7 of Ontario's job either directly or indirectly connected to the auto industry, it makes sense for us to follow the Americans. It wouldn't make sense if the Canadian/Ontario governments threw in their lot without the US supporting their own...

      It's nice to know that the US still has a bone to throw to their auto industry, after all the pork Paulson poured in the trough for his Wall Street clique.

      BG
        • 6 Years Ago
        1000 internet-points to the first conspiracy nut to link the bailout with Canadian Oil, SUVs and big three viability.
      • 6 Years Ago
      I'm from Canada and I have to say it's fair that our government is chipping in. So much auto manufacturing goes on in the province of Ontario that if one of the Detroit 3 collapsed, we'd be in just as much trouble.

      http://www.investandtradeontario.com/software/brochures/automotive2pager.asp
      • 6 Years Ago
      I live in Canada, and I do not support this. Let's be realistic here, whatever money is thrown at them is a short term solution. Let them fail.
      • 6 Years Ago
      I have no problem giving them money if the UAW fails first.
      • 6 Years Ago
      If the bailout happens in Canada there will be a lot of angry people. There are other major industries in Canada that have been given no money and are now in dire straights. Forestry and Fisheries are two examples. The forestry industry has been in a downturn for quite some time now and have asked for something similar to this automotive bailout, but received nothing. This is very shaky ground for Canada and since most of the auto industry up here is on the East Coast the government is risking further alienation of the West Coast. At least nothing can happen up here because our parliament is shut down right now.
      • 6 Years Ago

      I have an idea. Why don't the big three simply move their HQ from Detroit to Windsor,Ontario and reincorporate themselves as Canadian companies?
      • 6 Years Ago
      $2,800,000,000 isn't that much but hey it should help. I appreciate Canada being a lot more helpful then the United States right now. Our Government is a piece sometimes.
      • 6 Years Ago
      Amazing what the Canadian government can do when you suspend Parliament so that the issue can't be debated, effectively making the Prime Minister a dictator. ;-)

      (and to make it clear to the more humour challenged among us, that's just a joke. No matter how true it actually is...)
      • 6 Years Ago
      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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