Chrysler president: Bailout 'is a necessity'

Posted: Wednesday, December 03, 2008 3:46 PM by Domenico Montanaro

From NBC’s Donna Inserra
New Carrollton, Md. -- Before a large gaggle of cameras and considerable foreign media, Chrysler President Jim Press continued his "whistle-stop" tour to drum up support for the auto bailout, or as they prefer to call it, help with financing and bridge loans.

A forceful Press spoke to dealers, workers and local businesspeople at an auto dealership here. On display were two prototypes of electric cars. Chrysler plans to have an electric car on the market in 2010.

Press said Chrysler was doing OK until the crisis in confidence and credit of the past 90 days. He suggested the loss of auto industry jobs could trigger a depression.

"Nobody's here because they want to be,” Press said. “This is a necessity."

"This isn't a business of a couple of people flying around in jets," he added. "By gosh, we're gonna win this."

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Comments

Common Citizen: We have no more money for bailouts!

Common Citizen (Sent Wednesday, December 03, 2008 4:05 PM)

It's always fun to have a multi-millionare, that has run his/her company into the ground, put a gun to your head and tell you to give him/her some more money.

Gun To Head (Sent Wednesday, December 03, 2008 4:07 PM)

I say that 2 out of the 3 auto giants should stay. We can keep ford. I say let GM fall! Leave Chrysler on life support. These auto giants have had years and years to catch up in the way that other countries are producing their cars. And now when they can't even come up with one logical idea on how to solve the situation on their out, they want a cry and a belly rub. Screw you Auto Industry. The only thing I feel bad for is all of the auto works that will end ups sufferning because of their CEO's stupidity!

Shera, Port Chester, NY (Sent Wednesday, December 03, 2008 4:09 PM)

I've already paid to bail-out Chrysler before in the 80's. Where did it get me?

Just say NO to GM, Ford, Chrysler bailout. Maybe this time when they re-structure, they'll be more mindful of sound business practices and not depend on taxpayer dollars to buy their lousy products.

Barbara Pfefferkorn, Dallas, TX (Sent Wednesday, December 03, 2008 4:09 PM)

Isn't in Congresses job to make sure that companies in this country don't get so big that they can't be allowed to fail? Or does doing so depend on the size of the political contribution check that the automakers deal out to the Congressional leaders?

No Bail Out (Sent Wednesday, December 03, 2008 4:10 PM)

Okay, bail them out, but I want a brand new Cadillac Escalade in my driveway by the weekend. Leave the keys in the mailbox.

J Deans, Mobile AL (Sent Wednesday, December 03, 2008 4:11 PM)

The CEO of Chrysler said, "Press said Chrysler was doing OK until the crisis in confidence and credit of the past 90 days."

Unfortunately this proves how out of touch he is with the real world. In addition, how could all 3 CEOs come to Washington last month without a business plan? Anyone who owns a business know that you must present a detailed business plan when requesting a loan. I think the fact that they came to DC without such a plan indicates why they're all terrible CEOs.

Robert, Trenton NJ (Sent Wednesday, December 03, 2008 4:12 PM)

So let see if we all got this straight. Chrysler, GM and Ford can't run their businesses to save their souls, and suddenly it's the taxpayer that needs to shovel more money at the problem?

Trouser Snake (Sent Wednesday, December 03, 2008 4:14 PM)

No more bailouts....ENOUGH!

Mia in Miami (Sent Wednesday, December 03, 2008 4:17 PM)

I’d hardly call Chrysler President Jim Press’s appearance a” whistle-stop" tour.

At least Chrysler is thinking of green technology and the ripple effect of jobs; which at the moment is an endangered class.

Beverly in Chicago (Sent Wednesday, December 03, 2008 4:17 PM)

Why not go to the banks for the money? Fill out a loan application like anyone else. Based on Fords, GMs, and Chyslers credit rating, I think they'll be able get a decent interest rate. Say, about 20%.

Mr. Money Bags (Sent Wednesday, December 03, 2008 4:20 PM)

Barbara

Chrysler paid us back for the "bailout". It was a loan then, it is a loan now. If i loan you money and you don't pay me back so i take your house from you is that a bailout for you?

P (Sent Wednesday, December 03, 2008 4:22 PM)

Provide a bridge loan ONLY on the following conditions:

1) Fire all three CEOs
2) Fire all senior executives and management
3) Install a government oversight board to re-structure labor agreements and dealership agreements in the US
4) Downsize all makes and models to fuel-efficient cars (at least 50 miles a gallon)
5) Maximum number of makes/models per company = 3

Fire All Auto Executives (Sent Wednesday, December 03, 2008 4:24 PM)

And WHY won;t they have a car on the market until 2010, one mught ask???? Because the same idiots begging for money today insisted on making big, gas guzzling SUV's instead of looking for alternatives. Poor management? Sorry, no money until they resign and replaced with competent management that can take the company into the future.

Diane from Illinois (Sent Wednesday, December 03, 2008 4:25 PM)

Ford has managed their money better than the other two, keep ford and tell the other two to kick rocks.

Arthur Dallas Tx (Sent Wednesday, December 03, 2008 4:27 PM)

I saw a commercial today where some auto executive was preaching to the choir about how we need to develop alternative vehicle options, and all I could do is think to myself ... how much money do you make, and this is just occurring to you now? Call me crazy, but it's tough to take the lesson seriously, coming as it does from the same ostriches whose heads have been in the same all these years.

Anna Molly (Sent Wednesday, December 03, 2008 4:33 PM)

Don't spend another dime. US auto makers don't use customer satisfaction ratings as does Toyota, they don't have a long-range strategy, and their engineering standards can't compare with Toyota and others. Let them declare bankrupcy and start from scratch.

Ken Driver, Yardley, Pa (Sent Wednesday, December 03, 2008 4:34 PM)

Keep in mind that these companies are a large portion of what little industry is left in this country. This LOAN would not be different from what their competititors home governments have done for their respective auto industries. With an already pathetic GDP, we have to do what we can to save these companies and help them become more economically viable. They all make some of the best cars in the world, but they (we) have to overcome the "american car stigma" that was born in the 80's. FYI, with out these companies and their manufacturing capabilities we wouldn't have won WWII (food for thought).

John Maley, Darnestown, MD (Sent Wednesday, December 03, 2008 4:41 PM)

Why should a private owned companys get to go to
the gov. to borrow money? Wouldn't that indicate that
if I own my company I can go and get a bridge,"NOT THAT ONE!" loan for my company?
sqwddr

Daniel C. Jamieson,Aberdeen,WA (Sent Wednesday, December 03, 2008 4:52 PM)

We had the opportunity to drive a new Impala as a rental this weekend.It was TERRIBLE!!!!! GM is so far behind even the most rubbernosed offerings of the rest of the world it should not be paid to continue. We'd all be better off and safer in somebody else's designs.

rodeo, ellensburg, wa (Sent Wednesday, December 03, 2008 5:02 PM)

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