Canada And Ontario Reach Multi-Billion Dollar Auto Industry Bailout Agreement

12-13-2008, 07:57 AM

It would appear the Canadian government understands the importance of the
Big3 much more then the American government does.

Canada And Ontario Reach Multi-Billion Dollar Auto Industry Bailout
Agreement
Friday December 12, 2008
CityNews.ca Staff

They couldn't reach an agreement in the U.S. but the federal and Ontario
governments here didn't have the same hard time riding to the rescue.

Federal Industry Minister Tony Clement has confirmed that the two ruling
bodies have agreed to pony up about $3.3 billion to help tide over the
struggling Big 3 auto makers north of the border. That's about 20 per cent
of the amount being discussed in the U.S.

The move comes even though the $14 billion deal down south hit a huge
roadblock during a vote just after midnight.

But the money, while welcome, comes with strings attached. It's contingent
on the U.S. finally being able to work out its own plan to help the auto
industry.

But what if the Americans don't reach an agreement? Will Canada be able to
act on its own? Clement thinks we will.

"I wouldn't close the door to doing something," he muses. "And certainly we
have an independent track where we are examining doing our due diligence
separate and apart from the U.S Congress. We are going to continue on that
track, nothing changes in that respect ..."

"And there are various aspects to the rescue ... some of which remains
relevant regardless of what [the] U.S. Congress does."

Clement explains that there's a different focus between the American efforts
and ours. They're looking at a long term plan and could take until the end
of March to implement it all.

Canada wants to act now. "The Americans are free to make their own decisions
but I think our decisions are the wisest for the industry and the wisest for
the taxpayer," Clement concludes.

The agreement comes after Prime Minister Stephen Harper and Premier Dalton
McGuinty met in Ottawa to finalize the idea. There are thousands of people
employed in the auto industry here and Ontario simply couldn't afford to let
so many positions disappear.

It's not yet clear what this means for the scheduled layoffs announced by
GM, which could see a large number of the company's plants idled for much of
January and part of February.

The company insists it has to cut inventory and shut down the facilities
after the failure of the bailout plan left it unable to afford to keep them
open.

http://www.citynews.ca/news/news_30072.aspx

12-13-2008, 05:30 PM

On Dec 13, 2:57*am, "80 Knight" <8...@knight.nospam.com> wrote:
> It would appear the Canadian government understands the importance of the
> Big3 much more then the American government does.
>
> Canada And Ontario Reach Multi-Billion Dollar Auto Industry Bailout
> Agreement
> Friday December 12, 2008
> CityNews.ca Staff
>
> They couldn't reach an agreement in the U.S. but the federal and Ontario
> governments here didn't have the same hard time riding to the rescue.
>
> Federal Industry Minister Tony Clement has confirmed that the two ruling
> bodies have agreed to pony up about $3.3 billion to help tide over the
> struggling Big 3 auto makers north of the border. That's about 20 per cent
> of the amount being discussed in the U.S.
>
> The move comes even though the $14 billion deal down south hit a huge
> roadblock during a vote just after midnight.
>
> But the money, while welcome, comes with strings attached. It's contingent
> on the U.S. finally being able to work out its own plan to help the auto
> industry.
>
> But what if the Americans don't reach an agreement? Will Canada be able to
> act on its own? Clement thinks we will.
>
> "I wouldn't close the door to doing something," he muses. "And certainly we
> have an independent track where we are examining doing our due diligence
> separate and apart from the U.S Congress. We are going to continue on that
> track, nothing changes in that respect ..."
>
> "And there are various aspects to the rescue ... some of which remains
> relevant regardless of what [the] U.S. Congress does."
>
> Clement explains that there's a different focus between the American efforts
> and ours. They're looking at a long term plan and could take until the end
> of March to implement it all.
>
> Canada wants to act now. "The Americans are free to make their own decisions
> but I think our decisions are the wisest for the industry and the wisest for
> the taxpayer," Clement concludes.
>
> The agreement comes after Prime Minister Stephen Harper and Premier Dalton
> McGuinty met in Ottawa to finalize the idea. There are thousands of people
> employed in the auto industry here and Ontario simply couldn't afford to let
> so many positions disappear.
>
> It's not yet clear what this means for the scheduled layoffs announced by
> GM, which could see a large number of the company's plants idled for muchof
> January and part of February.
>
> The company insists it has to cut inventory and shut down the facilities
> after the failure of the bailout plan left it unable to afford to keep them
> open.
>
> http://www.citynews.ca/news/news_30072.aspx

tax dollars wasted feeding the junkie

12-16-2008, 09:31 PM

"80 Knight" <80@knight.nospam.com> wrote in message

While we dont always agree, I enjoy your posts, and always find some value
in
them. We are not that far apart, in many ways.

I wish you and your family the best of Christmas joy and peace for the New
Year

12-17-2008, 01:31 AM

"HLS" <nospam@nospam.nix> wrote in message
news:NaV1l.6257$8_3.6184@flpi147.ffdc.sbc.com...
>
> "80 Knight" <80@knight.nospam.com> wrote in message
>
> While we dont always agree, I enjoy your posts, and always find some value
> in
> them. We are not that far apart, in many ways.

The way I think of it, is if everyone had the same opinion, and agreed with
everyone else, it would be a very boring world ;-)

> I wish you and your family the best of Christmas joy and peace for the New
> Year

Thanks HLS, I wish the same to you and your family. Have a great Christmas,
and watch out for Mr. Jack Daniels on New Years eve