Canada mulls joint auto bailout with US

[OhioChick]

Source: Economic Times India

15 Nov 2008, 1141 hrs IST, IANS

TORONTO: Canada is mulling the possibility of a joint package with the US to bail out the sinking auto industry in the two countries.

Ontario and Quebec provinces of Canada serve as a manufacturing hub for American auto giants, creating thousands of jobs and pumping billions into the economy.

So interlinked is the auto industry in the US and Canada that during the assembly of vehicles some auto parts cross the border up to seven times before the vehicle is completed.

Though Ottawa has already announced a $450-million package for this sector, Industry Minister Tony Clement Friday said the government was also considering joint steps with the US to bail out this ailing industry.

He said he would visit Detroit next week to meet three US automakers and hold discussions with US leaders on the possibility of a joint bailout.


Read more: http://economictimes.indiatimes.com/International_Business/Canada_for_joint_auto_bailout_with_US/articleshow/3716329.cms

[ksimons]

1. gonna have to do better than 450 million

I like the idea floated about on RealTime - make the Oil Companies bail out the auto industry since they have been the ones that have been benefitting all this time. Makes sense.

[OhioChick]

2. Now, that's a good idea. n/t

[Posteritatis]

3. I like that

Also, keep in mind that there's fewer of us up here - $450M goes a lot further in Canada than it would in the US.

[JJ]

4. I suggested that the other day, sort of...

Bailout the auto industry, and pay for the bailout with a windfall profits tax on oil companies.

[EFerrari]

5. The Shock Doctrine lady said this morning that Bush is holding out

for passage of the Colombia Free Trade Agreement before bailing out anything. Is her name Klein? I get her confused with someone else.

[Earth Bound Misfit]

6. Yes, Naomi Klein

http://en.wikipedia.org/wiki/The_Shock_Doctrine

[jody]

7. I'm tired of politicians stealing my money to give to obscenely wealthy corporatists. n/t

[to2bene]

9. Chrysler Execs Getting Million $ Bonuses This Year

http://www.freep.com/article/20081113/BUSINESS01/311130002/1014 - Go to this link to read a disgusting article. These are the very people who have run Chrysler into the ground -- and they think they are the "talent" who deserve millions in bonuses?! So this where our tax dollar bailout money will go -- to inept auto executives.

[madrchsod]

8. Chrysler is owned by a canadian corporation

and like the others have manufacturing plants along with parts suppliers.