A rumor rated as 'speculation' is one that has no supporting information
A rumor rated as 'strong' is one where we received information from more than one source.
A rumor rated as 'fact' is one that has proven to be true
A rumor rated as 'false' is one that has proven to be false based on new information
These rumors are just that, RUMORS, and are not to be taken as 'fact'
unless so noted. Please visit our Hot News page for news. If you have a rumor, or can supply
more information about one listed here,
e-mail us with as
much supporting information as possible and we may post it. User Agreement and Disclaimer.
Newer rumors supersede older ones of the same topic. Go to our
discuss any rumor.
Chrysler unlikely to survive, McCain calls Obama a Socialist
Senator John McCain, the race Grand Marshall, chats with media at Phoenix International Raceway, calling President Obama a Socialist
Christian Peterson/Getty Images
Arizona Sen. John McCain said Sunday that Chrysler Group LLC is unlikely to survive, despite receiving nearly $15 billion in government loans.
McCain, the 2008 Republican presidential candidate, reiterated his opposition to the $80 billion auto industry bailout begun by President George W. Bush last December.
"No, I don't think we ever should have bailed out Chrysler and General Motors," McCain said in Arizona, where he was serving as grand marshal of at the NASCAR Sprint Cup series race at the Phoenix International Raceway. "We should have let them go into bankruptcy, emerge and become viable corporations again."
Chrysler spokeswoman Shawn Morgan declined to comment on McCain's remarks.
Both GM and Chrysler underwent bankruptcy restructurings this summer, and have since emerged as new companies with healthier balance sheets.
McCain suggested the decision to inject billions into the automakers was because of the political clout of the United Auto Workers union -- and other unions.
"It was all about the unions. The unions didn't want to have their very generous contracts renegotiated so we put $80 billion into both General Motors and Chrysler, and anybody believes that Chrysler is going to survive, I'd like to meet them," McCain said. More at Detroit News
Copyright 1999-2014 | AutoRacing1 is an
independent internet online publication and is not affiliated with, sponsored by, or endorsed
by IndyCar, NASCAR, FIA, Sprint, or any other series sponsor.
This material may not be published, broadcast, or redistributed without