Hey automakers, you want some more money?

President Obama issued an ultimatum for carmakers Monday, saying that if they fail to meet new guidelines outlined by his cabinet they will not‚ receive‚ government aid and subsequently go under.

Obama said that carmakers like G.M. and Chrysler have come up with projections that do not qualify them to receive the billions of dollars for which they are asking.

“I am announcing that my administration will offer G.M.‚ and Chrysler a limited period of time to work with creditors, unions and other stakeholders to fundamentally restructure in a way that would justify an investment of additional tax dollars,” said Obama, according to the New York Times. He also said that he hopes this will give the American public more confidence in the long-term success of these automakers, which would ultimately save and reinstate thousands of jobs.

The Times reports that Obama has instated Edward Montgomery, the former labor secretary, to shepherd‚ recovery‚ the effort. The White House has already instructed Chrysler to partner with Italian manufacturer Fiat within 30 days; one of the conditions they must meet to receive more money.

Another one of the conditions of the ultimatum include tax breaks for people who buy cars before the end of the year, which act as an enticement for people to trade in older less-fuel efficient cars for newer, more fuel-efficient wheels. Also, the government will provide warrants on new cars so people are not afraid to purchase from G.M. or Chrysler.

And while Obama outlined his government’s control over the auto industry, he did stress that he feels it necessary for them to act on their own in the near future. “These companies “" and this industry “" must ultimately stand on their own, not as wards of the state” he said, according to the New York Times.

Obama made no mention of Ford, the third company in Detroit’s Big Three. They have not yet asked for any government assistance.

President Obama ordered treasury secretary Timothy Geithner Monday to take all legal action needed to stop the payment of nearly $165 million in bonuses handed out by AIG to its executives, according to IHT.

AIG, a company that is currently staying afloat only because of federal bailouts, announced the bonuses on Sunday. President Obama, CNN reports, called the action an “outrage” because AIG “is a corporation that finds itself in financial distress due to recklessness and greed.”

Over the past six months, AIG has received nearly $173 billion in government bailout money, which is provided by taxpayers. Obama spared AIG’s new CEO Edward Liddy of criticism, saying the contracts that led to these bonuses were drafted last year. Nevertheless, they should have been shredded.

Obama was visibly dismayed and angry at the press conference. “All across the country, there are people who are working hard and meeting their responsibilities every single day, without the benefit of government bailouts or multimillion-dollar bonuses. You’ve got a bunch of small-business people here who are struggling just to keep their credit line open,” he said, referencing the tough times faced by many working Americans.

Obama’s words have garnered support from other democrats as well. Connecticut Sen. Christopher Dodd noted in a written statement that other companies receiving federal bailouts have been ordered to forgo bonuses, and there is no reason that AIG should view themselves above this rule.

Obama also told reporters that he would work with Congress to change laws in an effort to ensure this would never occur again.

Currently, New York Attorney General Andrew Cuomo is trying to work with Liddy to find out who was set to receive these bonuses and if any of them have been paid. Cuomo ordered Liddy to surrender a list of potential bonus receivers by 4 p.m. Monday, saying that if he failed to receive them he would seize them by order of subpoenas.

“Covering up the details of these payments breeds further cynicism and distrust in our already shaken financial system,” said Cuomo, CNN reports.

What would you do with 700 billion dollars?

The 700 billion dollar bailout that the government is trying to get passed to save the economy is causing quite a stir from the people in the United States. Seven hundred billion dollars is a lot of money, and can do a lot of things.

So the real question is, what would you do with all that money?

That’s $700,000,000,000. Eleven zeroes.

Maybe look outside America, and think about how much $700 billion could do in Africa. There are approximately one billion people who live in Africa, which means, if the proposed US bailout was to be divided between every African citizen, each person would be $700 richer. Think about how much change that would make.

With $700 billion, you could buy up to 2.8 million decently priced islands. Islands! Hell, with $700 billion you could probably buy your own country.

I am not an economist. I don’t know the answer to our economical crisis. We say give the money to us and let us spend it.

So how about it? A professional sports team? A whole league? Cars? Real estate? Toys? What do you want most in the world?

Post your comments below, and let us know!

As the government prepares an economic bailout that could cust as much as $700 billion, one group calculates that American taxpayers and families will be left with the tab — despite what both candidates are saying about lowering taxes.

WashingtonWatch.com‚ says American taxpayers could be hit with $2,000 and families with $6,500 in extra costs from the bailout

“It is possible that the federal government will not expend all of those $700 billion, or even make some money back later,” said WashingtonWatch.com’s Jim Harper, “but I agree with those who call that possibility laughable.”

The blog cites the Resolution Trust Corporation, tasked with cleaning up the Savings and Loan mess years ago. The estimated cost of that crisis was $50 billion, but taxpayers ended up paying $124 billion before all was said and done.

“The bailout is plainly a sop to the financial services companies whose profits were privatized and whose losses will now be socialized,” said Harper. “Proponents say that it’s needed to prevent further financial catastrophe. Treasury Secretary Henry Paulson says that reforms will follow. It’s up to you whom you agree with and whom you believe.”

The draft legislation would raise the public debt limit to $11.3 trillion dollars. That’s $116,000 per family, or $37,000 per person, in governmental debt.