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A bill to rescue the troubled auto industry with $25 billion in emergency loans inched forward Friday when Majority Leader Harry Reid said the Senate will begin debate Monday and hold a test vote two days later. Supporters scrambled for votes to break an expected filibuster.
They expect to need 12 to 15 GOP votes to attach the measure to a $6 billion bill the House passed in October that would extend jobless benefits. So far, however, they had only one firm commitment, from Sen. George Voinovich of Ohio, a state with several auto plants and manufacturers of auto supplies.
"Right now, I don't think there are the votes" for the auto rescue, Sen. Chris Dodd, D-Conn., chairman of the Senate Banking, Housing and Urban Affairs Committee, said Thursday.
But Sen. Carl M. Levin, D-Mich., an architect of the carmaker aid, said he was "confident that there will be bipartisan support for legislation to support the U.S. auto industry."
Reid, D-Nev., rejected Dodd's suggestion to wait until next year when Democrats will have bigger majorities in the House and Senate as well as Barack Obama in the White House.
In a letter Friday to Sen. Mitch McConnell, R-Ky., the minority leader, Reid made a plea for the GOP to allow votes on the package next week.
McConnell has not taken a public position on the plan. He has called instead for a measure that would speed release of a separate $25 billion loan package for the carmakers, which was approved in September to help them develop fuel-efficient vehicles.
The White House backs that idea.
"We're seeing if they would be willing to accelerate loans for viable companies," Dana Perino, the White House press secretary, said of congressional Democrats.
In fact, Democrats are reluctant to do that, because it would mean removing restrictions on the money backed by environmental and consumer groups. Environmental groups, a key Democratic constituency, insist that any aid for the auto industry be tied to stricter clean-air rules and better fuel economy for their products.
Removing those limits from the $25 billion loan package approved in September "would be a huge bait and switch," said Ann Mesnikoff, director of the clean cars campaign at the Sierra Club.
The Democrats' new carmaker aid plan would carve out part of the $700 billion Wall Street bailout for loans to the three major U.S. auto companies. The measure would provide for the government to hold some kind of ownership stake in the companies for the duration of the loan to ensure that taxpayers shared in any gain and would ultimately be reimbursed.
Citing an economic downturn that has choked off sales and frozen credit, General Motors Corp., Ford Motor Co. and Chrysler LLC are lobbying feverishly for Congress to approve the aid,
With feelings still raw from the election and the public dismayed by the Wall Street rescue, the auto proposal remains a tough sell. Some Senate Republicans are skeptical the aid would lead to changes by the companies that could make them viable in the long run. But several states with Republican senators have Detroit Three auto factories.
"Spending billions of additional federal tax dollars with no promises to reform the root causes crippling automakers' competitiveness around the world is neither fair to taxpayers nor sound fiscal policy," House Republican Leader John Boehner of Ohio, said in announcing his opposition to the measure.
Supporters of the auto bailout are targeting lawmakers who represent states with auto plants and auto suppliers, as well as Republicans in states with high unemployment rates. McConnell's state is home to Ford and GM plants.
Sen. Kit Bond of Missouri, R-Mo., left open the possibility that he could be persuaded to back a carmaker rescue. "While I have real concerns with another taxpayer funded bailout, there are also thousands of workers in Missouri whose jobs are on the line so the devil will be in the details," Bond said in a statement.
Democrats would have no problem passing the bill in the House, where they have a much larger majority than the narrow 50-49 one they will have in the Senate once President-elect Barack Obama resigns on Monday. But Speaker Nancy Pelosi, D-Calif., has been reluctant to convene a formal session until she is sure the measure will pass the Senate.
Lawmakers in both houses will be in Washington next week to reorganize their leadership teams and committee assignments for the 111th Congress that will convene on Jan. 3.
The bill Democrats are writing would insert the government squarely into the car companies' operations. It would require that the companies submit a plan for long-term viability in exchange for the loans, share a portion of future profits with the government and reimburse taxpayers before any other shareholder, according to aides familiar with it.
"We certainly want to make sure that there's a plan how are you going to get out of this mess," said Sen. Charles E. Schumer, D-N.Y.
The car companies also would face tougher restrictions on pay for their executives and dividends for their shareholders than did the financial companies that got a piece of the original bailout.
___
Associated Press writers Andrew Taylor, Ken Thomas and Sam Hananel contributed to this report.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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 | Senate will debate $25 billion auto bill Monday | Associated Press | Fri Nov 14 | 130 |
| Big Three carmakers line up for another bailout | Associated Press | Fri Nov 14 | 66 |
 | Republicans move to block Big-3 bailout. | Bloomberg.com | Fri Nov 14 | 1 |
| Chances Dwindle on Bailout Plan for Automakers | The New York Times | Sat Nov 15 | 1 |
| Obama Asks Bush to Back Rescue of Automakers - washingtonpost.com | The Washington Post | Tue Nov 11 | 5 |
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{"commentId":4028690,"authorDomain":"travelbizcash"}
For Conservative republicans capitalism is their religion, and Reagan is their God !!
They worship at the altar of corporations, big business, capitalism at its finest, yet who has to bail out Wall street, the big 3 automakers, banks etc?? DEMOCRATS!! ( middle class taxpayers)
Than they call the Democrats those scary bad names ;) like LIBERAL SOCIALISTS....ewwwww be afraid be very afraid....
Ironic isn't it?
Republicans believe in smaller govt...aha...and less regulation...aha...thats what they had for 8 years and look where it got CAPITALISM, WALL STREET, BANKS !
Democrats and those middle class taxpayers have to bail out their greedy buddies so that the wealthy can than go back to "smaller govt" etc etc etc.
Oh and than they can call Democrats, socialists and the beat goes on.
{"commentId":4028690,"threadId":"416718","contentId":"2102902","authorDomain":"travelbizcash"}
- 1 vote
#1 - Wed Nov 12, 2008 6:52 AM EST{"commentId":4031045,"authorDomain":"darlynn1995"}
And, the beat goes on? First of all, the 60's are over man. Secondly, Reagan is not our God, but was one heck of a leader, orator, and he accomplished a lot in the world while he was president. The man is dead, have some respect!
Third, congratulations on your candidate being elected. That's great for you and hopefully, it will be great for all of us. I really do hope Obama is the greatest president of all time.
Lastly, I am a middle class taxpayer, my husband is Union and works for a school district and we are both republicans, so please don't lump us all in as democrats. Our taxes are bailing out these corps too. I think they should all have been allowed to fail personally. Now, we are going to give money to people going into forclosure, I wish I lived in a $300,000 house and got a bailout for being stupid enough to bite off more than I can chew. Where's my bailout? And, we are going to bailout the automotive industry too? Crazy!
{"commentId":4031045,"threadId":"416718","contentId":"2102902","authorDomain":"darlynn1995"}
- 1 vote
{"commentId":4031710,"authorDomain":"ispeedtoo"}
So you are saying that Democrats are only middle class. The Last time I check most wealthy entertainers I know over 16 are all Democrats. Most Californians in government are millionaires by world standards, now with the current financial situation this may not be true.
Harry Weed and Nancy Peelosee are both Multi- millionaires too! But you are right are yah!
Let them be Socialist and let's see how good they can make things!
PS I know for a fact the RNC is stupid, no make that brain dead!
{"commentId":4031710,"threadId":"416718","contentId":"2102902","authorDomain":"ispeedtoo"}
- 1 vote
{"commentId":4032578,"authorDomain":"pteasley"}
Amen. Us middle class workers will no longer be middle class once Obama's taxes start hitting those who make more than $100,000. I agree, let them take out bankruptcy.
Liberals are know saying GOD sent Obama to us to fix their mess. Yes the liberal mess that has created laws that are ruining America. In the next year we will see No drilling for Oil, Natural Gas, Coal refinaries will be shut down, no dams that create clean energy. These are the types of laws our wonderful Liberals have impossed on us.
I'm so excited about having to pay once again $4 per gallon, heating cost will sky rocket and we will once again have the opportunity to send billions to OPEC. And one more thing, the jobs that thes industries create will be covered by our wonderful new goverment. High Hitler.
{"commentId":4032578,"threadId":"416718","contentId":"2102902","authorDomain":"pteasley"}
- 2 votes
{"commentId":4045838,"authorDomain":"alteredest001"}
There is no shortage of oil. Drilling for more oil will not do anything except give the speculators something to speculate about. Some of the wealthiest people in northern Colorado have oil wells on their land and the Govt. and Oil companies pay them to NOT pump their oil. The oil shortage is all just smoke and mirrors. We paid $4 per gallon because the oil companies wanted to charge that much.
Now I will mention BUSH. Bush gave early SUV buyers a huge tax incentive to purchase these gas guzzlers. $25,000 anually to start, then wanted to raise it to $75,000. It was an effort to push the sales of Luxury American made SUVs. Looks to me like we already bailed these a-holes out in 2003.
Now I get to mention Hastert. Hastert was the House speaker prior to Pelossi. When the oil company CEOs were before Congress to answer to alegations of price gouging, several Senators entered motions to have these men sworn in. Hastert rejected every motion, ant the 'second's, and finally threatened to have the next mover(?) forcefully removed. This gave the CEOs carte blanc to say whatever they wanted. Hastert eventually found them inocent of wrong doing, taking any future congressional hearing off the table.
{"commentId":4045838,"threadId":"416718","contentId":"2102902","authorDomain":"alteredest001"}
- 1 vote
{"commentId":4029090,"authorDomain":"antnee142000"}
Wall street, banks and all your talking about are very recent events, all started by Freddie and Fannie . The last time I looked it was your Democrats who had and now have a majority in congress. In fact they could have passed the bailout without any help from the Rep. but were afraid to accept the blame. You want to blame this on greed on wall street, that is really lame. Greed has been on wall street since its inception. The economy was going strong until about the middle of 2006 when you stated hearing about a real estate bubble burst. Why was that? because of all the bad loans, you know the ones were all you needed to qualify was a pulse!!! Check your facts and you will see who made the policy so this could happen and it goes right back to your democratic congress which by the way took over in yes you guessed it 2006!!!!! Now they want to bail out the auto industry, not drill for oil just to name a few.
This is not what Americans want it is time for us to stand up and say quit spending our money and do what we want not what congress wants.Congress works for us!!!!!! Its time to write your congressperson and say do what the American people want or don't expect to get re-elected. 65% of Americans want to drill for oil, 74% of Americans were against the bailout and I'm sure polls will say were against all this bailouts and want congress to quit spending our money. We can stimulate our economy by creating jobs!!We can create jobs by drilling for oil and searching for alternative energy source not by giving everyone a handout!!!!!!!!!!!!!!!!
{"commentId":4029090,"threadId":"416718","contentId":"2102902","authorDomain":"antnee142000"}
- 1 vote
#2 - Wed Nov 12, 2008 8:02 AM EST{"commentId":4030450,"authorDomain":"emailiwontcheck"}
What ever happened to chapter 11 bankruptcy protection? Restructuring the company that is apparently "too big to fail"...
Sure the company will take a hit.. they took the risk.
Sure the creditors will take a hit... they took the risk.
Sure the stockholders will take a hit... they took the risk.
But why the hell should the American taxpayer cover the risk they didn't take? Honest question... what am i missing here?
{"commentId":4030450,"threadId":"416718","contentId":"2102902","authorDomain":"emailiwontcheck"}
- 3 votes
#3 - Wed Nov 12, 2008 10:00 AM EST{"commentId":4031803,"authorDomain":"ispeedtoo"}
Well the Congress knows better Common-Sense. They can make better sense than all the worlds financial thinkers and they will only destroy America in the process.
See what a great new favor the Democrat controled congress is doing the rest of the world.
{"commentId":4031803,"threadId":"416718","contentId":"2102902","authorDomain":"ispeedtoo"}
{"commentId":4033887,"authorDomain":"slewis999"}
Why file chapter 11 when your rich Uncle can loan you a few billion. Better for your stock, ie. stockholders, better for your job, ie. you wish to save you a** because you just f*&^ up and now don't want to be held accountable.
I am a conservative and I don't think the Government should bail any business out. However, since they insist on meddling, AT LEAST FIRE the idiots who are running these companies since the spinless board of directors refuse to. Oh yah! FIRE the board of directors too. They are just as incompetent as the management.
When employees are incompetent, we fire them, why should management and the BOD be any different.
I agree with you Common-Sense; too bad there isn't enough of it.
{"commentId":4033887,"threadId":"416718","contentId":"2102902","authorDomain":"slewis999"}
- 2 votes
{"commentId":4071506,"authorDomain":"lvstudiowest"}
How are the foreign auto companies ( that produce vehicles here ) faring in America at this time? I'm sure they have slowed but I haven't heard them using the word crisis yet. I think most Americans would agree that the big three have been mismanaged for many years. Any financial help they receive from taxpayers has got to be somehow tied to producing a more viable product in the future. The near future. It seems to me that one, if not all three, need an i-pod. A game changing product that can be so overwhelmingly embraced by consumers as to make the companies profitable again. Remember in Business 101 it all starts with a good widget!
{"commentId":4071506,"threadId":"416718","contentId":"2102902","authorDomain":"lvstudiowest"}
- 1 vote
{"commentId":4030539,"authorDomain":"alteredest001"}
It did not start with fanny and freddie, it started in 1998 when the REPUBLICAN Congress passed the deregulation of the banking industry. Then Clinton signed the bill and stated that this was a great day for America, ie. The greedy bastards can now be trusted. McCain and a few others, in 2005 warned that these things were going to happen. But the REPUBLICAN controlled Congress ignored their plees. In 2007 Obama and others restated the warning, but the DEMOCRAT Congress ignored their plees. Stop blaming everything on Congress of the last 2 years! This was purely a GROOP effort.
{"commentId":4030539,"threadId":"416718","contentId":"2102902","authorDomain":"alteredest001"}
- 3 votes
#4 - Wed Nov 12, 2008 10:07 AM EST{"commentId":4031457,"authorDomain":"pteasley"}
Before you bow to Obama and how he gave the alert, He's only been a Senator for Two years. There were many more who sounded the Alarm "McCain". We need to look at 2003 & 2004 when certain Demo crates stood before congress and stated that Fannie Mae & Freddie Mac were solvent and was running just fine. Those people were Maxine Waters, Barney Frank, Chuck Scummier, Chris Dodd and many more. But, there main response was Racism. Why is it that if you are a liberal or a Democrate, you seem to blame everyone else but your own party. As an Independent, we blame Bush for certain things, but anyone who tries to pin everything is not being truth full.
My thinking is this, in 4 years and we are worse off, will you still blame BUSH? Yes.
{"commentId":4031457,"threadId":"416718","contentId":"2102902","authorDomain":"pteasley"}
{"commentId":4045554,"authorDomain":"alteredest001"}
First off, I am not a Demo-nothin'. And I ain't no @!$%#in' liberal. It's pronounced LIB-ER-TER-IAN. If you had actually read what I wrote, then you would have noticed that I said it was a group effort. @!$%#s on both sides allowed this to happen. And not once did I mention Bush.
{"commentId":4045554,"threadId":"416718","contentId":"2102902","authorDomain":"alteredest001"}
- 1 vote
{"commentId":4031193,"authorDomain":"pteasley"}
Here we go again, Ms Nancy Pelosi is going to give millions to the Auto Industry. Ms Pelosi has bankrupted California and know she's on the move to bankrupt America. Money will not solve the auto industries problems. Congress and the environmentalist and the Unions have created this problem. Why is it that they can build cars in Europe that has 60 miles per gallon with diesel and we can't sell the same car here? Because certain people have force feed us that we are in Global warming. That's BULL.
We need to clean house on congress. As for the last 2-years of congress not being held responsible, they are the same idoits that will bankrupt us by giving everyone money. Who's going to pay back all this money. THE RICH.
{"commentId":4031193,"threadId":"416718","contentId":"2102902","authorDomain":"pteasley"}
- 1 vote
#5 - Wed Nov 12, 2008 10:44 AM EST{"commentId":4036778,"authorDomain":"darlynn1995"}
Down with Pelosi!
{"commentId":4036778,"threadId":"416718","contentId":"2102902","authorDomain":"darlynn1995"}
- 1 vote
{"commentId":4031290,"authorDomain":"banshee8989"}
GMs problems can be attributed to two root causes:
1) Management lacking vision. Their cars have generally been boring and unreliable, although there are a few standouts. Would you rather drive a Lexus or a Buick? But the 'Vettes are cool, and so are the new Cadillacs.
2) The death of the American dream of labor being a middle-class occupation. GM is the last holdout, and it is about to go down. That's what the union contracts and health plans are all about; giving line workers enough to fund a middle-class lifestyle. Analysts have been warning for years that labor-related costs are going to take down GM, and it is now happening, mostly because their competition doesn't need to. American companies cannot afford to pay their staff more than their (developed world) competitors and still compete. Labor and GM lose.
This has a direct impact on the cost of housing, and illustrates the folly of trying to maintain the cost of housing while allowing the cost of labor to fall. They are interrelated in the most fundamental way; workers must be able to pay for their housing with the money they earn at their factories.
The price of housing in America HAS to fall to the point where American workers can afford it, while earning no more than their foreign competitors. Bailing out one and not the other is a recipe for disaster.
A lot of people on here think there Ivory tower cant fall... but if everybodies is falling around you ... you are doomed. How many people does GM ,Ford, Dodge employ here is the US? maybe 250,000 . If 75 percent of thoese people get laid off.... HOLD ON.
{"commentId":4031290,"threadId":"416718","contentId":"2102902","authorDomain":"banshee8989"}
#6 - Wed Nov 12, 2008 10:50 AM EST{"commentId":4031511,"authorDomain":"pteasley"}
Unions do not set the standard of wages. We as workers do. The origianal father of the AFL stated that any goverment intervention makes lazy workers. It was the CIO with their communist views that have turned unions into what they once were.
The market dictates wages and when wages become out of line such as the Auto workers have. So, you are half right. Managment & Unions are the death of the Auto industry.
{"commentId":4031511,"threadId":"416718","contentId":"2102902","authorDomain":"pteasley"}
{"commentId":4045491,"authorDomain":"leonardcharles"}
I couldn't agree more... and disagree more
Keep the Unions and fire the lazy and dishonest.....
Living in an East coast city that at one time manufactured chaises and framing for all of the US car companies. I saw it..heard it...and couldn't believe it. They are all closed now with 10,000 jobs gone. Gone to South America machinery and all. Let me correct my self..one is still in operations with subcontract labor and new employees and renegotiated labor contracts. Minimal productions. Maybe 500 working. And I don't think they are making anything for the Auto Industry.
From the top down in conversations I would hear complaints about "Management" and wages and then hear guys plotting and bragging about how they were getting overtime at a rate of 45/dph and not even be in the plant. Three guys to sweep the same area of floor. Scrap metal and wire being sold off market in the millions by upper management, (some did get convicted) and hiring rates at 26/28 per hour. Talk about benefits...they didn't even have to buy a toothbrush for their kids. And this was 10 years ago.
The production of Improt cars is happining here on US soil and they seem to be doing just fine....but I do agree that too much profit and taxes are leaving.
We need the unions...but we need them to enforce and police their own. And it shouldn't take court arbitration to fire somebody who is lazy and dishonest. Period and Period again......
{"commentId":4045491,"threadId":"416718","contentId":"2102902","authorDomain":"leonardcharles"}
{"commentId":4031837,"authorDomain":"ispeedtoo"}
The American worker is about to reap the harvest set in place in the 1950s by the AFLCIO. People will not have credit to buy and no sales means no wages.
Have a great day!
{"commentId":4031837,"threadId":"416718","contentId":"2102902","authorDomain":"ispeedtoo"}
#7 - Wed Nov 12, 2008 11:23 AM EST{"commentId":4032494,"authorDomain":"pteasley"}
We will reap the awards all right. Over priced products, business shutting down and Union corruptions to the fullest. Hail Hoffa
{"commentId":4032494,"threadId":"416718","contentId":"2102902","authorDomain":"pteasley"}
{"commentId":4032423,"authorDomain":"doobopmd"}
It seems to me that the oil companies would have a vested interest in bailing out the auto makers
{"commentId":4032423,"threadId":"416718","contentId":"2102902","authorDomain":"doobopmd"}
#8 - Wed Nov 12, 2008 11:55 AM EST{"commentId":4032848,"authorDomain":"ruffwesley"}
I keep joking to collegues of mine, buy GM now!
{"commentId":4032848,"threadId":"416718","contentId":"2102902","authorDomain":"ruffwesley"}
#9 - Wed Nov 12, 2008 12:18 PM EST{"commentId":4032912,"authorDomain":"Blearc"}
This is the same arguement that Hoover made about their bailout package that FDR had to rework in order to make it beneficial.
There needs to be an office next to the GAO (Governmental Accountabilty Office) call the GHO Governmental Historical Office)
{"commentId":4032912,"threadId":"416718","contentId":"2102902","authorDomain":"Blearc"}
#10 - Wed Nov 12, 2008 12:21 PM EST{"commentId":4033507,"authorDomain":"lpwillham"}
One of the mistakes that Pelosi and Reid made in their "Haste" to create this crisis, that they, congress, would save us from, is that they gave Paulson almost exclusive authority to determine how monies would be allocated. Now they want to bail out the auto industry and Paulson isn't letting go of that money and Pelosi and Reid are mad.
America car manufactuters built the gas guzzling, crap cars that Americans wanted and couldn't afford, and they paid under-educated union laborers far more than they were worth to push buttons and build cars and give them cushy retirement plans driving up the cost of poorly built cars to a non competitive price and now whine that people are buying foreign cars that get better gas milage because they mis-read the market and paid their employees more than they should for the kind of work they do..
Pelosi and Reid now "owe" the unions for supporting Obama and Paulson isn't giving them what they want and they are stuck with him for at least two more months!
At least those unemployed autoworkers will probably have extended unemployement insurance under Obama
{"commentId":4033507,"threadId":"416718","contentId":"2102902","authorDomain":"lpwillham"}
- 1 vote
#11 - Wed Nov 12, 2008 12:50 PM EST{"commentId":4033576,"authorDomain":"Blearc"}
Pelosi and Reid did not create the haste of the crisis,
Now granted they're willingness to go on vacation was their downfall but it was Bush and Paulson that were telling us the world was going to end.
{"commentId":4033576,"threadId":"416718","contentId":"2102902","authorDomain":"Blearc"}
{"commentId":4033973,"authorDomain":"emailiwontcheck"}
America car manufactuters built the gas guzzling, crap cars that Americans wanted and couldn't afford, and they paid under-educated union laborers far more than they were worth to push buttons and build cars and give them cushy retirement plans driving up the cost of poorly built cars to a non competitive price and now whine that people are buying foreign cars that get better gas milage because they mis-read the market
Yes yes yes.
They should not be rewarded for having a faulty business model.
I disagree with the partisan nature that you've assigned to the crisis, but for the automakers current downfall, this quote summed it up quite nicely.
{"commentId":4033973,"threadId":"416718","contentId":"2102902","authorDomain":"emailiwontcheck"}
{"commentId":4034016,"authorDomain":"Blearc"}
The fault of the automakers goes way back before this current shift in public focus.
Planned obsolesence, I used to only buy Jeeps then I totalled one and lost a third of value in a year and a half. So I went and bought a Honda, same loss in value over the same period? umm a seventh. They figured greed was good, if we only make cars that last 100k miles max then we'll sell more cars.
In the short term mabye.
{"commentId":4034016,"threadId":"416718","contentId":"2102902","authorDomain":"Blearc"}
{"commentId":4034935,"authorDomain":"keavinkirby"}
I agree Blearc. It's only recently that GM has begun to improve it's cars and styling. For too many years they would build bland, cheap cars that didn't last and rusted easily. Now they're making innovative cars, but the legacy of crap is too deep. It may be too late to save.
{"commentId":4034935,"threadId":"416718","contentId":"2102902","authorDomain":"keavinkirby"}
{"commentId":4034140,"authorDomain":"danny-soapbox"}
You do realize that Paulson isn't releasing information about WHO is getting that bailout money, correct? (and he's being sued for violation of the Freedom of Information Act)
Or you don't know about the Treasury department opening about 400 billion ADDITIONAL dollars (beyond the bailout) to Banks?
We didn't break it. Why we're BUYING it is completely beyond me.
{"commentId":4034140,"threadId":"416718","contentId":"2102902","authorDomain":"danny-soapbox"}
#12 - Wed Nov 12, 2008 1:23 PM EST{"commentId":4034918,"authorDomain":"luckybaby2469"}
Treasury gave companies in control of banks big tax breaks costing over $140 billion that is a big no-no for them doing that.Not consulting Congress for them to debate on this tax break is going to cost taxpayers billions even more now.It's illegal to give them those tax breaks and these big companies get them while the taxpayers keep paying and paying.
The automakers need to get rid of the knuckleheads and find people with common sense of how to make all cars reliable and less gas guzzlers.You're talking about people who has worked hard and long in these companies that could lose their jobs and everything they own and worked hard for.If you're a Nascar fan like I am,this will affect them too in danger of losing GM and Ford as sponsors,plus Parts companies and others will be affected too.
The bailout has already given AIG $150 billion and the CEO refuses to step down.
The Amercian people are being screwed everyday paying more taxes to companies and people are losing their jobs,homes,life savings and more.
{"commentId":4034918,"threadId":"416718","contentId":"2102902","authorDomain":"luckybaby2469"}
- 1 vote
{"commentId":4035112,"authorDomain":"iliketuandapril"}
Yes!!!!!!!!!! Finally! A loan instead of a hand-out.
{"commentId":4035112,"threadId":"416718","contentId":"2102902","authorDomain":"iliketuandapril"}
#13 - Wed Nov 12, 2008 2:15 PM EST{"commentId":4035146,"authorDomain":"slewis999"}
Paulson, and for that matter Bush, can only spend what CONGRESS authorizes. If Pelosi and Reid gave Paulson a blank check, SHAME on them. They, CONGRESS, have the ultimate authority to spend and safeguard our, that's yours and mine, money. And neither party seems qualified to do both.
The only reason Pelosi and Reid gave Paulson a blank check, that I can conclude, is that when the perverbial S#*t hits the fan and the bailout fails they will run for cover and blame Paulson (who was dumb enough to not have congressional cover). Politics is not for the timid.
{"commentId":4035146,"threadId":"416718","contentId":"2102902","authorDomain":"slewis999"}
#14 - Wed Nov 12, 2008 2:17 PM EST{"commentId":4045568,"authorDomain":"leonardcharles"}
(who was dumb enough to not have congressional cover).
Steve...he has all the cover he needs...google 110th house of congress 1/08/2008; never mind I'll save you the time..... note the date
One Hundred Tenth Congress of the United States of America
AT THE SECOND SESSION
Begun and held at the City of Washington on Thursday,
the third day of January, two thousand and eight (1/03/08)
SEC. 2. PURPOSES.
The purposes of this Act are—
(1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States; and
(2) to ensure that such authority and such facilities are used in a manner that—
(A) protects home values, college funds, retirement accounts, and life savings;
(B) preserves homeownership and promotes jobs and economic growth;
(C) maximizes overall returns to the taxpayers of the United States; and
(D) provides public accountability for the exercise of such authority.
SEC. 101. PURCHASES OF TROUBLED ASSETS.
(a) OFFICES; AUTHORITY.—
(1) AUTHORITY.—The Secretary is authorized to establish the Troubled Asset Relief Program (or ‘‘TARP’’) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with this Act and the policies and procedures developed and.....
published by the Secretary.
{"commentId":4045568,"threadId":"416718","contentId":"2102902","authorDomain":"leonardcharles"}
- 1 vote
{"commentId":4035975,"authorDomain":"jdl-28"}
How many others are going to be asking for hand outs? the auto companies have made bad decision over the years and why should our tax dollars help them out. They did not help us out by building cars with bad gas mileages , low resell valve and over charges us. back in the 8)'s was was told to build cars and truck that would get better gas mileage and this is 08 and they have yet.
We can bailout every large corporation in this country but what if anything are they going to do for us, just like half of GM cars are build in Mexico so the American worker isn't getting jobs from GM are they many loss jobs when GM decided to manufacture their product in Mexico. If you own a business you need to manage it so you do not go under and should not expect the government to help you out for making bad decision and investment.
Who going to bail out the small business man or even you no one so what make the corporation so special nothing that I can see. They need to cut back on what they pay CEO's and learn how to have better production cutting cost that way not with tax payer money. Allow them to go under someone else will come in and take over. Maybe we have got to a point we have to many companies making cars we do not need how many model do you needs, save money and only build one or two model that will save money.
{"commentId":4035975,"threadId":"416718","contentId":"2102902","authorDomain":"jdl-28"}
#15 - Wed Nov 12, 2008 3:06 PM EST{"commentId":4036480,"authorDomain":"Blearc"}
I heard the green chili farmers are looking for a hand out as well
{"commentId":4036480,"threadId":"416718","contentId":"2102902","authorDomain":"Blearc"}
{"commentId":4036424,"authorDomain":"PippN"}
Here we go again. In the 70's we bailed them out when Japanese imports hit the market. Remember, "Buy American." We bailed out Chrysler a few years ago. Now the whole bunch is on our doorstep with a mouthful of gimme and a pocketful of I ani't got no. Other than making sure retirees are secure why keep throwing good money after bad? Could it be that American car makers keep producing a substandard product at inflated market prices? If we bail them out, they'll be back.
{"commentId":4036424,"threadId":"416718","contentId":"2102902","authorDomain":"PippN"}
- 1 vote
#16 - Wed Nov 12, 2008 3:29 PM EST{"commentId":4052639,"authorDomain":"a-p-jarrett"}
Can we get back to the subject of a bailout for US automakers?
NO BAILOUT FOR DETROIT!!! Yes, I intended to scream. How much more does the US taxpayer have to clean up?
Do we truly believe in capitalism and a free market society? Them why aren't we letting the market decide their fate?. Perhaps Detroit needs to do business a different way. There's no incentive to change if you're leveraged using someone else's dime.
NO MORE BAILOUTS! How about a bailout for taxpayers?
{"commentId":4052639,"threadId":"416718","contentId":"2102902","authorDomain":"a-p-jarrett"}
- 1 vote
#17 - Thu Nov 13, 2008 4:17 PM EST{"canLink":false,"threadId":"416718","isPrivate":false}
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