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Obama: Auto industry collapse would be 'a disaster' (Obama displays his business ignorance)
cnn ^ | 11/16/2008 | cnn

Posted on 11/16/2008 4:43:03 PM PST by tobyhill

The potential collapse of the auto industry would be "a disaster" amid today's economic crisis, President-elect Barack Obama told CBS' "60 Minutes" in a wide-ranging interview airing Sunday.

"It's my belief that we need to provide assistance to the auto industry," Obama tells veteran correspondent Steve Kroft, according to excerpts released by CBS. "But I think that it can't be a blank check."

The Senate is expected to vote this week on emergency loans to the auto industry, though the measure faces strong opposition from many Republicans.

The bill would authorize loans to the auto industry from the Treasury Department's $700 billion fund to bail out the financial services industry.

Detroit auto executives are scheduled to plead their case in public hearings in the House and Senate.

(Excerpt) Read more at cnn.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS: 110th; automakers; bailouts; bho2008; obamanomics; shariahfinance
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1 posted on 11/16/2008 4:43:03 PM PST by tobyhill
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To: tobyhill

We are so screwed.


2 posted on 11/16/2008 4:44:13 PM PST by Crazieman (Feb 7, 2008 http://www.freerepublic.com/focus/f-news/1966675/posts?page=28#28)
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To: tobyhill

Should our government bail out the auto industry and not let them reap the consequences of bad business practices by having them take backrupcty, I will never purchase another American made car by any of the big three!


3 posted on 11/16/2008 4:45:14 PM PST by missanne (If we lost the war in Iraq, who won?)
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To: tobyhill

This is ridiculous. The only thing that can “bail-out” the Big Three is building great cars at great prices so people will buy them. It’s too late for that.


4 posted on 11/16/2008 4:47:12 PM PST by NoControllingLegalAuthority ((Barack Obama...stuck on stupid and idle as the world races by him like a bullet train...)
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To: tobyhill

Obama owes the unions; clear and simple.


5 posted on 11/16/2008 4:48:46 PM PST by Wisconsinlady
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To: tobyhill

30 As a very important source of strength and security, cherish public credit. One method of preserving it is, to use it as sparingly as possible; avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts, which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen, which we ourselves ought to bear. The execution of these maxims belongs to your representatives, but it is necessary that public opinion should cooperate. To facilitate to them the performance of their duty, it is essential that you should practically bear in mind, that towards the payment of debts there must be Revenue; that to have Revenue there must be taxes; that no taxes can be devised, which are not more or less inconvenient and unpleasant; that the intrinsic embarrassment, inseparable from the selection of the proper objects (which is always a choice of difficulties), ought to be a decisive motive for a candid construction of the conduct of the government in making it, and for a spirit of acquiescence in the measures for obtaining revenue, which the public exigencies may at any time dictate.

George Washington’s Farewell address, Paragraph 30


6 posted on 11/16/2008 4:49:54 PM PST by missanne (If we lost the war in Iraq, who won?)
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To: Wisconsinlady

You’re so right!! A blind man can see it.


7 posted on 11/16/2008 4:50:41 PM PST by missanne (If we lost the war in Iraq, who won?)
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To: Crazieman

We need to start getting the word out that unions spent more than $400 million to elect Obama. The people need to know why Obama wants to rescue this industry.

Post anywhere you can to get this word out to the sheeple.


8 posted on 11/16/2008 4:52:44 PM PST by Kenny
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To: NoControllingLegalAuthority
As dealerships fall out because of continual bad business without consequences there will be fewer shops that can honor warranty work. The only thing that can save them now is bankruptcy and it allows them to renegotiate some contracts that are hurting them.
9 posted on 11/16/2008 4:53:03 PM PST by tobyhill (No Honeymoon For Obama. Free Obama Bashing 24/7)
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To: Crazieman; ladyvet; freekitty; Piquaboy; SouthTexas; Howie66; flat; Free ThinkerNY; PhiKapMom; ...

We’re living a National Lampoon movie only this one could end in disaster for all of us. The Muslim Messiah is putting a Who’s Who collection of Liberal morons in our government. Meanwhile, our children and grandchildren’s future is more in doubt by the hour.


10 posted on 11/16/2008 4:53:37 PM PST by ExTexasRedhead
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To: Wisconsinlady

Your comment is all anyone needs to know to understand why Obama thinks it would be a disaster for the Big 3 to fail.


11 posted on 11/16/2008 4:53:40 PM PST by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
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To: tobyhill
Payoff to the UAW.

No lobbyists in my administration. Yuck, yuck.

12 posted on 11/16/2008 4:54:16 PM PST by jwalsh07
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To: Wisconsinlady
$25 billion for all three won't even touch their true debt obligations. That $25 billion is sure to grow 10 fold.
13 posted on 11/16/2008 4:55:22 PM PST by tobyhill (No Honeymoon For Obama. Free Obama Bashing 24/7)
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To: Wisconsinlady

Obama owes the unions; plain and simple

Exactomundo! The Pubs better not cave on this. The unions screwed us big time, so we don’t owe them a thing. Besides, $25 billion has already been approved as a loan. Congress just has to dole out the cash.


14 posted on 11/16/2008 4:56:14 PM PST by twoputt
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To: tobyhill

GM is burning through a billion a month alone.


15 posted on 11/16/2008 4:57:13 PM PST by jwalsh07
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To: tobyhill

Obama isn’t showing his business ignorance, he’s just paying back those that help elect him...


16 posted on 11/16/2008 4:57:48 PM PST by KittenClaws
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To: tobyhill

There is not enough money on this Earth to allow us to spend our way out of this financial mess.

IMHO, bankruptcy is the way to go for the auto industry. It appears to have worked well for the airline industry.


17 posted on 11/16/2008 4:58:11 PM PST by upchuck (Law of Logical Argument: Anything's possible if you don't know what you're talking about. => nObama))
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To: jwalsh07

We’ve all got to get everyone we know to call our congresscritters and Senators to tell them Heck, NO to the auto bailout! And if they DO insist on the auto bail out that we as Americans will not buy autos from the rescued car companies....I’ve always bought American made but no more!


18 posted on 11/16/2008 4:58:44 PM PST by missanne (If we lost the war in Iraq, who won?)
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To: tobyhill
"The Senate is expected to vote this week on emergency loans to the auto industry, though the measure faces strong opposition from many Republicans."

There had better be "strong Republican opposition" to it. Hopefully the dinosaur will die before Obama becomes official usurfer Of the USA.

Or better yet, Obama fails to provide sufficient proof of citizenship required by the law of these lands, and the sun shines once more.

19 posted on 11/16/2008 4:59:11 PM PST by Nathan Zachary
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To: missanne

I don’t care where my products and services come from as long as they are not provided by unions. I actively purchase non-union products and services, and I always avoid union products an services (as much as possible).


20 posted on 11/16/2008 5:01:24 PM PST by jas3
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