Posted on 12/02/2008 8:41:37 AM PST by Zakeet
General Motors Corp., Ford Motor Co., and Chrysler LLC are presenting restructuring plans to Congress as they seek a $25 billion bailout that could help them survive the troubled economy.
Detroit is gambling that the automakers' plans show labor, management, creditors and investors sharing in sacrifices will win political support that has so far eluded the companies.
The industry's appeal for aid will be scrutinized in hearings by the Senate Banking Committee on Thursday morning and by the House of Representatives Financial Services Committee on Friday morning.
Here is where the political players in Washington stand:
(Excerpt) Read more at reuters.com ...
THE WHITE HOUSE: NO MAYBE -- says no but will consider redirecting $25 billion in loans that are intended to help Detroit retool factories and make more fuel-efficient vehicles -- or in other words, typical Bush BS.
CONGRESSIONAL DEMOCRATS: PROBABLY NO -- doesn't want to anger environmentalists, but also doesn't want to anger unions. Waxman will likely have his way over Dingell.
CONGRESSIONAL REPUBLICANS: HELL NO -- especially after getting an earful from conservative constituents.
BARRY: ABSOLUTELY YES -- but can you believe anything the Kenyan says?
Democrats risk the UAW cash cow? I have a hard time believing it.
“Detroit is gambling that the automakers’ plans show labor, management, creditors and investors sharing in sacrifices will win political support that has so far eluded the companies.”
Whoa Hoss! Someone’s gonna get $25 billion and they’re “sacrificing”? No mention above about taxpayers sacrificing anything.
Today, GM lost 4 per cent of it’s price, about 17 cents. :’)
It bottomed at $1.70 a share on the 20th.
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