McCain Backs Government Plan To Help U.S. Auto Makers

Dow Jones via CNN ^ | 2008-08-22 | Josh Mitchell

[rabscuttle385]

WASHINGTON -(Dow Jones)- Sen. John McCain, R-Ariz., in an important shift, said on Friday he backs a plan for the federal government to provide low- interest loans to struggling U.S. auto makers.

The presumptive Republican presidential nominee said the loans are needed to help auto makers build the next generation of cars and become financially stable.

"Our auto companies are rising to the challenge of building the next generation of American cars, but are doing so in times when credit conditions cripple the funding for the facilities and technologies to take the steps to the future," McCain said in a statement.

[rabscuttle385]

Bailouts for everyone but the U.S. taxpayer.

[rabscuttle385]

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[TheBigB]

Blatant appeal to Michigan voters...

[Perdogg]

I may be tired from all of the traveling but I thought I read low interest low.

Where I am from, one is required to pay back something called a loan.

[Southack]

Ugh.

[the invisib1e hand]

Blatant appeal to Michigan voters...

The industry impacts a lot more than Michigan voters.

[CitizenUSA]

Just too important to fail, right?

[Mr_Moonlight]

Oh my! Isn’t this the same “plan” that blessed us with the K-Car ... Volare, Aspen, and the dreaded Granada ?

[Lijahsbubbe]

loans are needed to help auto makers build the next generation of cars so that they can keep padding the politicians' pockets.

[Perdogg]

I might be older than some of you people, but didn’t the govt loan Chrysler money in 70s and didn’t Chrysler pay it back?

[RKBA Democrat]

A little more soft-socialism from Sen. McCain.

[TheBigB]

The industry impacts a lot more than Michigan voters.

Undoubtedly. That is, however, his biggest reason for supporting it, though. IMHO.

[Thorin]

>>>>The industry impacts a lot more than Michigan voters.

You are correct.

[djsherin]

SCREW THIS

Let them fail if they have to.

[nobama08]

Loans are not going to solve the fundamental problems of the US automakers. McCain just looking for union votes.

[Perdogg]

Then I guess Reagan was a socialist too. Here are some loans Reagan approved in 1982

APPENDIX B. THE ROLE OF THE FEDERAL FINANCING BANK

TABLES

1. CREDIT BUDGET TOTALS
2. THE CREDIT BUDGET TOTALS-JANUARY BUDGET COMPARED TO MARCH REVISIONS
3. MAJOR CREDIT PROGRAM CHANGES IN LEVELS OF ACTIVITY BETWEEN FISCAL YEARS 1981 AND 1982
4. THE CREDIT BUDGET BY FUNCTION
5. FFB-FINANCED CREDIT ACTIVITY
6. LIMITATION REQUESTS IN THE FISCAL YEAR 1982 BUDGET REVISIONS
7. PROGRAMS PROPOSED TO BE EXEMPT FROM LIMITATION FOR FISCAL YEAR 1982
8. THE CREDIT BUDGET TOTALS FOR FISCAL YEAR 1981
9. CREDIT TARGETS IN THE FISCAL YEAR 1981 SECOND BUDGET RESOLUTION
10. PROGRAMS FOR WHICH PROPOSED LIMITATION FOR 1982 EXCEEDS ESTIMATED NEW ACTIVITY
11. NATIONAL DEFENSE-SUM MARY OF CREDIT ACTIVITY
12. INTERNATIONAL AFFAIRS-SUMMARY OF MAJOR CREDIT PROGRAMS
13. ECONOMIC SUPPORT FUND LOANS
14. FUNCTIONAL DEVELOPMENT ASSISTANCE LOANS
15. CREDIT ACTIVITIES FOR OVERSEAS PRIVATE INVESTMENT CORPORATION
16. HOUSING AND OTHER CREDIT GUARANTEES
17. FOOD FOR PEACE (PUBLIC LAW 480) LOANS
18. EMERGENCIES IN THE DIPLOMATIC AND CONSULAR SERVICES
19. FOREIGN MILITARY SALES CREDIT
20. CREDIT ACTIVITIES FOR EXPORT-IMPORT BANK
21. ENERGY PROGRAMS-SUMMARY OF CREDIT ACTIVITY
22. SYNTHETIC FUELS AND ENERGY SECURITY RESERVE LOAN GUARANTEES
23. RURAL ELECTRIFICATION LOAN AND LOAN GUARANTEE ACTIVITY
24. TENNESSEE VALLEY AUTHORITY LOANS AND LOAN GUARANTEES
25. OTHER ENERGY CREDIT PROGRAMS
26. WATER AND POWER LOAN PROGRAM
27. AGRICULTURE-SUM MARY OF CREDIT ACTIVITY
28. AGRICULTURE CREDIT INSURANCE FUND LOANS AND LOAN GUARANTEES
29. COMMODITY CREDIT CORPORATION LOANS
30. COMMERCE AND HOUSING PROGRAMS-SUMMARY OF CREDIT ACTIVITY
31. FEDERAL HOUSING ADMINISTRATION LOANS AND LOAN GUARANTEES
32. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION-TANDEM PLAN DIRECT LOANS
33. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION-GUARANTEES OF MORTGAGE-BACKED SECURITIES
34. LOANS FOR HOUSING FOR THE ELDERLY OR HANDICAPPED
35. RURAL HOUSING CREDIT ACTIVITIES
36. NATIONAL CREDIT UNION ADMINISTRATION LENDING
37. NATIONAL CONSUMER COOPERATIVE BANK (NCCB) LOANS AND GUARANTEES
38. CHRYSLER LOAN GUARANTEES
39. SMALL BUSINESS ASSISTANCE CREDIT ACTIVITIES
40. BUSINESS LOAN AND INVESTMENT FUND, LOANS AND LOAN GUARANTEES
41. DEPOSIT INSURANCE PROGRAMS
42. FEDERAL SHIP FINANCING FUND-FISHING VESSELS
43. TRANSPORTATION-SUMMARY OF CREDIT ACTIVITY
44. RAILROAD REHABILITATION AND RESTRUCTURING LOANS AND LOAN GUARANTEES
45. LOAN GUARANTEES FOR AMTRAK
46. OTHER RAILROAD ASSISTANCE LOANS
47. AIRCRAFT PURCHASE LOAN GUARANTEES
48. FEDERAL CREDIT FOR SHIP FINANCING
49. FEDERAL HIGHWAY LOANS
50. COMMUNITY AND REGIONAL DEVELOPMENT-SUMMARY OF CREDIT ACTIVITY
51. COMMUNITY DEVELOPMENT BLOCK GRANT LOAN GUARANTEES
52. NEW COMMUNITIES FUND LOANS
53. REHABILITATION LOANS
54. ECONOMIC DEVELOPMENT CREDIT ASSISTANCE
55. COASTAL ENERGY IMPACT LOANS
56. RURAL DEVELOPMENT INSURANCE FUND CREDIT ACTIVITIES
57. RURAL ELECTRIFICATION ADMINISTRATION CREDIT ACTIVITIES
58. SMALL BUSINESS ADMINISTRATION DISASTER LOANS AND LOAN GUARANTEES
59. COMMUNITY SERVICES ADMINISTRATION CREDIT
60. INDIAN CREDIT ASSISTANCE
61. EDUCATION, TRAINING, EMPLOYMENT, AND SOCIAL SERVICES-SUMMARY OF CREDIT ASSISTANCE
62. CREDIT ACTIVITIES FOR THE GUARANTEED STUDENT LOAN PROGRAM
63. GUARANTEES OF STUDENT LOAN MARKETING ASSOCIATION OBLIGATIONS
64. CREDIT ACTIVITY FOR NDSL PROGRAM
65. CREDIT ACTIVITY FOR COLLEGE HOUSING LOANS
66. HEALTH-SUMMARY OF CREDIT PROGRAMS
67. CREDIT ACTIVITIES FOR HEALTH MAINTENANCE ORGANIZATIONS AND MEDICAL FACILITIES
68. OTHER HEALTH CREDIT PROGRAMS
69. INCOME SECURITY-SUMMARY OF CREDIT ACTIVITY
70. LOW-RENT PUBLIC HOUSING LOANS AND LOAN GUARANTEES
71. OTHER INCOME SECURITY PROGRAMS
72. VETERANS’ BENEFITS-SUMMARY OF CREDIT ASSISTANCE
73. CREDIT ACTIVITY FOR VETERANS’ EDUCATION PROGRAMS
74. CREDIT ACTIVITY FOR VETERANS’ HOUSING PROGRAMS
75. GUARANTEED LOANS TO U.S. TERRITORIES
76. DISTRICT OF COLUMBIA AND NEW YORK CITY-SUMMARY OF CREDIT PROGRAMS
77. LOANS TO THE DISTRICT OF COLUMBIA FOR CAPITAL OUTLAYS
78. NEW YORK CITY LOAN GUARANTEE PROGRAM

[mngran2]

Limited government, indeed. Bailouts, bailouts, bailouts! Whee! But only if your industry is in a swing state. If Georgia were in play, we’d have peanut bailouts. If Texas were in play, we’d have barbecue bailouts. If West Virginia were in play, we’d have cousin bailouts.

[nobama08]

It was reported they paid it back. I never saw any proof. I believe it was Lee Iacoca that turned Chrysler around, no?

[TheBigB]

If West Virginia were in play, we’d have cousin bailouts.

I had to bail my cousin out once. He swore she looked 18...: )

[mngran2]

Hate to break it to you, but Reagan great, not perfect. He made mistakes, too, and it looks like you just listed 78 of them.