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Nancy Pelosi announces her support for automaker loans
Motor Trend ^ | 9/10/2008 | Scott Evans

Posted on 09/11/2008 12:45:44 PM PDT by markomalley

Detroit received some good news from Washington today. House Majority Leader Nancy Pelosi said today that she will support the $50 billion in loans that the Detroit Three have been pushing for and the U.S. Department of Energy announced that it has begun writing the rules as to how the money will be lent, the Detroit Free Press reported today.

Michigan's Congressional delegation has been pushing hard to get the loans through Congress, hoping to get a timely approval that would allow the automakers to begin borrowing money by the end of the year.

Nevertheless, there are still numerous sticking points and although the proposal picked up key endorsements today, nearly all of the details are still fluctuating. Everything from the size of the loans to how they could be spent to how they would be paid for is still up in the air. Today's announcements will let Detroit breathe at least a small sigh of relief, however. Yesterday the industry was considering scaling back its requests to the original $25 billion that was approved last year but hasn't been paid for yet.

The industry's biggest concern is the Senate, which blocked funding for the original $25 billion last year. The Senate has much more power than the House to block funding, and the loans appear to have less support there right now. Also hampering the auto industry's ambitions is election year politics. Opponents have characterized the loans as a bail-out for domestic automakers who didn't plan ahead, while record deficits and a sour economy are on the minds of voters, not to mention politicians up for re-election. A funding source for the loans still hasn't been determined and could easily become embroiled in larger budget arguments. Still, Pelosi is confident that the loans are justified and believes funding could be spread out over several bills if necessary to get it passed.

"This is very, very important to an important industry in our country," Pelosi said Tuesday. "It's about jobs, jobs, jobs."


TOPICS: Business/Economy; Crime/Corruption; Government; US: Michigan
KEYWORDS: 110th; automakers; bailout; congress; democratcongress; democrats; lp; mi2008; pelosi; transportation
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Must be nice when you can print your own money...
1 posted on 09/11/2008 12:45:44 PM PDT by markomalley
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To: markomalley

We are headed down a path to nationalization and socialism.

***Must be nice when you can print your own money...***

I wish more people understood the consequences of increasing the money supply. The government can always print more money, but it will only devalue everyone else’s dollars and thus decrease their buying power, like a hidden tax.


2 posted on 09/11/2008 12:49:25 PM PDT by djsherin
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To: markomalley

Wow!

I can now see the day where the word “risk” is removed from the dictionary.


3 posted on 09/11/2008 12:49:47 PM PDT by Red in Blue PA (Now you know why the needles on compasses point north - Sarah Palin.)
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To: bamahead; rabscuttle385

ping


4 posted on 09/11/2008 12:50:13 PM PDT by djsherin
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To: markomalley

Helps the carmakers but won’t help the industry that provides the fuel for those cars..............idiocy............


5 posted on 09/11/2008 12:51:17 PM PDT by Red Badger (If you're not part of the solution, then you must be part of the government............)
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To: markomalley
"This is very, very important to an important industry in our country," Pelosi said Tuesday. "It's about jobs, jobs, jobs."

It would be nice to find out whether she has some of her fortune invested in that "important industry".

6 posted on 09/11/2008 12:52:36 PM PDT by no_go_lie
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To: markomalley
Nancy Pelosi announces her support for automaker loans

Sure, as long as they pay me back.

(I'll send them a coupon book.)
7 posted on 09/11/2008 12:53:02 PM PDT by LearsFool ("Thou shouldst not have been old, till thou hadst been wise.")
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To: markomalley
Airlines, autos, mortgage bankers.

Almost makes me want to support a government takeover of the oil industry.

At least my tax dollars would be going to support something with a successful business model.

8 posted on 09/11/2008 12:57:44 PM PDT by Notary Sojac (America's never won a "war" unless the enemy was named using a proper noun.)
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To: markomalley

2008 seems to be the year of the bailout.

Guess everyone wants all the money back they gave to Washington DC.


9 posted on 09/11/2008 12:57:57 PM PDT by edcoil
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To: markomalley
The thinking here is to keep these companies afloat in case of war. They can be used to provide wartime vehicles and armament. If they go out of business it would be much harder to get on a wartime footing. If it is indeed a loan that will be paid back then you have to look at it as an investment in national security. I'm sure this is their rational. Plus look at all the lost tax revenue if they go belly up.
10 posted on 09/11/2008 1:01:41 PM PDT by refermech
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To: no_go_lie
"This is very, very important to an important industry in our country," Pelosi said Tuesday. "It's about jobs, jobs, jobs."

On the other hand, Nancy doesn't think the oil industry and its jobs are important, at all. Even though they provide fuel for those automobiles.

What a silly little woman.

11 posted on 09/11/2008 1:02:41 PM PDT by okie01 (THE MAINSTREAM MEDIA: Ignorance on Parade)
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To: refermech

Could also just be pandering for Michigan votes!!


12 posted on 09/11/2008 1:02:53 PM PDT by refermech
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To: refermech

Hey Nancy - I don’t make enough for myself let alone enough to be bailing out the banks AND the automakers. Cut me some slack would yah, lol.


13 posted on 09/11/2008 1:05:46 PM PDT by GYPSY286 (Politicians must USE their heads or Americans will LOSE their heads.)
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To: markomalley

Pelosi’s bridge loan to nowhere.


14 posted on 09/11/2008 1:06:01 PM PDT by saganite (Obama is a political STD)
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To: markomalley

I guess the Michigan numbers don’t look so good for Barack, so Pelosi is trying to buy him some votes before November.


15 posted on 09/11/2008 1:07:47 PM PDT by CharlesWayneCT
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To: refermech

i dont think its a good idea, throwing good money after bad


16 posted on 09/11/2008 1:08:06 PM PDT by 4rcane
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To: markomalley
Nazi Pelosi and Harry Reid are trying to buy Michigan for Obama.

And they are using our money to do it!

17 posted on 09/11/2008 1:08:35 PM PDT by Redleg Duke ("Sarah Palin...Unleashing the Fury of the Castrated Left!")
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To: refermech

“Could also just be pandering for Michigan votes!!”

Pander is her middle name.


18 posted on 09/11/2008 1:10:16 PM PDT by maggief (Read my lip-stick!)
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To: markomalley

Why are Chevy, Ford, and Chrysler the only manufacturers whining? Honda, Toyota, Nissan, and BMW also make cars here.


19 posted on 09/11/2008 1:34:50 PM PDT by JoeGar
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To: markomalley

All of those humongous financial contributions to democrat politicians from the automaker labor unions are starting to generate a nice return.


20 posted on 09/11/2008 1:58:52 PM PDT by Iron Munro (The Alaskan landscape is littered with the bodies of those who have crossed Sarah Palin)
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