Posted on 11/11/2008 5:16:23 AM PST by tobyhill
Barack Obama used yesterday's Oval Office meeting with President Bush to press for immediate aid for the struggling US car industry, according to leaked reports.
Mr Bush said that he could support some aid in exchange for approval of a free-trade agreement with Colombia – but there was no sign that either the President-elect or his Democratic colleagues were willing to bend on that issue.
Senior Democrats asked the Administration at the weekend to consider expanding the $700 billion bank bailout package to include assistance for car companies struggling under a legacy of debt and falling sales.
Mr Obama's spokesman, Robert Gibbs, said yesterday that the plight of automakers was one of a number of issues discussed in a two-hour meeting with Mr Bush to discuss the transfer of power at a time of war and financial crisis. Other issues included housing, mortgage foreclosures, and, more generally, "the need to get the economy back on track".
(Excerpt) Read more at timesonline.co.uk ...
Make that car companies with big Unions. Is why they want bailout.
Why should the government bail out ANYONE who has made bad decisions? If you can’t figure out how to make money after 100 years in the business, then you need to go under.
Decades of bad decisions by the management and years of stabbing the golden goose by the unions has driven the domestic car industry to the verge of bankruptcy.
But the point is moot because Obama and the ‘Rats WILL bail them out without precondition because of the millions of union votes that they represent.
We will rue the day taxpayer funds were used to bail out anyone.
I’m sure McCain already rues it. He could have won the election if he had of come out against it.
Pres. Bush owes the UAW and the Democrats who have sunk Michigan absolutely nothing. He certainly does not need to obligate taxpayers in the conservative states to their bailout.
There is a mechanism for failed businesses. It is Chapter 11 bankruptcy. That’s what “the little people” have to face when their businesses fail, so why should GM be given special treatment?
Don’t forget State employees and Teacher’s unions - money they lost in the recent “downturn” of the market will be made up on the backs of taxpayers. We went through this before in Texas when the market crashed (1989?) - watch for higher property and school taxes coming soon to a location near you!
I don’t understand why the UAW doesn’t just do a hostile takeover of GM and then run it like “it should be run.” They keep complaining how it is mismanaged, well now it is their opportunity to step up to the plate. The union won’t though because they need victims(the poorly treated worker) in order to survive and they certainly aren’t going to give up that cash cow.
Hussein and Jennifer Granholm (who is on his "economic committee") will bail out the car companies. Of that there is absolutely no doubt. However, Hussein wants Bush to do it so he can point to the Bush administration when it doesn't work. He wants ALL bailouts to be done by Bush for the same reason. He wants to come in with all that behind him and able to blame the prior administration.
I don’t understand why the UAW doesn’t just do a hostile takeover of GM and then run it like “it should be run.” They keep complaining how it is mismanaged, well now it is their opportunity to step up to the plate. The union won’t though because they need victims(the poorly treated worker) in order to survive and they certainly aren’t going to give up that cash cow.
Yep. He lost the election not because his message was different from Obama’s. He lost the election because he was only a shade less socialistic.
A measly $25-50 Billion wouldn't have been that much more.
You got it. With the govt unions there is no chapter 11 to renegotiate the contracts. They just keep going up. No bail outs are required because they get a bailout each year when taxes are raised.
Did anyone else watch last night’s “American Experience” on PBS?
Wow...parallels to October 1929 were uncanny. Oh, and, Durant (founder of GM) lost everything while the bankers used their own money (not ours) to prop-up the market.
“When Detroit makes a better car I’ll buy one, Not until then.”
I have a 2007 Dodge Caliber. Had it for 1 1/2 years now. I like it a lot.
The most revealing thing is that the elitist dems (trust fund marxists) and others that consider themselves arbiters of governing (NEA teachers) all drive around in imports; subarus, hondas, toyotas. All the while supporting “unions” and voting for D’s.
I’d wager we would find that the majority of those who voted for Opossum don’t drive UAW built cars.
Any company asking for a bailout should force at least 10% pay cuts on all workers. The UAW needs to get their costs in line. Why should taxpyers subsidize them? Also kill the total scams of Fannie Mae and Freddie Mac.
So? We should keep bailing out their retirement plans? Who bails out the private sector retirement plans?
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