Posted on 11/12/2008 8:03:16 AM PST by EagleUSA
Nov. 12 (Bloomberg) -- House Speaker Nancy Pelosi's plan to aid troubled U.S. automakers threatens to spark a final clash with President George W. Bush before he leaves the White House in January.
Pelosi said yesterday she wants ``immediate action'' to give automakers additional assistance as shares of General Motors Corp. hit their lowest level since 1943 and analysts said the company faces possible bankruptcy. Bush hasn't said he would approve any further aid to those companies. Richard Shelby, the Senate Banking Committee's top Republican, opposes the measure.
Senate Democratic Leader Harry Reid made clear the bill's prospects of winning passage in this month's ``lame duck'' session rely on help from both congressional Republicans and Bush. Democratic gains in both chambers from the Nov. 4 elections won't go into effect until the new Congress convenes on Jan. 6. President-elect Barack Obama takes office two weeks later.
(Excerpt) Read more at news.yahoo.com ...
barneyfrank nancypelosi harryreid dodd should all be in jail
The UAW will get what they want, instead of the extinction they deserve. I wonder how long the Dollar will be worth anything the way the Government is printing them?
Why don’t the auto makers file for bankruptcy?
Harry reid a while back said coal, petroleum, all make us sick.. why in the world would he want to bail out something that uses gas, and make us sick..
Sure, they’ll clash. For all of two minutes until they cave in as they did with the prior bailout. Until I see new leadership I have nonreason to believe this is going to be different.
What is needed is a pre-packaged bankruptcy. Go Chap 11, do a cramdown on most of the debt and break the union contracts. Toyota, Mercedes, etc. build autos in the US and do not have the embedded costs that Ford and G.M. do. After that is done, the U.S. can make the loans and take equity that it can sell in the future.
“They noted that Kentucky, the home state of Senator Mitch McConnell, the Republican leader, has auto manufacturing facilities that could make him sympathetic to moving quickly on aid.”
Some body better call their Senator.
Why don’t the auto makers file for bankruptcy?
Because free money(taxpayer money) is more enticing!
And also no “tough” decisions have to be made. They just continue on as if nothing is wrong until the next bailout.
Call em WHAT?? The chickens have come home!!!
I just bought my Son A Scion car ( Toyota)
it is so nice, and cheap, with lots of luxury options on the base model. great gas milage and quality everywhere.
while GM cars fall apart in 3-4 years and look like crap.
and I am supposed to give them my loyalty? and money?
while they get bailed out, and Unions get fat retirement plans???
screw that.
Paulson just this morning,said they are moving from mortgage backed assets to credit cards,auto loans,and non-bank financial institutions.DEPRECIATING assets,one and all.
I look forward to the day when GM and Ford are EXTINCT.
Unions and Greed.
Unreal.
Let’s regulate the auto industry until they can’t make an affordable, practical car.
And when they go bankrupt, let’s bail them out.
I’m amazed at the stupidity of those morons in D.C.
Expect more of this in four years.
They can’t file bankruptcy because bankruptcy would nullify the union contracts. That’s why. Stupid assonine argument, but that is exactly what is going on.
The UAW bailout is exactly what it is. 50% of the requested bailout money is to pay medical benefits for people who don’t even work for GM anymore... GM pays nearly $20 MILLION dollars a year on VIAGRA.
Wake up America.
The automakers need to file for bankruptcy - the same as 99% of all other businesses have to do. Bankruptcy is there to allow the company to position itself to face a changed economic climate.
Any “Republican” that goes along with this LAME DUCK session of congress and this LAME DUCK President (should he sign on to this new bill) deserves to be booted. The losses suffered by the GOP last week will be nothing compared to the “Throw out ALL of ‘em” screaming conservatives storming Washington with pitchforks that is a not-so-inconceivable thought. The wrath of the $700BILLION give away was just a drop in the bucket.
Acceptable auto-bailout MUST include these provisions:
- Nullify current UAW contract
- Reduce/eliminate the UAW entitlements (medical benefits for life, and other give-aways)
- Freeze, or ROLL BACK the GREEN initiatives which have added thousands of dollars to the cost of a vehicle
Let Obama get it.
I’m amazed at the stupidity of those morons in D.C.
::::::::::
Romney was right, when he said “Washington is broken!” -— it has been that way for quite a while. This is what happens when a government starts working for ITSELF AND ITS OWN POWER and forgets about the people and the country.
This will not get fixed until the STUPID AND SELFISH electorate finally insist on the right people running Washington — and not a bunch of criminal, malfeasant pimps who care only about POWER AND CONTROL.
In a pre-packaged bankruptcy I would expect pension liabilities to be pushed to the PBGC. So either way (bankruptcy or bail-out) we the people will ending up paying for it. I'm not sure which way is the best deal. I'm not even sure they survive either way in the long term.
For gawdsakes, George, use your spine and veto anything they put out there.
If GM or any of them want to stop losing money,then STOP spending it! Declare bankruptcy and restructure.
OR
Feel free to send me the bailout for all the losses I took in my 401k....
When is this madness going to end?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.