Posted on 11/12/2008 4:05:18 PM PST by EagleUSA
WASHINGTON — Congressional Democrats are pushing legislation to send $25 billion in emergency loans to the beleaguered auto industry in exchange for a government ownership stake in the Big Three car companies.
House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., hope for quick passage of the auto bailout during a postelection session that begins Monday.
Legislation being drafted by Rep. Barney Frank, chairman of the House Financial Services Committee, would dip into the $700 billion Wall Street rescue money, approved by Congress last month, for the auto aid.
President Bush is cool to that idea. But the White House says he is open to helping the industry, which is buckling under poor sales, tight credit and a sputtering economy.
In an Oval Office meeting Monday, President-elect Obama spoke to Bush about doing more to aid the industry, aides said, and Bush said he was open to it.
(Excerpt) Read more at foxnews.com ...
Hey not to worry. BARNEY FRANK is drafting the legislation. Given the great work that Rep. Frank did with Fannie Mae and Freddie Mac, everything should be just fine.
Hey not to worry. BARNEY FRANK is drafting the legislation. Given the great work that Rep. Frank did with Fannie Mae and Freddie Mac, everything should be just fine.
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Yeah, sell your Big-3 stock fast!!!
How about helping the auto industry by rolling back the CAFE standards.
And yet, there's a sizeable population in the US that decided to vote for them anyway.
Of course, it didn't help that half the Republicans are RINOs who enjoy eating at the trough of socialism as much as most of the democRATS.
What does not seem to get included in any discussion about the auto industry are the union requirements for health care for retirees.
The unions is/are what is killing the auto industry, and it's also why do many dems are for squandering taxpayer dollars to GM and such.
Bush and Cheney should resign NOW!! Let Pelosi become President. They cannot be a party to this Communist talkeover anymore than they already have. It sickens me, and I weep for this once proud country.
Glad to hear it. Now I am going to make some popcorn and wait for the presser where Barney has to announce the bailout of the big fwee automakers; Genwal Motows, Fawd and Cwyslah.
And yet, there’s a sizeable population in the US that decided to vote for them anyway.
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Yep, stuck on stupid...they have been using their heads as rectal suppositories for decades now and look what it has done to our once-great nation.
Gee, the Dow was only down a bit over 400 points AGAIN today — on the election of Obama. Those voters need to get medals for their great work.
Rush says they are doing this to retain the auto worker’s union vote.
If Bush does this he will only help the RATS retain power longer. Don’t do it Mr. President!
What does not seem to get included in any discussion about the auto industry are the union requirements for health care for retirees.
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Well, I included it in an earlier post — when GM filed for protection, it was formally announced that $1600 !! of every retail sticker price tag was needed to pay for benefits for people who DO NOT EVEN WORK FOR THE COMPANY ANY MORE. The management of these companies is just as guilty for the destruction of this once-great industry as the unions are.
Rush says they are doing this to retain the auto worker’s union vote.
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Yes, and it is the ONLY reason they are doing it. These socialists are hell-bent on the destruction of capitalism and our greatness. The auto industry is the LAST BIG INDUSTRY left in America. The left has over-taxed and over-regulated our corporations which has pushed them offshore and/or out of business....and the mindless electorate keeps them in power.
Total insanity.
Yeah let’s nationalize the auto industry and then utilities and then the oil industry and then the banks and then.....
It ain’t rocket science... The reason we have gotten to this point:
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse (generous gifts) from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury, with the result that a democracy always collapses over loose fiscal policy, (which is) always followed by a dictatorship.”
Professor Alexander Tyler (1787) Famous-quote.net; Per Library of Congress
And, now that the DhimmiRats have successfully built an electorate that gorges themselves at the public trough, they are turning to the corporations. It only makes sense for them to start with the industries most highly unionized as they will have less resistance, quicker acquiescence, and more solid footing.
Oh, and for the purist Freepers...the quote attribution is contested by a wide variety of folks, and has been ascribed to a number of different sources. The above is as found in the Library of Congress.
Yeah let’s nationalize the auto industry and then utilities and then the oil industry and then the banks and then.....
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Yes, Obamao and Chavez will be good friends soon.
At what point do the Bolshecrats dictate to the unions? There will not be a need for a union when management is the government. The unions would be better off backing Republicans, where, they would have someone to deal with.
They’ve already nationalized your future...SS...and totally control your account and the amount you receive.....and can change it at anytime.
Here is what I don’t get though. Why would these companies agree to be partly owned by the government when they could just file bankruptcy and reorganize with less union thuggery contracts?
It is like they don’t care anymore.
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