Posted on 11/13/2008 11:03:49 AM PST by sickoflibs
WASHINGTON – Congressional Democrats are marshaling support for a rescue package to pump $25 billion in emergency loans to U.S. automakers in exchange for a government ownership stake in Detroit's car companies.
That may lead them into a showdown with Republicans ..
Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, and Sen. Carl Levin, D-Mich., are developing legislation that would let the auto industry tap into the $700 billion Wall Street rescue money, approved by Congress last month, to fund their business operations.
General Motors Corp., Ford Motor Co. and Chrysler LLC are lobbying Congress to approve the aid, citing an economic downturn that has choked off auto sales, frozen credit and made them vulnerable. GM, the nation's largest automaker, posted a $2.5 billion quarterly loss Friday and has predicted it could run out of cash by the end of the year without government help.
House Republican leader John Boehner of Ohio said Thursday he would oppose an auto industry bailout. "Spending billions of additional federal tax dollars with no promises to reform the root causes crippling automakers' competitiveness around the world is neither fair to taxpayers nor sound fiscal policy," Boehner said.
Boehner noted that Congress had already approved a separate $25 billion loan program to help automakers develop fuel-efficient vehicles. He questioned "what assurances will Democrats give taxpayers about their chances of getting their auto bailout money back?"
legislation could set up a faceoff during the president's final days in office.
House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., are hoping for quick passage of the auto bailout during a postelection session that begins Monday.
Bush is open to helping the industry, the White House says, but the administration has expressed reservations about using the bailout money beyond the financial sector.
(Excerpt) Read more at news.yahoo.com ...
Ahhhh. A “Government ownership stake” in corporations.
Otherwise known as National Socialism?
Damn! Here we go again! The politicians screwed up social security and the RATS are going confiscate our 401K plans & IRAs to bail out social security. Now the RATS are saying their “thank yous” to the unions for their osama votes by raiding the original bailout. Arg!
HAVEN’T GOT TIME FOR THE PAIN Lyrics
Artist(Band):Carly Simon
(Carly Simon/Jacob Brackman)
All those crazy nights when I cried myself to sleep
Now melodrama never makes me weep anymore
‘Cause I haven’t got time for the pain
I haven’t got room for the pain
I haven’t the need for the pain
Not since I’ve known you
You showed me how, how to leave myself behind
How to turn down the noise in my mind
Now I haven’t got time for the pain
I haven’t got room for the pain
I haven’t the need for the pain
Not since I’ve known you
Suffering was the only thing that made me feel I was alive
Though that’s just how much it cost to survive in this world
‘Til you showed me how, how to fill my heart with love
How to open up and drink in all that white LIGHT
Pouring down from the heaven
I haven’t got time for the pain
I haven’t got room for the pain
I haven’t the need for the pain
Not since I’ve known you
I’ll have more respect for mccotter if he opposes this bailout too. He’s from MI.
I’ll have more respect for mccotter if he opposes this bailout too. He’s from MI.
It makes no sense. How exactly is that going to bring down the price of a car that no one wants and certainly doesn’t want at that price?
Instead, it’s an incentive to keep doing what they’re doing.
Big Labor, Big Pay, Big Benefits.
Bush let Bernanke, Paulson and the democrats open up the treasury vaults and they won’t be closed until it’s empty.
Then they will demand “Congressional hearings” of the corporate executives demanding an answer to why they went bankrupt.
The combined market capitalization of GM and Ford is about $5.61 Billion.
Talk about tossing good money after bad.
Buying votes for RATS!
Buying votes for RATS!
As part of any US auto industry bailout, each participating US company will be required to produce a new car, to be named after the bailout’s architect: Barney Frank. The “Barney” must meet strict energy and design mandates: be a two door sedan without front doors and front seats. Motorists enter the Barney from the rear and drive from the back.
Let them go bankrupt.
No bailout for the UAW’s golden parachute pension plan. Which is what this really is.
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.