Posted on 11/16/2008 11:43:02 AM PST by reaganaut1
WASHINGTON (AP) -- Top Republican senators said Sunday they will oppose a Democratic plan to bail out Detroit automakers, calling the U.S. industry a ''dinosaur'' whose ''day of reckoning'' is coming. Their opposition raises serious doubts about whether the plan will pass in this week's postelection session.
Democratic leaders want to use $25 billion of the $700 billion financial industry bailout to help General Motors Corp., Ford Motor Co. and Chrysler LLC.
Sens. Richard Shelby of Alabama and Jon Kyl of Arizona said it would be a mistake to use any of the Wall Street rescue money to prop up the automakers. They said an auto bailout would only postpone the industry's demise.
''Companies fail every day and others take their place. I think this is a road we should not go down,'' said Shelby, the senior Republican on the Senate Banking, Housing and Urban Affairs Committee.
''They're not building the right products,'' he said. ''They've got good workers but I don't believe they've got good management. They don't innovate. They're a dinosaur in a sense.''
Added Kyl, the Senate's second-ranking Republican: ''Just giving them $25 billion doesn't change anything. It just puts off for six months or so the day of reckoning.''
(Excerpt) Read more at nytimes.com ...
Finally. Finally.
To start with the CEO makes less than a million a year.
Good on Shelby, and the other Repbs.
What is a “top” Senator? Do Shelby and Kyl get two or three votes each?
Good. Now I’d like to hear a strong statement from McConnell.
Top Senatorr... so is Barney Frank is bottom congressman?
The San Francisco treat.
Wall Street bailouts only, please, we’re Republicans.
Oh, I feel so much better knowing Barney Frank has blessed the plan. After all, for years he's been saying what a wonderful job was being done by management over at Freddie Mac and Fannie Mae. You know, on second thought, Barney wouldn't know a good idea if it bit him in the ass.
This bailout is not like Chrysler's of years ago. This would be an equity interest. This Marxist approach means that, despite the gov't inability to make the auto industry "go green" fast enough, with ownership they can dictate what's built. Pretty soon you'll be driving a new GM car powered by two gerbils in a squirrel cage.
The bailout simply postpones the auto execs from making hard decisions and telling the UAW it can no longer afford what the union demands. This is precisely what Pelosi, et al, want. With a bailout, the auto industry sidesteps the tought decisions is must make and it will continue to hemorrhage cash--yours and my cash. Wake up, you political dirtbags, that's MY money, not yours.
Yea! Finally someone else hears the sound of the Funeral Dirge.
They had a great run but let the Union pull them down.
Krauthammer said it out loud...Let them go under BECAUSE they caused their own demise. He continued: Toyota will absorb them...and we’ll still have USA made cars.
FYI - Shelby is a former Demonrat.
Buggy whip industry needs a few billion, too. Put ‘em on the list.
Right after slide rule manufacturers.
After 20 Jan the Dems can do whatever they want. In two years they’ll be wearing a 200-pound albatross around their collective necks.
...and life goes on.
ok, now What are Senators FOR? nevermind, pretty sure I'd rather hear from someone who knows how to come up with a solution! We know of the failed union business model....is there a non-union business model that could succeed, or is manufacturing due for termination?
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