Skip to comments.Pelosi: "car czar" could be named this week, Volcker eyed (Government to mandate what you drive)
Posted on 12/09/2008 5:56:19 AM PST by tobyhill
A presidentially appointed "car czar" to oversee the restructuring of struggling U.S. automakers could be named as soon as this week if Congress approves an industry bailout, House of Representatives Speaker Nancy Pelosi said in an interview aired on Tuesday.
Pelosi told NBC's "Today Show" that she favored former Federal Reserve Chairman Paul Volcker, recently appointed by President-elect Barack Obama as his top adviser on steering the economy out of recession, to oversee restructuring of the industry.
Democrats and the White House are negotiating a bailout package of up to $15 billion in loans to rescue the Detroit Three companies. The final plan must be approved by Congress.
(Excerpt) Read more at reuters.com ...
You stole the words right outta my mouth!
It is immaterial if the restructure does not cut off the UAW and any other union contract; nothing will help in that case. The sheer arrogance of all the players in this fiasco is astounding.
If the government gives the 3 bigs any money, I’m in boycott of all 3! Toyota here I come!
I bet Jack Welch could straighten out the big 3. One of the most successful CEOs in history and tough as nails.
Volcker was fine as Fed head in the early 80’s but somehow I missed out on his automotive creds. This will become exhibit A in how government is incapable of fixing anything. We’ll soon yearn for the trash Detroit was putting out in the 70’s and early 80’s.
CZAR? They aren’t very subtle, are they? I’d go lightly on the communist names if I was in power.
Time to get my old 1978 Camaro back on the road.
Forget this bailout and loans and crap, here's what you do, Promise that the Federal Government will guarnatee the warantees on the products of the companies that declare chapter 11. Let the ones that need to file Chap 11, get rid of their legacy costs, let them restructure and arise leaner and more competative.
This guarantee will get rid of the concern that a car company in Chap 11 will have a hard time selling vehciles, since now the government is assuring that parts and service will be available should the company go out of business.
If the company survives it costs the government nothing, if it fails it costs the government the balance of the warrantee claims on cars bought from them, that's it. Far cheaper and lower risk to the taxpayer and doesn't throw good money after bad.
Doesn't pander to the UAW, doesn't give tax money to companies to spend on plants overseas, etc etc etc.
DONE... but that practical solution will NEVER come out of DC.
RE : The final plan must be approved by Congress.
I havent heard too many elected republicans admitting they support this. Does Pelosi have the votes on her own with a few republicans from Michigan?
Forced? Forced? By the Government? You think the Government forces will provide a car the dealer can sell with no "tricks" or will it be that you buy it because that's all there is?
I wonder how many of these politicians who will vote for this auto bailout actually drive a car manufactured by the big three?
LOL...the Oscar Meyer Weiner Car
This socialism is nothing new, the last eight years have given us a massive Federal takeover of the financial markets, and an enormous subsidy of the drug industry from Medicare Part D.
It's just a matter of the difference between Democrat socialism and Republican socialism, that's all. We already laid down the principle that it's OK to raid the Treasury to help your friends, you just gotta hope they give enough back to keep you elected.
Laura Ingrahm is saying John Boehner signed onto UAW bailout. He also signed on with GWB to financial bailout that killed so many republicans seats, then gets re-elected as leader so he can pull this. Contact John with your feedback, is he a democrat mole ???
welcome to my gop.gov
WC Welch is playing this on the radio in the Savannah Area:
Paging John Galt...
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.