Posted on 12/12/2008 7:04:08 AM PST by meandog
Bush changes mind, may save auto giants
Facing the potential bankruptcy of iconic American firms, President Bush on Friday abandoned his longstanding objection to using using the Wall Street bailout fund to help save G.M., Ford and Chrysler.
A frustrated Republican congressional official said: "If only they had said this last week, we could have saved ourselves a full week."
Ten hours after the Senate rejected a separate lifeline for the automakers, White House Press Secretary Dana Perino said in a statement it would be "irresponsible" to let the companies crash. So she said Bush will "consider other options," including the $700 billion Troubled Assets Relief Program that Congress created for the Treasury Department in October.
"Under normal economic conditions we would prefer that markets determine the ultimate fate of private firms," Perino said in a statement. "However, given the current weakened state of the U.S. economy, we will consider other options if necessary – including use of the TARP program — to prevent a collapse of troubled automakers. A precipitous collapse of this industry would have a severe impact on our economy, and it would be irresponsible to further weaken and destabilize our economy at this time."
(Excerpt) Read more at politico.com ...
“Businesses fail all the time...it’s the price of possible success.”
######
Capitalism 101.
It is called entrepreneurial risk.
The rewards of running your own business can be great, and they should be, because of the risk you were willing to undergo.
Class warfarists need to understand this concept.
The cleansing effects of capitalism and the marketplace need to be allowed to work their magic on the diseased American auto industry.
“I think this entire financial “crisis” is nothing more than a shift to socialism (total governmeent control), orchestrated by the federal reserve and the mega rich, the same thing happened through the Great Depression”
>>>>>>>.............
stop stop you are connecting the dots..before you know it
you will be forced to wear a tin foil hat ..LOL but crying inside.
“....; he’s talking about using the money ALREADY appropriated for the Wall Street bailout plan.”
That reminds me of the first time I said I’d never vote for Bush again. “I’m going to give your money for research on murdered babies that are have already been murdered. I’m going to reward the murder of these babies with your money.” Sigh. I voted for him again and have spent brain cells and time defending him.
The problem is that most fiscal conservatives support these bailouts, especially the banking 700b-3 trillion whatever banking bailout
And, most libertarians support wealth-redistributing free trade, at the expense of many of our American companies.
The real reason for the banking bailout is the utter failure of the anti-American Free Trade-Globalist policies that have been affecting the American economy.
Note that these bailouts only came about until after foreigners started losing their shirts when they invested in the US home mortgages....no one cared two or three years earlier when Americans were losing everything on bad home loans
When you take money out of America, and redistribute overseas....you have less money in the American economy. You dont need an economist to explain that...or to make excuses why it did not happen
I declare myself a patriot. We need a manufacturing base. Not only do we need to save the Auto’s we need to bring back manufacturing in a big way. If this financial crisis has demonstrated anything, It demonstrates that our ‘evolved service economy’ will not work and will destroy not only the economy but the middle class in this country. All the financial pundits on television and in print are supporting a stimulus package on infrastructure. They know we can not trade mortgage papers in order to climb out of this economic grave...this country is languishing in...we must build stuff. Such a plan would not be necessary had we promoted our manufacturing sector instead of essentially destroying it.
Horse Pocky. I just emailed comments@whitehouse.gov and let them/him know my opinion of the Auto Bail Out.
The whole mess is unjustifiable.
Here we are, doing what’s right, paying our bills on time, living a quiet modest life and we get no reward. But a CEO who drives his company into the ground gets a bail out and is going to skim ‘his’ off the top of any bail out money, just as Paulson and Bernanke did.
This is unconscionable. Who bought out President Bush’s conscience? How much is one man’s conscience worth?
“He’s the same guy trying to do his best as he’s always been....”
What you said is very level headed; void of the hatred that many posters, including myself, have. I think it’s probably a little more that what you said though and a little less of what others have said. I think the Ivy League elitist theory of Bush has weight.
Having also voted for him twice (or should I say voted against his opposition) I too once felt the way you did. But no longer as I would much rather be blaming Gore or Kerry for the current economic mess we're in--it would have meant a Republican president and a dominant Republican Congress.
It is for the unions, not the companies.
“When you take money out of America, and redistribute overseas”
>>>>>>>>>>.................
don’t take a genius does it?..Americans may wake up to that fact, but millions of legal immigrants and illegals still benefit from it ..
and lets face it Bush wants them here to vote.
rarely in history a countries leaders sold the wealth of the nation in such a bold display of treason that none shall even call it such.
Many think the GOP is F#$% ed...anyway. The great Senator from Tennessee (actually no sarcasm, I do think he is trying unlike Shelby ET AL) was asked by a Fox Business news reporter,’is the GOP prepared to own this (potential loss of big three). He stammered out a reply. This is analogous to LBJ’s promoting the civil rights bill-he lost the South for a generation-well actually Dems still lose most of the South. The GOP is giving away the Mid West. Thus, dooming itself to regionalism for the foreseeable future.
“Jim,I’ll tell you what I am tired of. I am tired of hearing from people who support a religious fanatic like Alan Keyes who is borderline insane and would LOVE to be a American christian version of a Ayatolla(sp)”
That’s from sneakypete. Is that moron still around?
Bingo! The Secular Left wants Big Brother to replace God. So then all risk - personal or otherwise DEPENDS on our allegiance to the latest politician demagogue who can lie the best.
When that happens we have sold our souls to the devil and we have traded our freedom for a false sense of security.
Why would anyone want to build cars in a hell hole like Detroit? Those plants will burn, and then grass will grow up through the cracks in the concrete.
The auto industry is essential to this country both in the short term and in the long term. We need to revive manufacturing. This economic catastrophe clearly demonstrates the weakness of a service economy or as some call it a consumer driven economy.
I say, we are all Keynians now.
I declare myself a patriot. We need a manufacturing base. Not only do we need to save the Auto’s we need to bring back manufacturing in a big way. If this financial crisis has demonstrated anything, It demonstrates that our ‘evolved service economy’ will not work and will destroy not only the economy but the middle class in this country. All the financial pundits on television and in print are supporting a stimulus package on infrastructure. They know we can not trade mortgage papers in order to climb out of this economic grave...this country is languishing in...we must build stuff. Such a plan would not be necessary had we promoted our manufacturing sector instead of essentially destroying it.
What good is “free trade” if you make nothing to trade?
I think this is the reality facing many of your Free Trader/Globalists right now. The reality is that their economic ideas do not work...and need government to bail them out
Just as the Eastern Europeans realized that Communism was a failure, we need to realize that our Free Trade/Globalist policies are failures. The American economy needs to be re-Americanized
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