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 ...
I failed to mention construction-no doubt wages were driven down by illegal workers. My house in Georgia was built by illegals. I got to tell you. It was the worst house I ever owned. The water pipes were under the driveway, tile was put over plain Sheetrock-not green board. We had to tear out the entire floor in the bathroom and the walls also...it cost thousands. There were many other problems with this new house. We fixed it up and sold it-one of the happiest days in my life. Now I live in a house built in 66-what a difference in terms of quality.
I agree. It makes my skin crawl. someone in my church who does missionary trips told me that a Chinese plant actually buried children alive as a punishment for not making quotas. I’m not saying this was sanctioned by the Chinese government, but it shows you the environment.
Where can I get one of those “End of an Error” bumper stickers?
Phone Numbers
Comments: 202-456-1111
Switchboard: 202-456-1414
FAX: 202-456-2461
Mailing Address
comments@whitehouse.gov
The White House
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Don't they have some property in South America? Paraguay, I think.
“My house in Georgia was built by illegals.”
Almost any house built in the last 15 or so years has been built by either illegals or unqualified labor.
If I remember correctly, the argument was that Americans wouldn’t do the job as cheaply as the illegals would. I also remember being told that if builders were required to pay American labor rates that houses wouldn’t be affordable.
Lots of companies successfully navigate Ch 11 and keep right on doing business.
It looks like it would be particularly advantageous here because GM would be able to shed some onerous obligations, especially bloated union programs that pay people not to work.
You answered the question of Sentence One with the comma clause of Sentence Three.
Bush changes his mind, huh?
Well, I’ve changed my mind about him.
Bush should be IMPEACHED.
http://www.freerepublic.com/focus/f-news/2147697/posts
And we thought the Klinton 11th hour pardons were a travesty.
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Well, at least he's consistent...
Calling the WH line for two things today - Ramos and Compean and this garbage!
C’mon Bush, these are the same people that trashed your administration from start to finish. Don’t throw them a lifeline when they can easily help themselves and look bad for it. What a waste.
This is like the betrayal of Illegal Amnesty but not on the same scale, but still a betrayal.
That’s the ticket. Now the Left will finally accept him.
He makes Blago look sane!
Lest we forget Ford’s recent $18 billion blown loan.
http://www.washingtonpost.com/wp-dyn/content/article/2006/11/27/AR2006112700263.html
It’s not Bush’s money so he really doesn’t care.
Chucky Shumer started a run on the banks. What is getting lost in “banks get but we can’t” is that banks are where people keep their money. I don’t keep money at GM or Chrysler. Bank depositors are people like us. George W. Bush might not get this either if he’s listening to Pelosi, Reid, et al.
Is this weasel going to rescue the pay raise for federal judges too?
OK. Then let's assume that no investors will buy the plants and equipment because the prospective buyers have determined that they can't make money using this equipment to manufacture cars --even when they're buying these plants and equipment for much less than the replacement cost.
What would be the point of taxpayers effectively purchasing these plants and equipment? Would consumer demand suddenly appear? These state-run institutions would simply turn out cars that no one wants, just to preserve jobs. That's a very expensive welfare scheme.
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