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 may be getting the Nissan plant confused with another one that was originally run by one of the Big Three and later taken over by a Japanese manufacturer.
For me, the irrefutable evidence of an inherent bias against Big Three models came when I read an article in some kind of auto buying guide (or Consumer Reports) back in the early 1990s when I was looking at SUVs.
The Ford Explorer received an overall "Average" rating, while the Mazda Navajo received an "Above Average" rating.
The Navajo was an Explorer clone and identical in all respects except for the front grill -- built by Ford in the same plant where the Explorer was produced.
There was a time when posting the following image might have gotten someone banned from this forum: >>>
yes, you are right...and i still hear people tell me, and read letters to the editor, that president bush is a conservative and a right winger. these people have no idea how wrong and stupid they are. there is a difference between a conservative and a regular RINO republican. One good thing is that we hopefully have some good justices on the supreme court.
Well, we ARE stuck with Gov. GoodHair.
Remind me again, what’s the difference between an R president and a D president?
Yep, I voted for the sob twice. Now I would like to b*tch slap him
“Bush changes mind, may save auto giants”
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Stupid headline.
The ONLY thing that MAY “save” the auto giants is to be completely destroyed and re-made, preferably sans the UAW.
Throwing money at the utterly broken auto industry is just kicking the can down the road, and not very far down the road at that.
I will NEVER buy a GM or Chrysler vehicle again in my life and I will bash them every chance I get.
Me either, that’s how we can show how we feel, REFUSSSSSSSSSSSSSSEEEEEEEEEEEEEEE to buy their cars. FOREVER
Make a car that doesn’t suck and I’ll buy it. Problem solved.
Subject: Words of Thomas Jefferson
Our third President could very easily be called our greatest prophet. Here are some quotes from his prolific writings.
When we get piled upon one another in large cities, as in Europe, we shall become as corrupt as Europe.
The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.
It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.
I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.
My reading of history convinces me that most bad government results from too much government.
No free man shall ever be debarred the use of arms.
The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
To compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical.
And finally A Very Interesting Quote — in light of the present financial crisis:
This is what Thomas Jefferson said in 1802:
‘I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.’
for all you obots here, UNLIKE you, when our Republican president fks up we say he does. You NEVER DO!! As bad as Bush is now, he’s will pale in comparison to obongo. heowes so many favors for the presidency that was purchased by his Chicago thugs, the next great depression should arrive as your Christmas present next year
Can you explain to me the details of the White House proposal? Thanks.
He is completely wrong about the Auto Bailout, though.
The Detroit Unions need to FOLD. No money should be given to them until hourly wages come down in half......and the UAW is history.
This shows a complete lack of understanding of the issue. Nissan sends profits home to Japan period. They were given huge tax breaks in the state. The state benefits from a few jobs but there is little benefit to the economy beyond the wages. Nissan is not an American company. If the big three go under just as the Japanese electronics plants in America disappeared so will the transplants.
First of all, I have never understood what Shelby ET AL are playing at...supply lines will affect thesetransplant companies as well. America benefits by having an auto industry as a country. Those of you who believe you are buying American cars by buying these foreign transplant cars are really selling out your country in the end. We need to support and rebuild our manufacturing base, or we will become a footnote in history.
Right, we need balance. We should not destroy that which made this country unique a middle class. Trade should lift wages up not be a rush to the bottom.
More propaganda-sound bites nothing more. There is no principle served by destroying the last large industry in America. You talk of patriotism how silly. You hate the unions more than you love your country. You do not speak the language of patriotism. You speak to division and hatred. I hope you live in Alabama, you deserve a Senator like Shelby.
How about an American manufacturing base? Many of you have no understanding of the issues in manufacturing. Every country has move to protect its industry. Other nations have been partnering with their industry for years. The free market approach to manufacturing will not work because our companies compete with countries not other companies.
If you consider the economic mess we are in, perhaps you might consider that this is not a ‘perfect storm’ as some have said, but the inevitable outcome of the service/consumer based economy. The small business service based economy is far to volatile to support an economy as large as ours needs to be. The bankers did their best to create wealth, but in the end they failed as they always do because real wealth is created by those who build goods. This is why India and China have done so well...they have a strong manufacturing base.
Our country is bankrupt, and as one freeper noted free trade/anti manufacturing DNA is all over the ‘body’...if this were a murder investigation, this policy would be heading for the gas chamber. This anti manufacturing/ fee trade economy belongs in the dustbins of history with all the ‘isms’ even if it is not an ‘ism’ such as communism or fascism because it has damaged this country horribly. It is time to speak of rebuilding this nation...an American nation.
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