(MI) Source: Auto Rescue Deal Reached

WXYZ Detroit / Channel 7 ^ | 12/11/08 | WXYZ

[Kieri]

WXYZ) Sources tell Action News that the White House and U.S. automakers have reached a deal that could prevent a collapse of the industry.

IN THE VIDEO PLAYER ON THE RIGHT, ACTION NEWS REPORTER TOM WAIT SAYS THAT A DEAL HAS BEEN REACHED BUT THAT AN ANNOUNCEMENT WILL NOT COME FRIDAY NIGHT

Our source says the agreement with the Bush administration will mirror the bill that passed the House.

We do know the White House and officials from GM have been in talks for several hours. The negotiations may also involve the Federal Reserve.

President Bush is back in Washington after a trip to Texas and an announcement could come at any time.

Bush also released a statement today saying "The economy could not handle the collapse of the car industry."

Congress is now out of the game after talks in the Senate broke down last night.

[XR7]

[T]he White House and U.S. automakers have reached a deal that could prevent a collapse of the industry.

LOL

[1curiousmind]

“You wouldn’t buy our shiny cars. So we’re taking your money.”

__________________________________

What’s wrong with shiny cars? /s/

[1curiousmind]

“Yep. I am done with GM. Never again, and you can take that to the bank.”

______________________________

You mean the bank we just bailed out with $700 billion?

Uh. No thanks.

[American72]

LOL!!! Right on!

[Recovering Ex-hippie]

And you want the auto industry to go down in the last few weeks on Bush’ watch, another disaster not the fault of the Conservatives/capitalists, yet lay it on them in the last few weeks?

Now, it will be the Dems and Obozo’s mess in january. I think this was the smart move. It is a temporary “loan” (call it what you want) to push it to the next adminsitration.

It is just a matter of time before the auto industry goes into chapter 11...that IS coming. So let Obama deal with that mess.

[Rennes Templar]

Looks like congress is becoming irrelevant.

[Daryl L.Hunter]

Bush is a metaphor for why lame ducks are called lame!

[hiredhand]

WXYZ) Sources tell Action News that the White House and U.S. automakers have reached a deal that could prevent a collapse of the industry.

The ONLY thing that can prevent the collapse of that industry is if WE buy their products...and we simply aren't doing it.... not enough to keep them in business. I heard a news report the other day on the radio and it was stated that GM runs through 2 billion a month. So if people simply aren't buying their products (and at the moment, they are NOT), then it's fairly predictable as to when their situation will become a crisis again. In truth, they'll never leave crisis mode. The best thing they could do is to abolish the UAW and let capitalism take its course. But they won't. They're like dogs drinking their own vomit, and they just can't help themselves. The U.S. government will pump "invented" money into it...like pouring concrete into a sink hole.

A few months ago, Clark Howard was talking about differences between the U.S. and Japanese auto makers here in America. He said that in order for GM to retool one of its plants from making larger vehicles to smaller vehicles, it would take them months of downtime and millions of dollars. Then he went on to talk about a certain Japanese auto manufacturing plant here in America (and I can't remember which one), but he said that all their larger plants are this way. He said that it would take the Japanese plant less than an hour to "retool" for a different vehicle and the cost wouldn't be worth the ink that it took to write it down.

The U.S. auto industry doesn't deserve our support. They worked long and hard to permanently put people such as myself OFF of them forever. It didn't happen over night, and their problem is from top down, and it's through and through. No amount of money will fix their problem.

Our next vehicle will be Toyota. :-)

[stockpirate]

Bush is nothing but a socialist scumbag. By him being a republican ad pushing the nationalzation of all these busnesses just gives the democrats cover as they continue to nove forward after the O takes over. They will just say to any republican that opposes them that Bush a republican started this takeover dtuff so you don’t have a leg to stand on.

Or as the Rolling Stones once said:

“The time is right for violent revolution”

“The time is right for violence in the streets, yeah”

[hiredhand]

Did admin mods require the alteration of that graphic?

[Lancey Howard]

???

No... the river bank.

[Dionysius]

This is no more than a bone to the UAW to keep the pension money rolling out for another few months; future incremental bailouts will be for the same purpose. Car sales will still plummet and the tax payer will be left holding the bag (just another creditor in the inevitable bankruptcy). Question is, what did the UAW ever do for GWB to warrant such magnaminity? Please do not say it’s for the benefit of the country or I shall puke.

[stockpirate]

It matters not on watch, they are going under and now we will pump billions into the UAW before they do.

If you are for the bailout you should probley be posting on DU, and remove the ex from your screen name.

[PeteePie]

No, I was just being a good FR citizen.

[Recovering Ex-hippie]

I thought this was a discussion board. Obviously if someone disagrees with your perspective they are not a conservative and its ok to start hassling them about a screen name.

Sorry if we are all not as Perfect as you are. Sorry if we want to discuss the issue. You sound like “NO soup for YOU !”

Either argue the point, let someone else do it for you, and just ignore my posts if you don’t like my viewpoint. And if you want to just spend your time bashing Bush...maybe YOU should go onto the dummie sites.

[OldArmy52]

Bush is world class in his ability to enrage not just the Dems, but also the Republican base near simultaneously.

Small wonder few like him. Liberals don’t. Conservatives don’t. Who does? Just those who don’t follow the news?

[OldArmy52]

There was a conservative radio talk show guy who months ago, predicted that Bush would do more damage to the Country in his last few months than in the years prior. Michael Savage I think. He has turned out right. Bush has gone Socialistic. As a Republican, why not buck the Unions who hate him anyway and push an orderly Chapter 11 with renegotiated pay/benefits, etc reorganization so the Big3 can come out as leaner and stronger and competitive with the Japs.

[OldArmy52]

Bush has become as much a Repub as our Calif Governator Arnold S has, who spends time helping the Calif Dem Party fight against Arnold’s own Repub Party for not agreeing to spending increases and tax increases in a declining economy.

[OldArmy52]

No, it is not a matter of time before the US auto industry goes Chapter 11. Rather a matter of time (and not much time) before the auto industry becomes State owned.

Red China did State-owned/run industries for many years but finally found the red ink was not worth it and shut most of them down, finding private companies did better.

So Communist China leaves Socialism after decades of experience showed them it didn’t work. But the USA now goes Socialistic and now has AIG and other State-run companies who continue to be black holes for bailout money. Remember the 85 billion for AIG insurance company? Up to about 200 billion now isn’t it? And still bleeding.

But hey! The USA citizens are delighted to give their money to bail out the super rich’s mistakes.

[OldArmy52]

p.s. We have a 1994 Honda Civic and a 1996 Ford Windstar. The Ford is smooth, quiet and drives well. The problem is that the Ford is in the shop for repair$$$ about twice as often as the Honda.

New cars cost so much to fix these days. Due to all the complexity and clutter under the hood. I just paid $350 to have the Ford’s spark plugs and spark plug wires changed. The rear 3 spark plugs required about 2 hrs to change. The front 3 maybe 5 to 10 minutes.