(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.

[Emile]

Prolly because they’re unionized and the bank people weren’t.

[Emile]

Most or all of this cr@p is not being financed by taxes anyway. It is being financed by additional debt. That’s why, as someone else said, our fed reserve notes will sooner or later be indistinguishable from Monopoly money.

[nina0113]

Bush the republican socialist that just can’t stop giving away our money.

He's making Obama look better every day - one socialist is the same as the next, and at least Zero's a Dem.

[oioiman]

Bush is about as conservative as Jeff Gannon’s..........

[maxter]

All of this reminds me of the truck we bought new from GM ten or so years ago with bad paint that peeled, looked horrible. We asked GM to help pay for a new paint job, they refused, we were out of luck. Well we paid $900 to have the thing repainted knowing they had issues with bad paint, but still unwilling to give us a hand. So I must say we have not bought a GM product since and do not plan ever to do so. That $900.00 is going to cost them much, much more. Maybe other people have done the same. Their sorry service is part of the problem.

[dreadnought321]

The paint that comes out of China(and yes most of it comes from foreign sources now, check the labels) is garbage. Not just Auto. Home, exterior, stains. A lot of it is garbage. Just like brake linings that fail after a thousand miles. Or hoods that are supposed to be galvanized, but actually are not. UAW and other auto manufacturers just put the crap parts on like they are told. But lets blame the guy who comes to work everyday and has to deal with that garbage. Yea, he’s the problem.

[flowerplough]

Who’s next. LG? I’m guessing it’s California (and several other tag-alongs) and then the record-profits-last-year oil companies.

[Issaquahking]

Bush the republican socialist that just can’t stop giving away our money.

Bush the socialist that just can’t stop giving away our money.

There, fixxed it for you.

[BrianE]

Totally. Let all patriots head the call to leave the land of Deerbornistan and come to land of Guns and Cowboys where they shall be welcomed as family. Let they of the Michigan Socialsts under the banner of the Donkey take up arms (BB filled and slingshot-like), and come down with their face against the South, for we shall chop them like little-girl-chaff, and verily, they shall wet themselves in fear as the South teaches them the lesson of harsh humility. Yea verily, they of the Collective Ass shall sitteth down, and shutteth up, and their braying shall cease forever.

I love it Tony!

[Lancey Howard]

Wow... Thanks, Bush, for the kick in the stomach on your way out the freaking door.
Just get outta here. Please.

[dfwgator]

Bush can’t prevent a damn thing.

[EternalVigilance]

This is fast turning into the Soviet Union. That’s not a joke anymore.

[Lancey Howard]

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

[EternalVigilance]

I’m starting to believe that Bush really did say that the Constitution is just a damned piece of paper.

[Gondring]

All we will be able to afford then is Baltic Avenue.

And flipping real estate takes on a different meaning.

[Arkinsaw]

Speaking of screaming...there’s a LOT of noise here in Michigan about anger against the southern states and the Republicans who voted against this bailout bill. The fury and hatred about to seep out of this godforsaken state is going to be stunning.

Tough. If you charge huge amounts for your labor services in a world where most people don't charge as much....you will be unemployed.....and any fool who employs you will be bankrupt.

GM dominating the world days are OVER. They ain't coming back. The big payday was set up by your for your PARENTS...not you. Party's over. Get it? P-a-r-t-y O-v-e-r.

I suggest you either get like the new South quick willingly....or become the 1930 South unwillingly.

[Arkinsaw]

What worries me is not just the union jobs but all of the other jobs that will actually be lost if they go under. Dealers, parts people, suppliers, etc. Its not just going to affect Michigan. Other states will be overwhelmed with unemployment benes.

It's a shame that all these jobs are based around a completely unsustainable business and labor model. A bailout will not fix the model, only fixing the model will fix the model.

[1000 silverlings]

Who is to say the same won’t happen to the auto workers?

Ofcourse it's going to happen to the auto workers. Workers in Mexico and SA get about 90 cents an hour

[SumProVita]

“In a little more than 30 days, that power goes to one Barack Obama.”

Now, THAT is scary. You all know, of course, that Obama wants to see unions in ALL states (much more $$$ for the party coffers).