Posted on 12/08/2008 5:36:33 PM PST by Jet Jaguar
WASHINGTON -- Congress and the White House inched toward agreement on legislation that would throw a financial lifeline to the Big Three auto makers, giving the government a substantial ownership stake in the industry and a central role in its restructuring.
Under the terms of the draft legislation, which continued to evolve Monday evening, the government would receive warrants for stock equivalent to at least 20% of the loans any company receives. The company also would have to agree to limits on executive compensation and dividend payments, much like those contained in the government's $700 billion rescue of the financial industry.
Assuming congressional Democrats and the White House come to agreement on the plan, the car industry would be the latest to submit to strict government scrutiny in return for a bailout, joining most prominently the banking sector.
The auto industry would undergo a restructuring process akin to bankruptcy reorganization, only with fewer rigors and with the government, not a judge, in control, and with many associated political complications.
(Excerpt) Read more at online.wsj.com ...
But, I searched. I blame the search function.
That's my story.
It's Headlining Drudge right now.
N A T I O N A L I Z A T I O N
British Leyland, v2.0, here we come.
They have something to do with “sparky” Lucas Electrics, no?
Great! They’ll make real piece of crap cars now! I bet the foreign manufacturers are looking for an even larger market share now!
Darn it, wishful thinking again.
I agree. What the hell is wrong with letting companies seek Chapter 7? I swear, the farmers are going to be next in line for a bailout. Or maybe it will be the trucking industry, yet again. Ugh, I’m sick of watching my tax dollars going to waste. Economic planning by government will ruin quite a few of us. Maybe that’s what the libs are planning: to see conservatives go broke....
Stupider and stupider. Is Bush going to suppose this garbage?
Worse. Far, far, far worse.
Who Killed The British Car Industry? Parts 1-3:
http://www.youtube.com/watch?v=EAWH0EfMDfc
http://www.youtube.com/watch?v=qHtwY3_P9hE
http://www.youtube.com/watch?v=YltxeGCJYVw
http://en.wikipedia.org/wiki/British_Leyland
Congress sends White House auto aid plan with czar
More:
http://apnews.myway.com/article/20081209/D94USB1G0.html
WASHINGTON (AP) - Congressional Democrats and the White House worked to resolve their last disputes Monday over terms of a $15 billion bailout for U.S. auto makers - complete with a “car czar” to oversee the industry’s reinvention of itself - that’s expected to come to a vote as early as Wednesday.
Top Democrats gave the White House their proposal for rushing short-term loans to Detroit’s Big Three through a plan that requires that the industry remake itself in order to survive. The Bush administration gave a cool initial response, saying the measure didn’t do enough to ensure that only viable companies would get longer-term federal help. Negotiators worked into the night Monday to resolve differences.
“We’ve made a lot of progress in recent days to develop legislation to help automakers restructure and achieve long-term viability,” Dana Perino, the White House press secretary, said in a statement. “We’ll continue to work with members on both sides of the aisle to achieve legislation that protects the good faith investment by taxpayers.”
EXP
National Public Automobile Corporation (Big 3)
National Public Broadcasting Corporation (failing liberal MSM’s)
National Bank Holding Corporation (overseeing all bailed out financial institutions)
There could be more coming.
U.S. may easily surpass France in the size of state-held corporations, and move quite close to China.
Thanks.
Ping!
Run the auto companies like we run the post office. Good plan.
I’ll stick with my Camry, thanks.
Unbelievable. In my lifetime. Here it is. A nation of looters.
Thanks Tiger.
This is really sickening.
The “messiah” knows.
I can’t find Benito Mussolini listed in the DC phonebook.
But I know he’s there.
Trains will run on time?
When, and how, do we finally undo this communist, anti-Constitutional government?
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