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Democrats want to expand the 700 Billion to include auto makers..... Unbelievable, Is the future of the auto industry now going to be Government owned? I'm growing real tired of bailing out these guys and running up a debt that will likely take decades to get out of!
Dem leaders want Bush to help ailing automakers
By DEB RIECHMANN, Associated Press Writer Deb Riechmann, Associated Press Writer – Sat Nov 8, 2:25 pm ET
WASHINGTON – Democratic leaders in Congress asked the Bush administration on Saturday to provide more aid to the struggling auto industry, which is bleeding cash and jobs as sales have dropped to their lowest level in a quarter-century.
House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid said in a letter to Treasury Secretary Henry Paulson that the administration should consider expanding the $700 billion bailout to include car companies.
"A healthy automobile manufacturing sector is essential to the restoration of financial market stability, the overall health of our economy, and the livelihood of the automobile sector's work force," they wrote. "The economic downturn and the crisis in our financial markets further imperiled our domestic automobile industry and its work force."
There was no immediate comment from the Bush administration about the request to broaden the $700 billion financial industry bailout so automakers could get a share.
Automakers already want an additional $50 billion in loans from Congress to help them survive tough economic conditions and pay for health care obligations for retirees. The companies are seeking the loans as part of an economic aid plan that is now more likely to come together early next year rather than in a postelection session of Congress this month.
Top executives of General Motors, Ford, Chrysler LLC and the president of the United Auto Workers met with congressional leaders Thursday to discuss the loans. The money would be on top of the $25 billion in loans that Congress passed in September to help retool auto plants to build more fuel-efficient vehicles.
"We left the meetings convinced that our nation's automobile industry — the heart of our manufacturing sector — and the jobs of tens of thousands of American workers are at risk," Pelosi, D-Calif., and Reid, D-Nev., said in their letter to Paulson.
Automakers want the new loans included in an economic aid plan that is now more likely to come together early next year rather than in a postelection session of Congress this month. If Congress approved more loans, it would come with strings attached. Potential protections include limits on executive compensation, awarding the government preferred stock in the companies and a suspension of dividend payments to investors.
GM, the nation's largest automaker, warned Friday that it may run out of money by the end of the year after piling up billions in third-quarter losses and burning through cash at an alarming rate. GM's chairman and chief executive, Rick Wagoner, said the company will take every action possible to avoid bankruptcy. GM has planned more job cuts, including another 5,500 salaried and factory workers, but company officials warn that those measures alone would not be enough and that federal aid was essential.
Ford, which recently announced it would slash more than 2,000 white collar jobs, also has seen a rapid decline in its cash supply. But it is in better shape because the company borrowed billions of dollars in 2007 by mortgaging its factories. The company said it had enough cash to make it through 2009.
"We must safeguard the interests of American taxpayers, protect the hundreds of thousands of automobile workers and retirees, stop the erosion of our manufacturing base, and bolster our economy," the Democratic leaders in Congress wrote.
President-elect Obama said Friday his transition team would explore policy options to help the auto industry. Obama's economic transition team includes two allies of the U.S. auto industry — Michigan Gov. Jennifer Granholm and former Rep. David Bonior, D-Mich.
http://news.yahoo.com/s/ap/20081108/...ush_automakers
Please vote Republican in 2012, America can not sustain another 4 years
of Liberal policies that are fiscally and socially destroying the country..
Didn't they already get bailed out once? There should be some kind of stipulations such as working on alternatives to fossil fuel based engines and other green technology. If these companies fail to be competitive time and time again, its pointless to keep bailing them out. I do however feel for the hundreds of thousands of people it would effect though. This is, as i see it, the only reason such a bailout should make it through. It would send ripples far beyond the auto sector.
Where's my bailout? I would like the government to pay off my credit card bills and my mortgage. When are the idiots in Washington going to understand that you can't keep putting excess money into the system. I can see it now inflation like we had it in the Carter years.
The Dems also want another stimulus package in the range of $150- $200 billion dollars. Boy they must think they can just keep on printing money without any consequences. I guess they have never heard of INFLATION!!!
Don, we lost the elections. It's time to move on. If it wasn't for Carter, Reagan probably would never been elected. They could of had a moderate, but if they keep on dumping more money in, things will only get worse, which will bring about an opposite reaction. I think it was actually Marx who coined this the "Pendulum Theory". Get sick of one side, move to the other side. That's the way politics works. If you want to do something about it, you need to get involved. I don't think this is the right approach!Where's my bailout? I would like the government to pay off my credit card bills and my mortgage. When are the idiots in Washington going to understand that you can't keep putting excess money into the system. I can see it now inflation like we had it in the Carter years.
The Dems also want another stimulus package in the range of $150- $200 billion dollars. Boy they must think they can just keep on printing money without any consequences. I guess they have never heard of INFLATION!!!
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Very soon, the U.S. (along with quite a few European countries) will be like Communists, with state-owned banks and enterprises. Even as a left-of-center small L liberal, I find this uncomfortable.
Profoundly influenced by #Bauhaus, @Nameslave unrepentantly embraces #Minimalism in his #multimedia portfolio. His early works include an experimental adaptation of Chekhov’s Cherry Orchard inspired at least partly by Robert Fripp. His totally irrelevant M.Ed. dissertation examines Organizational Culture and Change Management.
Sorry to disagree with you there. The US and other countries governments came in to bail out a temporary problem that needs fixing. Once the problem is fixed, and the government is no longer necessary, they will let the free market rule again, until another problem pops up. These problems don't happen all the time, and if dealt with correctly, they won't come back!Very soon, the U.S. (along with quite a few European countries) will be like Communists, with state-owned banks and enterprises. Even as a left-of-center small L liberal, I find this uncomfortable.
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Most of us don't fully understand the real and potential dangers of failure our country is facing today. I believe the government MUST do all they can to keep this from happening even if it means owning a part of these big companies in exchange for monetary support to keep them out of bankruptcy. Of course some new rules must be put in place to protect the taxpayer money but it appears the dems and the new president elect are doing this as per the last two paragraphs in the news report...
"We must safeguard the interests of American taxpayers, protect the hundreds of thousands of automobile workers and retirees, stop the erosion of our manufacturing base, and bolster our economy," the Democratic leaders in Congress wrote.
"President-elect Obama said Friday his transition team would explore policy options to help the auto industry."
I think its imperative they trim the excess benefits going to the highest paid in the companies and put in rules that all future vehicles be clean and green. They should also suspend the per share dividends until the tax money is paid back in full.
Automobiles can already be converted quite simply to use natural gas, which is cheaper and much cleaner. If you would have watched the video I pointed you to, you may have seen the procrastination on these issues. Electric and hybrid cars exist as well. Concerned consumers have numerous means of cutting pollution. Try using solar water heaters, and energy saving lighting instruments. Using bicycles, walking mopeds and the like will as well save lots of money are healthy, and save on pollutants.and put in rules that all future vehicles be clean and green.
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fab...the main reason why the auto companies are in trouble today is because they chose to continue building the big gas guzzlers even when all indications pointed to a green car future. Why did they do it?....because the gas guzzlers gave them more profit. Now that gas prices have gone back down its likely they will build even more gas guzzlers unless they are forced to do whats right for the environment and the future economy by building smaller green cars....thats why I said we must put rules in place to force them to do that.Originally Posted by fab
I'm not sure what video you're talking about.....I usually check out all the url's referred to.
When you look at the US or other Western nations you don't really see government shrinking as time goes by
Who Killed the Electric Car.
Find it. View it.
Incredible but sadly true.
Last edited by Gerry; 11-09-2008 at 10:06 AM.
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
Perhaps you haven't heard of the Chevy Volt. Its what is going to save GM I believe. The electric car isn't dead at all.
www.chevrolet.com/electriccar/
A great film, also sad....
40 miles on just electricity yes? This ought to already be here.
Toyota likely is developing similar cars.
Nope, it is getting much much bigger.When you look at the US or other Western nations you don't really see government shrinking as time goes by
I'm a big fan of small government.
"When the government fears the people, you have liberty; when the people fear the government, you have tyranny."
Thomas Jefferson
Last edited by Compassion; 11-09-2008 at 10:52 AM. Reason: Automerged Doublepost
As soon as consumers demand otherwise they will do that. Private companies are built based upon greed, just as individuals are. Green and black are both greedy. Go to youtube and search for Milton Freedman, especially with Naomi Klein. Money makes the world go round. If consumers demand 5 wheel cars, the companies will start making themfab...the main reason why the auto companies are in trouble today is because they chose to continue building the big gas guzzlers even when all indications pointed to a green car future. Why did they do it?....because the gas guzzlers gave them more profit. Now that gas prices have gone back down its likely they will build even more gas guzzlers unless they are forced to do whats right for the environment and the future economy by building smaller green cars....thats why I said we must put rules in place to force them to do that.
I'm not sure what video you're talking about.....I usually check out all the url's referred to.
The video I was referring to is GlennBeck. The guy you blacklisted. The clip hits at all the presidents from Reagan till Bush who've promised dealing with energy problems.
Government will never solve our problems, they will only make things worse. Most good in this world comes from private peoples own initiatives!
Yes, this is the problem!When you look at the US or other Western nations you don't really see government shrinking as time goes by
Last edited by fab; 11-09-2008 at 10:58 AM. Reason: Automerged Doublepost
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I beleve it'll take a lot more than the Volt to save GM. If they had continued with the electric cars back in the 90's they wouldn't be facing bankruptcy now.
Electric battery cars will save on gas but will do very little for the environment and climate change.....they still use electricity for a charge and the electricity they use most often comes from coal fired energy plants which are the most co2 producing of all.
I think the LPG cars as advocated by Pickens is a much better solution. Its less polluting over all and it will help reduce our dependence on foreign oil.
They are far more efficient though, and eventually electricity will become cleaner.Electric battery cars will save on gas but will do very little for the environment and climate change.....they still use electricity for a charge and the electricity they use most often comes from coal fired energy plants which are the most co2 producing of all.
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Psst...google Chevy EV1.
It could have saved GM and the auto industry in 1996.
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
oh wait - it could have saved them had GM not wanted to gouge people in alliance with the oil companies.
so dramatic they crushed the cars, not to be used by anyone!
those arrogant, greedy, planned obsolescence, car manufacturing MFs.
The people will wake up to the lies, deceit and treason that not only the central bankers are responsible for - but the auto manufacturers who have INTENTIONALLY SUPPRESSED BETTER EFFICIENT TECHNOLOGY IN THE NAME OF OUTRAGEOUS PROFITS.
this bailout scheme first - for wall street and the banks - and potentially for this - is a scam. period.
The newest South Park paints a good metaphorical picture.
I'm a firm believer electricity will become cleaner and cheaper. Not only because I believe CCS will be feasible in the near future but the sun, which of course is the biggest provider of energy we have, is absolutely FREE. Both the sun and the wind are the providers of our future energy and they are both free, clean, and automatically renewable. We hear a lot of talk about coal being our most abundant energy but I disagree.....the sun is the most abundant source of energy on earth.
I've always advocated the development and implimentation of the sun and wind for our energy needs and I'm very pleased we will soon have top level governmental leaders in place to help make this happen. I think we have a very bright future because not only will the development of new clean green energy provide the jobs and industry we need to get our economy back on track but it will solve our (and the worlds') most urgent needs and problems.....please forgive me for getting a little off topic with this but, as you know, I sometimes get a little excited about it.
Crushed? They shredded.
What was once the EV1 may now be your soup can on the shelf.
The official theatre trailer:
http://www.sonyclassics.com/whokilledtheelectriccar/
http://www.sonyclassics.com/whokille.../electric.html
I am a big fan of educational documentaries. Personally, I an not a fan of Micheal Moore as it is now all about Micheal Moore. Lets face it, when you end up on a game show as a regular (Hollywood Squares???), you have hit the Hollywood graveyard.
This was exceptionally eye opening documentary as I had totally lost sight of this car.
It did, in fact, disappear!
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
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