Auto Bail Out?

[85suited 0]

What's more retarded...them making that trip or the fact that some people actually care they drove instead of took private jets? Complete and total window dressing to cover the fact they ran their companies into the ground and can't even admit it.

QFT

[Nimue1995 1]

Sadly they will get their bailout because this country cannot afford for that many workers to lose their jobs with the economy in the straits that it's in. We got to see Dodd & Co yesterday grilling them light in my opinion. Now it's Frank & Pelosi's turn. But in the end, they will get the money. For one thing, I don't think any of the politicians in Washington want to be responsible for that kind of hit to the economy.

[hblask 1]

Sadly they will get their bailout because this country cannot afford for that many workers to lose their jobs with the economy in the straits that it's in.

But a bailout doesn't change the net number of jobs in the country, it just allocates them to politically protected inefficient industries at the expense of the non-political efficient industries. That's harmful in both the short and long term.

[Nimue1995 1]

But a bailout doesn't change the net number of jobs in the country, it just allocates them to politically protected inefficient industries at the expense of the non-political efficient industries. That's harmful in both the short and long term.

I didn't say that the bailout would be a good thing. In the long run, it's probably better to let the auto companies fail. But there is not a politician in Washington that will want to be saddled with the legacy of having killed the auto industry in this country during one of the deepest recessions in recent memory. None of them have those kind of balls.

[hblask 1]

I didn't say that the bailout would be a good thing. In the long run, it's probably better to let the auto companies fail. But there is not a politician in Washington that will want to be saddled with the legacy of having killed the auto industry in this country during one of the deepest recessions in recent memory. None of them have those kind of balls.

Fortunately, the public is getting more educated, and that process continues. This bailout will probably go through, but each time it happens it makes the next one less likely, because people are starting to recognize the truth of my previous post -- it doesn't save jobs, it just rearranges them in a less-than-optimal way based on political considerations.

[85suited 0]

Congress, White House seek auto bailout compromise Email this StoryDec 5, 7:26 PM (ET)By DAVID ESPOWASHINGTON (AP) - Amid fresh assembly line layoffs, congressional Democrats and the White House reached for agreement Friday on about $15 billion in bailout loans for the beleaguered auto industry. President George W. Bush warned that at least one of the Big Three carmakers might not survive the current economic crisis.Several officials said House Speaker Nancy Pelosi of California and White House Chief of Staff Josh Bolten spoke by phone. While no details of their conversation were available, it appeared the House's top Democrat had dropped her opposition to Bush's insistence that the aid come from a fund set aside for the production of environmentally friendlier cars.The developments came as desperate auto executives pleaded for a second straight day with lawmakers for loans to help them survive, and the government reported the worst single month's job loss in 34 years.Pelosi's office issued a statement saying legislation would come to a vote in the House next week. The Senate is also scheduled to be in session to consider steps to aid Detroit's Big Three."Congress will insist that any legislation include rigorous and ongoing oversight to guarantee that taxpayers are protected and that resources are directed to ensure the long-term viability and competitiveness of the American automobile industry," Pelosi statement said.It did not say so, but numerous officials confirmed that she had bowed to Bush on the point that had blocked agreement for weeks.

[Nimue1995 1]

Bush & Paulson to Wall Street - open checkbookBush & Paulson to the automakers and homeowners facing forclosure - go **** yourselfNow who do you really think Bush and Paulson work for? It sure as hell isn't us.

[hblask 1]

OMG, this sounds like a TERRIBLE bill:

WASHINGTON -- Congressional Democrats have sent the White House a draft of a roughly $15 billion auto bailout that's expected to come to a vote this week. According to a draft obtained by The Associated Press, the measure would rush bridge loans to Detroit's struggling Big Three and put an overseer chosen by President George W. Bush in charge of monitoring an auto industry restructuring. The overseer could recall the loans as early as February if the carmakers weren't doing enough to reinvent themselves and become viable. And if the Big Three didn't come up with suitable restructuring plans by the end of March, the "car czar" would have to submit his own blueprint to Congress for a government-mandated overhaul.

So not only are we propping up inefficient industries at the expense of innocent taxpayers and efficient industries, there is a possibility that an appointed bureaucrat could be put in charge of running the auto industries?This is so f-ing scary.

[BigLebowski 0]

Henry, you sound shocked. Did you honestly expect anything different? I know you are trying to be an optimist in these trying times, but don't hold your breath for government to do the right thing when it involves massive amounts of money. Now if only there were people that could hold these jokers accountable for their missteps.

[BigLebowski 0]

double up

[hblask 1]

[Vandees 0]

Bush & Paulson to Wall Street - open checkbookBush & Paulson to the automakers and homeowners facing forclosure - go **** yourselfNow who do you really think Bush and Paulson work for? It sure as hell isn't us.

Someone's been watching too much Daily Show.Certainly you must understand the difference between banking/finance and car companies in terms of the overall impact to the economy. *however, i didn't support the financial bailout either, there were better opportunities to try first IMO*And homeowners, well don't get me started. Most of them knew full well what they were getting themselves into, the aggressive lending industry just expanded into a segment of our country that doesn't care about responsibility/accountability: the consuming non-payers. They don't care whether a bill is paid...why do you think they only qualified for ARM loans? They certainly don't have pride in their home...but they sure want help when things go bad, because our government has conditioned it. What do you propose to solve this problem? Low interest rates? Cutting their balances? So we reward ineptitude and irresponsibility? They must fail, just like the auto industry must fail. You know, a little challenge and adversity isn't necessarily a bad thing. It makes people strong, resiliant. Always getting "bailed out", now that leads to problems.

[hblask 1]

Bailout bill passes.237 members of Congress voted for this. How many of those were Democrats and Republicans?DEMOCRATS: 205 yea 20 neaREPUBLICANS: 32 yeah 150 neaThank god we knocked those lousy corporate shill republicans out of congress, and their rich corporate buddies. It's a new era.... what? Oh wait.

[nutzbuster 7]

Bailout bill passes.237 members of Congress voted for this. How many of those were Democrats and Republicans?DEMOCRATS: 205 yea 20 neaREPUBLICANS: 32 yeah 150 neaThank god we knocked those lousy corporate shill republicans out of congress, and their rich corporate buddies. It's a new era.... what? Oh wait.

:D

[akoff 0]

Bailout bill passes.237 members of Congress voted for this. How many of those were Democrats and Republicans?DEMOCRATS: 205 yea 20 neaREPUBLICANS: 32 yeah 150 neaThank god we knocked those lousy corporate shill republicans out of congress, and their rich corporate buddies. It's a new era.... what? Oh wait.

so it is a few billion down the drain....drop in the bucket. We'll make it up when they change the tax code for all those rich guys guys making 250k or more.

[CaneBrain 95]

so it is a few billion down the drain....drop in the bucket. We'll make it up when they change the tax code for all those rich guys guys making 250k or more.

I am against the auto bailout.....but to be honest when you give away 700 billion to the financial sector 15 billion to the automakers IS a drop in the bucket.I still say let them go under.And lets remember the Bush Admin is very much behind this auto deal before we start giving the GOP a pass on this.

[hblask 1]

And lets remember the Bush Admin is very much behind this auto deal before we start giving the GOP a pass on this.

That's one Republican who thinks he's a Democrat. I will admit, though, the Republicans let the much larger financial bailout go through because of political cowardice, but even there stood against it in much larger numbers than the Dems. Face it, Dems like big government in all it's forms, even when it helps corporations crush the little guy.

[akoff 0]

I am against the auto bailout.....but to be honest when you give away 700 billion to the financial sector 15 billion to the automakers IS a drop in the bucket.I still say let them go under.And lets remember the Bush Admin is very much behind this auto deal before we start giving the GOP a pass on this.

We agree but i don't believe they will go under. they will redo labor costs and create job restructuring and reemerge as a better company.or we can give them a few billion, let them float it for a quarter or so, give them several billion more and then go thru the same steps as above...

[CaneBrain 95]

looks like the auto bailout is falling apart in the Senate anyways.

[Jeepster80125 0]

so it is a few billion down the drain....drop in the bucket. We'll make it up when they change the tax code for all those rich guys guys making 250k or more.

Not Really.Bailouts Cost More Than All U.S. Wars and Many Big Programs Combined Casey Research has analyzed the costs of the government bailouts of the housing crisis, the credit crisis and others and has concluded that the total is $8.5 trillion - more than the cost of all U.S. Wars, the Louisiana Purchase, the New Deal, the Marshall Plan and the NASA Space Program combined."When we consider the costs of these programs, even when adjusted for today's dollars, we see that our most expensive government efforts of the past were relative bargains and that we are wasting a terrible sum of money with the current bailout," said Olivier Garret, CEO of Casey Research.To illustrate this point, following are the costs of previous U.S. programs and their cost in 2008 dollars:-- The New Deal$500 billion-- The Marshall Plan$125 billion-- The Louisiana Purchase$284 million-- World War II$4.1 billion-- The Vietnam War$686 billion"How will our country repay its debts? The current bailout so far represents sixty-two percent of our GDP. As we move forward, our government will need to attract trillions of dollars from taxpayers to fund its programs and commitments."In the near future, the Federal Reserve will have no choice but to turn on the printing presses and start operating them around the clock to create the money that can't be raised on the capital market. These actions will lead to a significant debasement of the dollar and a major appreciation of gold and commodities."Our weakened U.S. economy will be faced with the rising cost of capital and a period of stagflation. America will have been mortgaged and the ensuing debt will have to be paid by future generations," said Mr. Garret.Casey Research is a team of highly experienced investors and trained economists who spend countless hours researching powerful economic trends and the very best ways to profit from same. Their clientele is made up of individual and institutional investors who share the costs - through subscription fees - in exchange for unbiased research and information they can use in managing their portfolios to produce above-average returns.To schedule an interview, please contact Kevin McVicker with Shirley & Banister Public Affairs at (703) 739-5920 or kmcvicker@sbpublicaffairs.comSOURCE Casey ResearchCopyright © 2008 PR Newswire. All rights reserved End of StoryComtex

[akoff 0]

Not Really.Bailouts Cost More Than All U.S. Wars and Many Big Programs CombinedCasey Research has analyzed the costs of the government bailouts of the housing crisis, the credit crisis and others and has concluded that the total is $8.5 trillion - more than the cost of all U.S. Wars, the Louisiana Purchase, the New Deal, the Marshall Plan and the NASA Space Program combined."When we consider the costs of these programs, even when adjusted for today's dollars, we see that our most expensive government efforts of the past were relative bargains and that we are wasting a terrible sum of money with the current bailout," said Olivier Garret, CEO of Casey Research.To illustrate this point, following are the costs of previous U.S. programs and their cost in 2008 dollars:-- The New Deal$500 billion-- The Marshall Plan$125 billion-- The Louisiana Purchase$284 million-- World War II$4.1 billion-- The Vietnam War$686 billion"How will our country repay its debts? The current bailout so far represents sixty-two percent of our GDP. As we move forward, our government will need to attract trillions of dollars from taxpayers to fund its programs and commitments."In the near future, the Federal Reserve will have no choice but to turn on the printing presses and start operating them around the clock to create the money that can't be raised on the capital market. These actions will lead to a significant debasement of the dollar and a major appreciation of gold and commodities."Our weakened U.S. economy will be faced with the rising cost of capital and a period of stagflation. America will have been mortgaged and the ensuing debt will have to be paid by future generations," said Mr. Garret.Casey Research is a team of highly experienced investors and trained economists who spend countless hours researching powerful economic trends and the very best ways to profit from same. Their clientele is made up of individual and institutional investors who share the costs - through subscription fees - in exchange for unbiased research and information they can use in managing their portfolios to produce above-average returns.To schedule an interview, please contact Kevin McVicker with Shirley & Banister Public Affairs at (703) 739-5920 or kmcvicker@sbpublicaffairs.comSOURCE Casey ResearchCopyright © 2008 PR Newswire. All rights reserved End of StoryComtex

i should have added SW.Trust me when i tell you I am not for bailouts, I still believe that BHO is a socialist at heart, I think Bush lost his mind for spending like a democrat and Union's are on the verge of bankrupting industry in the nation...i am not a registered Democrat!! LOL

[BigLebowski 0]

As I said before...the GOP is just trying to put on a dog and pony show until they are bought off with pork. There is essentially zero chance the auto industry DOES NOT get bailed out. It is just a matter of how much it is going to take to pay off some of the GOP voters. The senate will make a few changes, push it back to congress, and they'll run it through. Repeat process in 3-5 months.

[JustDoIt 10]

Bailout bill passes.237 members of Congress voted for this. How many of those were Democrats and Republicans?DEMOCRATS: 205 yea 20 neaREPUBLICANS: 32 yeah 150 neaThank god we knocked those lousy corporate shill republicans out of congress, and their rich corporate buddies. It's a new era.... what? Oh wait.

HBlask I know you will enjoy this.(CBS) Propping up ailing car companies is not what the government’s bailout for Detroit’s car makers is really about, says the man in the middle of the controversial plan. Barney Frank (D-Ma.), chair of the House Financial Services Committee, insists it is about the individual - saying the government needs to help the people in the car companies and other firms tied to the failing industry.The 14-term congressman from Massachusetts talks to 60 Minutes correspondent Lesley Stahl in a interview to be broadcast this Sunday, Dec. 14, at 7 p.m. ET/PT."No. We’re not propping up companies. That’s your mistake," he tells Stahl, who had asked him about taxpayer money going to prop up companies that had made bad decisions. "We’re propping up individuals. The world doesn't consist of companies. The world is people. The country is people."When Stahl points out that Frank is then talking about welfare, he responds, "Yeah, I’m for welfare. You’re not? Are you for letting people starve?"Some argued that bankruptcy was the way for Detroit to work out its troubles and reformulate their businesses. Frank is against that as well because it also hurts the individual. "There's only one thing you can do in bankruptcy: break your word, break your deals," says Frank. "It allows you to say to the small businesses who have been catering lunches for you…the workers, 'Sorry, we’re not paying you,'" he tells Stahl.Frank is frustrated by a lack of leadership on the financial crisis that he says is caused by the transition period between the election of Barack Obama and the end of President Bush’s lame duck term when Obama actually assumes office. "Part of the problem now is that this presidential transition has come at the very worst possible time. We saw it coming. I don't know if there was any way to avoid it. You know… Senator Obama has said, 'We only have one President at a time.' Well, that overstates the number of presidents we have at this time. We don't appear to have any," he tells Stahl.Frank also discusses his disappointments with the bailout for the financial industry, his long career in the House, and how it was affected by his coming out as a gay man 20 years ago.ttp://www.cbsnews.com/stories/2008/12/11/60minutes/main4663945.shtml

[vonteego3 0]

lol @ the UAW refusing to cut wages. I guess they'd rather all their members be unemployed than make what they would at Toyota.Aren't we done with unions yet?

[LongLiveYorke 38]

-- World War II$4.1 billion

LOLOLOLOLOLOLLOOLLLLLOLOLOLOOOLOLOLOLOLOLOLOLThat statistic is so incorrect is boggles my mind.Way to vet your sources.