Sen. Chris Dodd, D-Conn., chairman of the Banking Committee, said GM CEO Rick Wagoner “has to move on” as part of a government-run restructuring that should be a condition of financial life support for the auto industry.
Some one just found a podium and is looking to 'run with it'.......Mr.Wagoner is peanuts or maybe walnuts to the lobbying unions......they're all the same the sheeple are just looking for a lamb....this is politics the Jesus Christ way....... who is gambling for his garment??????
This issue goes WAY BEYOND Mr.Wagoner.......let's not let the same old same old keep us in the traditions without revelation.......
Mr.Dodd should be ashamed........
Mr.Obama better tread carefully......is he full of gusto and progress or just the same old same old????
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
DETROIT (Reuters) - General Motors Corp on Monday unveiled an unusually frank advertisement acknowledging it had "disappointed" and sometimes even "betrayed" American consumers as it lobbies to clinch the federal aid it needs to stay afloat into next month.
I think it is a little too late to 'come clean' now! Our auto industry has been failing for years and years. Partially due to the cost of the unions which places our country 'out of the box' for global competition. And then of course comes the so called 'betrayal' to the American people from the higher ups.
And although our government officials are telling us it would cost the tax payers less with this bail out than it would for a mass lay off is hard to believe. They say it would cost the taxpayers 'more' in the long run if they don't bail them out. I'm beginning to think our country has platued in the area of intelligence, honesty and foresight. We seem to have been just sitting and spinning our wheels for years if not decades with no progression or improvement. (Just look at our energy policy..there is none) Even Obama, who ran his campaign on 'change', has an administration reminiscent of the Clinton years.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
In fairness to the auto makers, they focused on and produced what the American public wanted. Pick ups and SUV's. How many companies out there would make a product people don't want and won't buy, atleast not until gas goes to $4 a gallon. Did they or should have seen that coming? I don't know. I'm not necessarily in favor of the bail out but there is also enough blame to go around
You're right Rene - everyone HAD to have a "mini-van" when they came out ... they just got more and more ridiculous from there. Then, the infamous "Hummer" and H2/H3 ... they never passed a fuel station they couldn't stop for, but everyone who could afford one, had to get one.
In fairness to the auto makers, they focused on and produced what the American public wanted. Pick ups and SUV's. How many companies out there would make a product people don't want and won't buy, atleast not until gas goes to $4 a gallon. Did they or should have seen that coming? I don't know. I'm not necessarily in favor of the bail out but there is also enough blame to go around
The auto industry produced what the American public wanted.....jobs,union and non-union......and the sense that they would always 'bail-US-out'.......this is where I beg to differ with their view of what the public wanted and/or needed.......
with all the $$$$$$$$$$$$$ going to lobbying.....I think the 'bailout' $$ will just get returned to the personal pockets of those making the vote......JMHO.........
Time to MOVE ON BOYS AND GIRLS.........either way there are no bailout checks coming our way.......IT'S A GLOBAL ECONOMY......
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Auto bailout deal said to be close BY JULIE HIRSCHFELD DAVIS The Associated Press
WASHINGTON — Weary Democratic congressional leaders and White House officials agreed in principle Tuesday on a $15 billion bailout of U.S. automakers that would give the government extraordinary power to restructure the failing industry. But the rescue faced snags as Republicans raised deep concerns. Congressional aides and a senior administration official said the proposed deal would speed the loans to Detroit’s struggling car companies and place a “car czar” named by President George W. Bush in charge of overhauling the auto industry. Congress could vote on the plan as early as today and the money could be disbursed within days. A breakthrough came when negotiators reached a compromise to require the czar to revoke the loans and deny any further federal aid to automakers that don’t strike a deal with labor unions, creditors and others to ensure their survival by next spring — essentially pushing them into bankruptcy. “A great deal of progress has been made on auto legislation that will protect the taxpayer and ensure that short-term financing is available only to companies prepared to undertake the dramatic restructuring necessary to become viable and competitive,” Dana Perino, the White House press secretary, said late Tuesday. Earlier in the day, Rep. Barney Frank, D-Mass., the Financial Services Committee chairman, said the remaining issues were minor. “There do not appear to me to be differences in principle of a sufficient nature to blow this thing up,” said Frank, whose staff is helping to draft the bill. Still, staff aides worked into the night fine-tuning legislative details of the agreement. It could face substantial obstacles from congressional Republicans, who remained skeptical of the White House-negotiated plan. A group of conservatives led by Sen. John Ensign, R-Nev., has threatened to block the measure. A further stumbling block was Democrats’ refusal to scrap language, vehemently opposed by the White House, that would force the carmakers to drop lawsuits challenging tough emissions limits in California and other states. That measure “kills the deal,” said Dan Meyer, Bush’s top lobbyist. Senior Democratic aides acknowledged as much Tuesday and said they expected the provision to ultimately be dropped. Environmentalists, who count House Speaker Nancy Pelosi, D-Calif., among their closest allies, already were irate that the bailout uses money set aside for a program to help the automakers finance the retooling of their factories so they could produce greener vehicles. Another remaining hang-up was over ensuring that Cerberus, the private equity firm that owns Chrysler LLC, would reimburse the government if the auto company defaulted on its loan, said a congressional negotiator who spoke only on condition of anonymity because he was not authorized to disclose details of the emerging deal. But the White House and congressional Democrats resolved other major conflicts. Democrats said...............................http://www.dailygazette.net/De.....amp;EntityId=Ar00600
This is in reply to Bob Coveney's Dec. 1 letter about people who created this mess shouldn't be crying: I couldn't agree more with what Mr. Coveney had to say. Where has personal responsibility gone? One may want a mansion to live in, but if there is no income to support that lifestyle, don't get it. It is easy to blame the lenders and say they were greedy and enticed people. But people are supposed to have a mind of their own. About the three auto manufacturers: I don't want my tax dollars to pay for their arrogance. Instead of laughing into people's faces by continuing to manufacturing 4x4s and SUVs; instead of using their profits to research fuel-efficient cars, they laughed all the way to the bank, treating the common man as an idiot. And now they want a bailout? Oil is not limitless. We need to conserve, and building fuel-efficient cars not only helps the environment but loosens our dependence on foreign (Middle Eastern) oil. KHUSHNOOR H. PATEL Schenectady
Common sense would indicate that the best situation for the "Big 3" is to go into bankruptcy restructuring to rid themselves of the burdensome union contracts, etc. They could then merge as more competitive with the foreign automakers. But they resist this solution with all their power. There is only one answer, and that is that the CEOs only care about the loss of their own pensions and benefits, which would be "restructured" out of existence. They don't give a damn about the employees, suppliers, stockholders or the companies. Let them eat the fruits of what they sowed. Let them go bankrupt, and if need be the bailout should be applied to their suppliers, if they are hurt by these failures. I bet more than a few congressional palms will be greased to get this "loan" passed. [TV talk show host] Bob Brinker [quoting Mark Twain] likes to say. "we have the best government money can buy."
By JULIE HIRSCHFELD DAVIS and KEN THOMAS, Associated Press Writer Julie Hirschfeld Davis And Ken Thomas, Associated Press Writer 30 mins ago
WASHINGTON – The top Senate Republican says he's against a $14 billion bailout for U.S. automakers, breaking with President George W. Bush.
Minority Leader Mitch McConnell says the measure "isn't nearly tough enough" on struggling automakers. The Kentucky Republican says a primary weakness in the measure is with the so-called "car czar." McConnell says that post wouldn't have the power to force the car companies to make the tough concessions needed to ensure their survival.
NO BAILOUT!!!!......bankruptcy and REORGANIZE AND RESEARCH AND INNOVATION ARE THE WAY TO GO........talk about pompous lazy American
what ever happened to the pioneering spirit of THE American.....not the government but the American Joe's doing what it takes via work....not the back door shmoozing and oozing....but, honest to goodness work??????
Maybe the union boss leaders would like to appoint themselves as the big bank czar overseeing the bankruptcy for reorganizing.....there's the kettle calling the pot black......go ahead an lobby us right out of the true American spirit.....then go dive off a cliff......
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
I think I did hear earlier tonight that this was knocked back in the Senate. Give me 3 cheers for the free market Hip Hip Hooray! Hip Hip Hooray! Hip Hip Hooray!
Bailout dead, automakers in search of a lifeline With bailout's demise in Congress, allies of US automakers turn to White House for help
By KEN THOMAS and JULIE HIRSCHFELD DAVIS, Associated Press Last updated: 6:05 a.m., Friday, December 12, 2008
WASHINGTON -- Their efforts in Congress squashed, U.S. automakers are depending upon a reluctant White House to quickly provide a multibillion lifeline to help them avoid imminent collapse.
General Motors Corp. and Chrysler LLC, which have said they could run out of cash within weeks, have few options left after the dramatic defeat in the Senate of a $14 billion bailout for the domestic auto industry.
Its demise late Thursday prompted immediate calls from lawmakers in both parties for the Bush administration to tap into the $700 billion Wall Street bailout to rescue the beleaguered auto industry. The bill failed after talks broke down over the refusal of the United Auto Workers union to meet Republican demands for aggressive wage reductions.
The Senate rejected the bailout 52-35 on a procedural vote -- well short of the 60 required -- after the talks fell apart.
"I dread looking at Wall Street," said Senate Majority Leader Harry Reid in anticipation of Friday's stock market reaction. "It's not going to be a pleasant sight."
Stock markets in Asia and Europe dropped sharply on Friday after getting word of the bailout's failure.
The Bush administration has repeatedly said the Wall Street bailout fund should not be used for emergency aid to the automakers because it was designed to restore stability to the financial sector. Following the vote, the White House said it was studying its options.
"Plan B is the president," said Sen. Carl Levin, D-Mich. House Speaker Nancy Pelosi said action by President George W. Bush was the "only viable option."
General Motors and Chrysler are in the most immediate danger while Ford Motor Co. has said it does not need federal help now, but could face collateral damage if one of its domestic rivals fell. With the economy in recession, the auto industry has struggled under the weight of lackluster sales and choked credit markets.
Detroit's carmakers employ nearly a quarter-million workers, and more than 730,000 others produce materials and parts for cars. If one of the automakers declared bankruptcy, some estimate as many as 3 million U.S. jobs could be lost next year.
The White House said it was disappointed by the vote and the legislation "presented the best chance to avoid a disorderly bankruptcy while ensuring taxpayer funds only go to firms whose stakeholders were prepared to make difficult decisions to become viable."
Many congressional Republicans and some economists said the companies would be best to pursue a prearranged bankruptcy that would allow them to restructure quickly. But most Democrats and the carmakers rejected that, arguing it would quickly lead to liquidation because consumers would never buy cars from a bankrupt auto company.
Currently, major auto manufacturers such as Ford and GM have UAW wage agreements for workers with no more than a high school diploma costing over $74 per hour, while comparable non-union plants average $46. This disparities have resulted in Union plants becoming non-competitive.
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