Congress cancels vote on auto bailout

Discussion in 'Economy' started by DavidS, Nov 19, 2008.

  1. DavidS
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    DavidS Anti-Tea Party Member

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  2. ABikerSailor
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    ABikerSailor Platinum Member

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    You should have watched the actual interview that Congress had with GM. One of the congresspersons said "Bailing you out is as wrong as a guy in a high hat (tophat), and tuxedo showing up at the soup kitchen looking for a meal."

    On the blogs at CNN? You should see what some of these people have to say.......

    Funny thing was that Congress, after checking how much support they had (which was almost none) for the bailout bill (which was supposed to be tomorrow), they decided to cancel the vote.

    THANK GOD FOR CHANGE!
     
    Last edited: Nov 19, 2008
  3. DavidS
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    DavidS Anti-Tea Party Member

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    Brian Ross's investigation of these CEO's showing them getting on private jets and flying to Washington definitely didn't help.

    So where do we go from here? When does GM go bankrupt?
     
  4. Navy1960
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    Navy1960 Senior Member

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    You know, I have given this a lot of thought recently and this just proves that congress both republican and democrat are incapable of thinking outside the box. This issue could be solved several different ways that could have resulted in a very positive outcome and could have been accepted as win by the American people. Most Americans I dare say , saw this as another government handout to failed business that given the track record of the last one would do nothing. However, if our congressmen and women could have thought about methods to help in this crisis as it applies to the people they represent which they seem incapable of doing then IMHO the big 3 would have benefited. For example, set aside a trust fund to back auto loans for American made cars much like the FHA, call it the FCA if you want to. What about providing 50/50 tax credits for all american made cars? Which means a 50% tax credit for the consumer and 50% for the car company for one year. So rather than come up with solutions though that benefit the people they represent , they are more focused on K Street or Wall Street and again we have a visual failure on all sides. While I am not one to make predictions IMO GM and Ford have enough to hold out till the 111th congress where they are likely to get anything they ask for, however Chrysler may not be so lucky.
     
  5. dilloduck
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    dilloduck Diamond Member

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    Incompetent idiots who can just barely find the box much less think outside of it. We're so screwed.
     
  6. ABikerSailor
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    ABikerSailor Platinum Member

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    Want to hear something even better? CNN had live feeds of Paulson on the stand, and he was asked his definition of a bank. He said that there were many different definitions.

    Later, after the reporters check it out, they found even more stuff! Paulson was not only bailing out the mortgage and banks as WE know them, but also there was a grant given to a plumbing company who had bankrupted 2 times before, so that they could go BACK and re-buy their property! Oh yeah.....there were also lines of credit just GIVEN to people. All of these were Paulson's definition of "bank".

    Nope, the GM bailout was a very bad idea, and I'm happy as all get out that they ain't gonna get money outta my pocket via taxes. And yes.....even though I'm retired and have a pension, Uncle Sam takes his little slice out of it first, then the rest goes to my bank account.

    Nope......let the fuckers twist!
     
    Last edited: Nov 19, 2008
  7. Navy1960
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    Navy1960 Senior Member

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    Am I one of the few here that think that the Treasury Sec. pulled a bait and switch on everyone? Wasn't the bailout sold to everyone as buying toxic debt as a way to free up credit? More like a big Las Vegas Crap shoot with 700 Billion in tax payer money? Now you have Paulson afterwards saying , well that won't work so he's giving the money to banks, some of them were not even banks before the bailout was approved to show you what a free for all this is "American Express" . Take a look at all the lobby firms hired on K Street to lobby for bailout money now. Now you have the big 3 comming into that free money pile asking for the share AIG got, my suggestion to them is this, Have GMAC, FMC, and Chrysler Credit become bank holding companies and I'm sure Paulson would bend over backwards for them. Has anyone noticed the only people that are not being paid attention to here in all this mess are the taxpayers themselves and we are the ones that elect those people in congress.
     
  8. Article 15
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    Article 15 Dr. House slayer

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    You aren't alone, Navy. Paulson renegged on what he told the American people he was going to do. The sick thing about it is that's we have watched it go down right before our eyes and we've done nothing about it.

    They must be laughing their asses off.
     
  9. tigerbob
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    tigerbob Increasingly jaded.

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    I'm stunned that they appear to have cancelled the vote just because there didn't appear to be sufficient support, and have thrown it over the fence to the outgoing administration. What a chickenshit decision.

    The whole process seems to have been a means for our elected officials to do some posturing, venting and finger pointing. It's little better than we've seen on these boards for the last few weeks.
     
  10. Navy1960
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    Navy1960 Senior Member

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    I agree, and I get this feeling that in Washington you have these bands of people Congress , Agency's, White House, whatever all being supported by interests of some sort or another and all sharing one thing in common and that is they have forgotten that it's the American peoples money they are playing with and it's the American people they seem to put at the end of the line. What happened to critical thinking? and solutions based on solving problems rather than making your lobby group happy? All this has led this country to the path we are on now and I fear if we do not get off it soon it will result in a situation that cannot be reversed.
     

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