Congressional Leaders Want Bush to Help Automakers

Discussion in 'Politics' started by Neubarth, Nov 8, 2008.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    Pelosi and Reid Urge Aid for U.S. Automakers



    By DAVID M. HERSZENHORN
    Published: November 8, 2008
    WASHINGTON — Democratic leaders in Congress urged the Bush administration on Saturday to consider using the $700 billion bailout for the financial system to aid distressed American automakers, in a prelude to what may become urgent negotiations over additional economic stimulus measures.

    In a letter to Treasury Secretary Henry M. Paulson Jr., the Democratic leaders said, “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 workforce.” The letter was signed by the House speaker, Nancy Pelosi of California, and the Senate majority leader, Harry Reid of Nevada.

    But the Democratic leaders also urged Mr. Paulson to include strong taxpayer protections as a condition of any aid to the automakers, mindful of public frustration over the repeated efforts by the government to aid large financial institutions and other corporations while average citizens struggle in the economic downturn.

    On Friday, General Motors said that it had been burning through cash at a pace of more than $2 billion a month and that it could run short of money by mid-2009 without federal help.
     
  2. Neubarth
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    Neubarth At the Ballpark July 30th

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    FORD IS CORRUPT TO THE MAX, PAYING THE EXECUTIVES OUTRAGEOUS SALARIES OF MILLIONS OF DOLLARS. NO MORE BAILOUTS! NOT ONE DOLLAR!

    It is time to let Ford die a long deserved death. They are totally corrupt and debt ridden. Look at the numbers on any stock site.

    If the US gov is to spend any money helping the auto industry, let it be given to the companies that come in to buy the Ford Factories and thus employ skilled Americans building what was the original type of car Mr. Ford intended, "A car for the average American." No more gas guzzlers. No more fat cat executives making ten times what the President of the US is making. That is outrageous!


    FORD MOTOR COMPANY


    Total Current Liabilities -- ONE HUNDRED BILLION DOLLARS!
    Long Term Debt -- ONE HUNDRED SEVENTY BILLION DOLLARS!
    Other Liabilities -- TEN BILLION DOLLARS.

    This has to be the most corrupt debt ridden company in the whole world. Time to kill it and get it over with. No more special government hand outs.

    At Ford Motor Co. they called it "Blue," a team set up around the year 2000 to design an array of small, fuel-efficient cars to compete with the Japanese. It didn't get far because no one could figure out how to make money on low-priced compacts with Ford's high labor costs.


    Most of us know about Blue. The reality is that Ford is so top heavy with expense that they can not make the necessary small cars and turn a profit. No amount of Government bailout short of buying all of their debt will keep Ford in the money. They are morally corrupt internally in addition to being financially corrupt.

    It is time to kill it and let a Phoenix arise from the ashes.

    ******

    GM is totally insolvent and should file for bankruptcy!
    Until they do that, it would be insane for the government to loan them money.

    As of midyear, GM had total assets of $136b and total liabilities of $191b, a $55b deficiency.

    That in my book says that GM is insolvent. How can GM ever repay a MULTI BILLION DOLLAR BAILOUT?

    As of June 30, 2008, its current liabilities were $70b, dwarfing its current assets of $55b. Moreover, we do not know what deals GM has made to stretch/defer repayment of its account payables.

    IF WE GIVE THEM THE MONEY THEY ARE BEGGING CONGRESS FOR, THE ONLY THING THAT WILL HAPPEN IS THAT SOME RICH REPUBLICANS WILL GET SOME MONEY AND THEN GM WILL DECLARE BANKRUPTCY ANYWAY

    Say after me, 'NO BAILOUT! NO WAY!

    Now, I can see federal money to help some startups to buy GM's factories for forty centis on the dollar. That would make sense to me. Since hte factories would be intact, a startup making a good product would still be ordering parts from manufacturers in other parts of the country. I know a lot of parts are made outside of the country, so buying American should be a part of helping a startup get going.

    Letting the Big Three fail will only open the way for startup companies to buy the factories at deep discount prices. The worker pool will still be there, but they will be offered jobs at lower rates than the outrageously high pay scales demanded by the Unions.

    Because of those high rates, the Big Three can not build a small economical car and turn a profit. THAT is a reality. We need to kill the Big Beasts and create new car companies in America. Ones that can build economical cars and mass produce them and sell them to the American public.

    The corrupt Democrats who receive money from the Big Three to run their campaigns are now being asked to get some free Government money doled out to the automakers.

    We urgently need to tell Congress that as long as the Big Three have already proven that they can not compete against the Japanese and Korean companies in making a cost effective car, it is time to kill the Big Three.

    They are doomed to fail anyway. Might as well get if over with and build new companies from the ashes. The labor pool is there. Let's put them to work at lower pay scales building economical AMERICAN cars.
     
    Last edited: Nov 8, 2008
  3. Isolde
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    Isolde Knucklehead

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    This is the Dems way of thanking the labor unionized auto industry for their support.

    Political paybacks are a bitch.
     
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  4. hjmick
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    hjmick Gold Member

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    Sadly, the Dems are beholdin' to the UAW. The UAW wants it's members to keep their jobs. For their members to keep their jobs, the auto makers will need federal money. For the Dems to keep the support of the UAW, well, you get the point.
     
  5. Gunny
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    Gunny Gold Member

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    I know ... why doesn't the government just take over all of private industry and bail everyone out?

    The checks they are writing are RUBBER and WE are the ones who are going to foot the bill. How hard is this to figure out?
     
  6. xsited1
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    xsited1 Agent P

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    George W. Bush was (and is) a big-government politician. However, I find it laughable that Democrats disapproved of GWB and Republican's spending habits, yet find this acceptable. Kool-Aid anyone?
     
  7. Jon
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    Jon The CPA

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    Auto-makers are in the dirt because of gas prices. Here's an idea: instead of wasting money to save the auto industries, why don't we lock gas prices in at a low price and save the auto industry in the mix?

    Of course, that would require logic, of which Nancy Pelosi and Harry Reid know nothing about.
     
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  8. DiveCon
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    DiveCon gone

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    no shit
    the very things they bitched about Bush doing, are the very same things they will do
     
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    Last edited: Nov 9, 2008
  9. WillowTree
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    WillowTree Diamond Member

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    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."

    The administration did not offer direct comment on the request to broaden the $700 billion financial industry bailout so automakers could get a share. Treasury Department spokeswoman Brookly McLaughlin said the department is working on ways to most effectively uses the remaining dollars in the rescue to strengthen the financial system and get lending moving again.


    FOXNews.com - Congressional Leaders Want Bush to Help Automakers - Politics | Republican Party | Democratic Party | Political Spectrum






    :clap2: don't do it Bush the Chimporer.. don't do it... Let the Dems do it and take the credit...
     
  10. tigerbob
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    tigerbob Increasingly jaded.

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    I suspect that none of the remaining $450bn will be committed by the Bush Administration before the opinion of Obama's people has been sought.

    Some will say this is Bush fiddling while Detroit burns, others will say it's Obama delaying the car makers (and others) vital help. Delays aren't good, but I think it's right that the 2 camps agree as much as possible before the money is handed round. It is our money after all, and I'd prefer to see it spent sensibly.
     

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