White House, Dems Finalize Deal for Automaker Bailout

Discussion in 'Economy' started by WillowTree, Dec 10, 2008.

  1. WillowTree
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    WillowTree Diamond Member

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    WASHINGTON -- Majority Democrats and the Bush White House finalized a deal to spend $14 billion on emergency loans for struggling U.S. automakers, congressional officials said -- despite fierce opposition from some Republicans.

    On Wednesday, the White House revealed elements of the $14 billion "bridge financing," which would give until March 31 for the Big Three automakers to have a plan to make the firms "viable" or "the government gets its money back."



    GOP Senators Jeopardize Auto Rescue Bill - FOXNews.com Transition Tracker


    Congressional Republicans, left out of negotiations on the package, are expressing grave reservations and may seek to block it. Sen. David Vitter, R-La., promised to filibuster the measure, which could delay a final vote for days.

    He said the package has an "ass-backwards" approach to curing what ails the U.S. auto industry.








    :eusa_pray:
     
  2. Southpaw
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    Southpaw Member

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    To me, the auto bailout is a bit like a high school track team competing for state finals.

    The seniors on the team were great last year but they partied all off-season and showed up fat and slow. The juniors and on down were slow last year but trained hard and are now the fastest on the team. The coach decides to focus all his time and attention on the seniors and forget about the rest, even though it is highly unlikely the seniors can get in shape in time for the race.

    Basically, there is no reason to prop up the losers and make sure they finish. In the long run, it just encourages them to be lazy.
     
  3. Xenophon
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    Xenophon Gone and forgotten

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    Do something right for a change mitch, lead the fillibuster on this crap.
     
  4. dilloduck
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    dilloduck Diamond Member

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    Dole it out to them a dollar at a time and the very second they stray from the narrow path that should be set for them, tell em no more.
     
  5. Caligirl
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    Caligirl Oh yes it is too!

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    Why are we giving more to GM than the company is worth?
     
  6. BlackAsCoal
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    BlackAsCoal Gold Member

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    If the American auto companies fail .. depression starts almost immediately.

    I hear more whining about LOANING .. WITH PRECEDENT .. a few billion they'll nedd to restructure, than I've heard about the TRILLIONS they gave away to the banking industry.

    The automakers can't go to the banks for the loans they need because that industry is still in shambles hundreds of billions of dollars later .. and the government doesn't even know what happened to the money.

    Republicans should stand in the way of loans to the automakers and allow the last manufacturing jobs in America to go away and allow millions of Americans to lose their jobs. It will prove to be the final nail in their coffins.

    It will be interesting to listen to the whining of those who now say let them die.
     
  7. Caligirl
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    Caligirl Oh yes it is too!

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    I have heard that national intelligence estimates are that by 2025 the only important role of the US in the world is production of arms and protection of select countries.


    Depressing.

    Sorry, no link.
     
  8. WillowTree
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    WillowTree Diamond Member

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    It dosen't matter how much money you shove at them, it only prolongs the agony.. it's not the taxpayers problem that Detroit screwed up a whole industry!
     
  9. BlackAsCoal
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    BlackAsCoal Gold Member

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    Unfortunately we've been on that course for a long time.
     
  10. Caligirl
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    Caligirl Oh yes it is too!

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    What do people suggest?

    If we have to give money, I would like to see money given to start ups like the places in Silicon valley that are making electric cars like this:


    [​IMG]

    http://www.teslamotors.com/

    Build up a manufacturing base for the electric car industry, and help California's economy at the same time :).

    Another good idea is to have the oil companies, who profited from the low mileage of recent cars, put up the 14-35 billion. For them it is pocket change.
     
    Last edited: Dec 11, 2008

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