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Getbig Main Boards => Politics and Political Issues Board => Topic started by: 240 is Back on September 08, 2008, 05:25:17 PM
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More corporate welfare. They saw Fanny/Freddy get $200 BIL and now they want their money too.
The Big Three Detroit automakers have begun lobbying Congress for up to $50 billion in loans that would help them adjust to a market that demands more fuel-efficient vehicles. But the automakers insist the loans would not amount to a government bailout of the struggling auto industry.
The AP explains, "With Congress returning this coming week from its summer break, the industry plans an aggressive lobbying campaign for the low-interest loans. The situation is growing dire after months of tumbling sales, high gasoline prices and consumers' abandoning profitable trucks and sport utility vehicles." Congress has technically authorized $25 billion in loans "to help the companies build fuel-efficient vehicles such as hybrids and electric vehicles." But the government hasn't provided money to fund that program. "With credit tight, automakers and suppliers now want lawmakers to come up with the money for the program -- and expand the pool of money available to $50 billion over three years."
The automakers' allies in Congress argue the loans are essential. Rep. Joe Knollenberg (R-Mich.) told the AP, "This industry could fall down, literally, or be absorbed if they don't get something in place very soon. I think it's that severe."
Reuters adds that the industry is "urging Congress to act by the end of September so that the money can be available next year." Leaders in both parties "have said they are open to an expanded program. But the industry will face a compressed schedule in an election year when many lawmakers will push to leave Washington so they can campaign for re-election this fall."
Presidential hopefuls Barack Obama and John McCain have both endorsed the idea of a government loan to automakers, but it isn't clear how they would respond to this latest proposal. President Bush, for his part, has said the automakers should not expect a bailout.
The automakers, however, don't want us using that word.
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We did it before and we'll do it again....some things can't be allowed to fail.
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Yes, how much of the 50B do you think will go towards innovationa and investment, and how much will go to union pockets?
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Thats a whole other issue..the Unions are killing our auto industry. The Jap plants in the US don't have em and there aren't any issues.
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Yes, how much of the 50B do you think will go towards innovationa and investment, and how much will go to union pockets?
Same thing will happen as did with Fanny Mae.
CEO and board will give themselves ten million dollar golden parachutes before accepting the govt money.
Bush lets the rich guys keep their big bonuses. That's the only problem i have with it - they get to give themselves any bonus they wish, and retire. Their reward for running a major company into the ground.
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I think PG&E in California did this too. They gave the board something like 14 million dollar bonuses when the company failed as 'reward for sticking around until the end'.
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I think PG&E in California did this too. They gave the board something like 14 million dollar bonuses when the company failed as 'reward for sticking around until the end'.
See, any terms of "govt bailout" should include government taking back 90% of last year salaries of decision makers who contributed to the sad shape of this firm, and a limit of $250k or whatever, should they assign themselves $500mil bonuses or some silly number.
$250k is plenty to take 6 months off and find somethign else to do which doesn't endanger the economy.
Hell, we're all paying for this $200 bil fanny bailout with our tax dolalrs, and we don't get a say in it. Why should those 20 assholes get to keep their hundreds of millions of dollars in bonuses? Fuck them. They put their own firm - and our entire eonomy - at risk with irresponsible lending. Punishment should "only" be a $250k parachute.
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some things can't be allowed to fail.
Is this going to be the new slogan for America's business sector?
When American taxpayers wind up uttering phrases like this, instead of going absolutley ape shit for having to foot the bill, AGAIN, then you know our spirit is DEAD.
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See, any terms of "govt bailout" should include government taking back 90% of last year salaries of decision makers who contributed to the sad shape of this firm, and a limit of $250k or whatever, should they assign themselves $500mil bonuses or some silly number.
$250k is plenty to take 6 months off and find somethign else to do which doesn't endanger the economy.
Hell, we're all paying for this $200 bil fanny bailout with our tax dolalrs, and we don't get a say in it. Why should those 20 assholes get to keep their hundreds of millions of dollars in bonuses? Fuck them. They put their own firm - and our entire eonomy - at risk with irresponsible lending. Punishment should "only" be a $250k parachute.
I agree with 240.
Public $$$ should not be used to save private business.
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OK...arre u going to allow the American auto industry to fail.....gimme a break. Put whatever restrictions or rules u want on the money...but they can't tank.
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OK...arre u going to allow the American auto industry to fail.....gimme a break. Put whatever restrictions or rules u want on the money...but they can't tank.
My guess is that 2 of the Big 3 will be merged, and the other will merge with an international firm for support. I guess we'll see.
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OK...arre u going to allow the American auto industry to fail.....gimme a break. Put whatever restrictions or rules u want on the money...but they can't tank.
Yes, let them fail. The world won't end without them.
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Hell, we're all paying for this $200 bil fanny bailout with our tax dolalrs, and we don't get a say in it. Why should those 20 assholes get to keep their hundreds of millions of dollars in bonuses? Fuck them. They put their own firm - and our entire eonomy - at risk with irresponsible lending. Punishment should "only" be a $250k parachute.
Mortgage lending will now be a government function, run with Post Office-like efficiency. >:(
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Wow, a lot of people seem pisssed off about this.
(http://www.blitzworld.com/insects/imagesinsects/cricketwebG243X.JPG)
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Mortgage lending will now be a government function, run with Post Office-like efficiency. >:(
We bailed out Chrysler before but we're not running them. I would expect then ur not for universal healthcare.
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I don't think we should be bailing out shareholders of private companies. let them sink or swim on their own.
one bailout is bad enough,you would think the company would look to it's future instead of continuing to make cars depending on oil.
The only people happy about any private company bailout are people on wallstreet and the company shareholders.
I would rather the country bailout people who are in foreclosure than a wasteful mega business.
After all, it doesn't matter if the business is going under....people with bills still have to pay whether the business is going down or not.
Sandra
Sandra
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Its almost the same issue..bad judgement by both. Both didn't plan for the future and both could not pay their bills...and we're bailing out both.
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I don't think we should be bailing out shareholders of private companies. let them sink or swim on their own.
one bailout is bad enough,you would think the company would look to it's future instead of continuing to make cars depending on oil.
The only people happy about any private company bailout are people on wallstreet and the company shareholders.
Sandra
Thank you.