Auto Bailout: White House to the Rescue

[5stringJeff]

So the GOP finally remembers its free-market roots, and stands up against the auto bailout. And now President Bush, that shining example of small-government and free markets [/sarcasm], decides he's going to use TARP funds for the auto bailout. Great job, George. :lame2:

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The White House and Treasury Dept. said they are likely to help U.S. automakers avert bankruptcy after Republican senators defeated a bill late Thursday, Dec. 11, that would have provided $14 billion in taxpayer loans to the companies.

Members of Congress and auto executives were meeting all day Friday with White House officials to determine how much money will be released to General Motors (GM) and Chrysler, and on what timetable. Also, the Treasury, sources said, was also working out what oversight rules will be needed as part of the rescue package, and the other conditions the automakers and the auto-workers' union will have to meet. GM and Chrysler are known to be close to reaching their minimum levels of cash needed to sustain their operations.

For weeks, Democratic senators have called on the White House to use some of the $700 billion Wall Street bailout fund to make loans to GM and Chrysler, and to provide a line of credit to Ford (F), which is not in as dire financial shape as its two rivals. But the White House told Congress the fund was not created for industries outside of banks and financial-services companies.

http://www.businessweek.com/bwdaily/dnflash/content/dec2008/db20081212_593723.htm

[LiberalNation]

Good for Bush, the first bailout should have covered the auto industry anyway.

Republican didn't just remember their free market roots, they remembered their anti-union roots, bailout the bankers but not the workers roots.

[red states rule]

Good for Bush, the first bailout should have covered the auto industry anyway.

Republican didn't just remember their free market roots, they remembered their anti-union roots, bailout the bankers but not the workers roots.

Now we know the bailiut of h/o's who were late on thier hiouse payments was a waste of money

More on homeowners defaulting a second time
December 8th, 2008, 12:03 pm · 35 Comments · posted by Mathew Padilla, Reporter
In my previous post, I wrote that more than half of homeowners who got a change to their mortgage to make it more affordable, started missing payments again within six months of the loan modification, according to John Dugan, the nation’s Comptroller of the Currency.

Those were for loans modified in the first quarter. Loans modified in the second quarter are going delinquent again at a faster pace, beginning about two months after getting a modification. For example, within five months more than half the loans modified in Q2 went delinquent again vs. it taking six months for more than half of loans modified in Q1 to redefault.

http://mortgage.freedomblogging.com/2008/12/08/more-on-homeowners-defaulting-a-second-time/4060/

[crin63]

There should not have been and should not be any bailout period. Let the businesses fail, let the market correct itself. The only thing that should be insured is the FDIC because it is and was a guarantee of safety for your money.

[emmett]

We made our mistake when government bailed out anyone! How do we decide WHO gets bailed out now?

I suggest a taxpayer strike! That would cure the problem and I mean quick.

Politicians have forgotten who the hell they represent. As taxpayers we did not elect anyone up there in that corrupt place to bail anybody out.

What about the millions of small businesses (mom and pops) who have been pushed out of business by large corporations, taxed to death by greedy elected politicians who sell themselves to the devil by accepting money from those corp's who set agendas that make fair competition by small companies impossible. The US highways are lined with the skeletons of those wonderful little businesses usually located a half mile off of the major highway (interstates) where one can find two shell stations, a chevron and a BP, all with c-stores, lit up like christmas trees at three in the morning where you can be met by an unconcerned lazy fuck who has to tear themselves away from their glamour magazine to wait on you through a glass window with their uncourteous attitude while acting as if you did something wrong by coming by.

The Wal-Marts of the world will soon rule! They will rule the world! What if it failed? Would we be expected to bail it out as well. OK>>>>> Why didn't we bail out airlines then? If them, why not mom and pop. I mean wouldn't have been more in our interests to bail out small businesses thsn the big companies who pay no tax?


There is a certain amount of money in the world. It isn't changed by who has it! There is a certain amount of resources in the world, that isn't changed by who controls it! Get it! OK>> I can't help you then.

We ripped the very fabric out the American dream when we created an enviornment where mom and pop could not compete and set the stage for this current shit we are dealing with now! It is the very reason things have progressed to this.

Bailing out an unsuccesful company with taxpayer money is the most ridiculous thing I have ever heard of. It makes no sense what so ever! Screw unions! They should be eliminated immediately, they destroyed the ability of companies to compete. It is only now that some of the opinions of those who opposed them are being seen for what they are. Unions destroyed the auto industry. Now all of a sudden they are willing to make these concessions they claimed they just could not make when "negotiating" contracts in the past. make me laugh!!!!

The people of this country need to move immediately to take control of their government before we become a third world country. Go ahead...laugh....it will happen if we continue this trend. Taxpayers should immediately refuse to [pay another dime until our money in shown representation. I do not allow my tax money to be used to bail out a company who used less than honorable means to push other smaller companies out of business by paying off politicians, labor bosses and crooked others to gain the market and then fuck it up!


STOP PAYING TAX and our government will pop to attention and listen...I assure you! Our money is being used for illegal means. PERIOD!

[LiberalNation]

STOP PAYING TAX
you first.

[avatar4321]

Cant really stop paying taxes when they are taken out before you see your money

[5stringJeff]

Good for Bush, the first bailout should have covered the auto industry anyway.

Republican didn't just remember their free market roots, they remembered their anti-union roots, bailout the bankers but not the workers roots.

No. The government shouldn't be bailing out any businesses, period. Or, more acurately, you and I shouldn't be paying taxes in order to bail out any businesses, period.