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Dems Want Automaker Bailout

Mike

Well-known member
When they've contributed immensely to one of the main causes...........UNIONS!!!

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Dem Leaders Want Bush to Help Ailing Automakers

Saturday, November 8, 2008 2:30 PM

WASHINGTON -- Democratic leaders in Congress asked the White House on Saturday to provide more aid to the auto industry.


House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., 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 workforce."


Reid and Pelosi met separately on Thursday with the leaders of the automobile industry and its top union representative to discuss the financial challenges confronting the industry.


"We left the meetings convinced that our nation's automobile industry _ the heart of our manufacturing sector _ and the jobs of tens of thousands of American workers are at risk," Pelosi and Reid said in their letter.


The request comes as auto companies are bleeding cash and jobs. General Motors Corp. and Ford Motor Co. reported Friday that they spent down their cash reserves by a combined $14.6 billion the past three months. Ford said it would slash more than 2,000 white collar jobs.


President-elect Obama said Friday his transition team would explore policy options to help the auto industry. Obama's economic transition team includes two allies of the U.S. auto industry _ Michigan Gov. Jennifer Granholm and former Rep. David Bonior, D-Mich.


Automakers already want an additional $50 billion in loans from Congress to help them survive tough economic conditions and pay for health care obligations for retirees. The companies are seeking the loans as part of an economic aid plan that is now more likely to come together early next year rather than in a postelection session of Congress this month. The $50 billion would be in addition to the $25 billion in loans that Congress passed in September to help retool auto plants to build more fuel-efficient vehicles.





© 2008 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
 
A

Anonymous

Guest
Well, Bush was the push behind bailing out his FatCat Banker Buddies- so they could get their multi-Million $ salaries and golden parachutes--- so I guess its only fair that the Dems should want to bail out millions of working class men and women including union members that would be affected nationwide with the fall of the auto industry....

Bush thinks socialism is fine for his rich buddies- so why not for the working folks :???:
 

Mike

Well-known member
Wouldn't have been any bailouts to begin with if the Dems, (Barney, Dodd, and friends) hadn't pushed the Subprime loans to the max.

The bailouts are treating the symptoms of the disease, not the cause. :roll:
 

PrairieQueen

Well-known member
So a thought occurred to me the other day, what is the difference between these "loans" to the banks and the auto makers and the low interest loans that are made available to farmers and ranchers through FSA or the cost share programs through NRCS?
 

Mike

Well-known member
PrairieQueen said:
So a thought occurred to me the other day, what is the difference between these "loans" to the banks and the auto makers and the low interest loans that are made available to farmers and ranchers through FSA or the cost share programs through NRCS?

The difference is..........maybe the government believes it will actually be paid back by farmers and ranchers? :lol:
 

TSR

Well-known member
Oldtimer said:
Well, Bush was the push behind bailing out his FatCat Banker Buddies- so they could get their multi-Million $ salaries and golden parachutes--- so I guess its only fair that the Dems should want to bail out millions of working class men and women including union members that would be affected nationwide with the fall of the auto industry....

Bush thinks socialism is fine for his rich buddies- so why not for the working folks :???:

What is it, there are 7 jobs related to each production worker in the Automobile Industry? Yep, Socialism for the rich, capitalism for the working man. Its ok for those ceo's to have 5 or 6 houses and walk away with millions regardless of how successful their tenure has been but its not all right for a factory worker to want a safe environment with good benefits???? GIVE ME A BREAK! :? :?
 

Sandhusker

Well-known member
TSR said:
Oldtimer said:
Well, Bush was the push behind bailing out his FatCat Banker Buddies- so they could get their multi-Million $ salaries and golden parachutes--- so I guess its only fair that the Dems should want to bail out millions of working class men and women including union members that would be affected nationwide with the fall of the auto industry....

Bush thinks socialism is fine for his rich buddies- so why not for the working folks :???:

What is it, there are 7 jobs related to each production worker in the Automobile Industry? Yep, Socialism for the rich, capitalism for the working man. Its ok for those ceo's to have 5 or 6 houses and walk away with millions regardless of how successful their tenure has been but its not all right for a factory worker to want a safe environment with good benefits???? GIVE ME A BREAK! :? :?

We all want good jobs w/benefits, a safe environment, nice retirement, etc... Why not have the government bail out any company that asks for it? Lets just turn Pelosi's office into a mega-loan office, she's getting plenty of experience. We'll get more funding from Red China, Pelosi makes the loans, Obama taxes the hell out of the companies and gives those funds to his enlarged Great Society, nobody has to work, we all live on government programs and food stamps, free health care, and the love from the rest of the world! Allah Akbar, Obama!
 

TSR

Well-known member
Sandhusker said:
TSR said:
Oldtimer said:
Well, Bush was the push behind bailing out his FatCat Banker Buddies- so they could get their multi-Million $ salaries and golden parachutes--- so I guess its only fair that the Dems should want to bail out millions of working class men and women including union members that would be affected nationwide with the fall of the auto industry....

Bush thinks socialism is fine for his rich buddies- so why not for the working folks :???:

What is it, there are 7 jobs related to each production worker in the Automobile Industry? Yep, Socialism for the rich, capitalism for the working man. Its ok for those ceo's to have 5 or 6 houses and walk away with millions regardless of how successful their tenure has been but its not all right for a factory worker to want a safe environment with good benefits???? GIVE ME A BREAK! :? :?

We all want good jobs w/benefits, a safe environment, nice retirement, etc... Why not have the government bail out any company that asks for it? Lets just turn Pelosi's office into a mega-loan office, she's getting plenty of experience. We'll get more funding from Red China, Pelosi makes the loans, Obama taxes the hell out of the companies and gives those funds to his enlarged Great Society, nobody has to work, we all live on government programs and food stamps, free health care, and the love from the rest of the world! Allah Akbar, Obama!

Sandhusker if I want those benefits then are you saying its wrong for me to work towards those ends?? You are the one mentioning the gov. bailouts not me! Again, ceo's walk away with millions regardless of success or whether they were a part of the bailout or not and a factory worker can't/shouldn't do everything he can for a better life for himself and his family???
 

Mike

Well-known member
I'll be the first to say that I was against the Bank bailouts, and believe also that McCain could have won the election by going to Washington and lobbying against this massive giveaway program. In short, let all the fat cats wither away and let McCain show the "maverick" spirit.

When the Dems got involved, started adding pork projects to it such as ACORN money etc., it only solidified my stance.

But the Washington crowd, mostly Dems, used the weak excuse that banks are likened to a "public utility" and must be saved in order to meet public needs.

If we bailout the automakers, where does it end? Since small business employs more people than the "Big Boys" in commerce, I say help the small businesses first. Let the unions try to spend their greed of the past.
 

Sandhusker

Well-known member
It's not in the government mandate to bail ANYBODY out. As far as the CEO getting millions, that's up to the individual companies to decide compensation. You need to talk to the boards, not the government.
 

TSR

Well-known member
Sandhusker said:
It's not in the government mandate to bail ANYBODY out. As far as the CEO getting millions, that's up to the individual companies to decide compensation. You need to talk to the boards, not the government.

How many times have we debated this? The average stockholder has or does little when it comes to electing boards-they don't even know the guys running.

Mike with an offshoot of 7 additional jobs(if this is correct) for every production job in the auto manufacturing sector those big assembly plants will affect a lot of smaller operations won't they?
 

Sandhusker

Well-known member
You're right about the average stockholder not even knowing who's running the ship, but that's the way it works. The people that own the company decide who runs it and how much they get paid, and it's the stockholders who are the owners. It's their business not the damn government's.
 

Mike

Well-known member
People could vote these big companies out of existence by not buying stock nor investing in anything that does buy their stock. Very simple.
 

TSR

Well-known member
Mike said:
People could vote these big companies out of existence by not buying stock nor investing in anything that does buy their stock. Very simple.

Its like I said though Mike, MOST stockholders are represented by someone that does the voting for all the clients that he/she represents. The actual stockholders put their faith in these people who represent 100's and some probably even 1000's of investors who are pretty far removed from what actually is going on. All they look at is the performance, which would be a lot better without all those exec. perks but they are "powerless" to stop them because of the way the system is set up and don't think these top exec.'s dont know this, imo.
 

aplusmnt

Well-known member
TSR said:
Mike said:
People could vote these big companies out of existence by not buying stock nor investing in anything that does buy their stock. Very simple.

Its like I said though Mike, MOST stockholders are represented by someone that does the voting for all the clients that he/she represents. The actual stockholders put their faith in these people who represent 100's and some probably even 1000's of investors who are pretty far removed from what actually is going on. All they look at is the performance, which would be a lot better without all those exec. perks but they are "powerless" to stop them because of the way the system is set up and don't think these top exec.'s dont know this, imo.

Well I am not a stockholder but I will be voting on their next CEO by not buying American made anymore if they get bail out money.

We been thinking about a Dodge Charger or a Chevy Impala as a new car in next year or so. I will be buying Toyota Camry or Toyota Avalon if they get a bail out.

You see all Americans actually have a vote with the Auto Industry, we vote with our dollars.

I will not vote for any politician that votes in favor of bail outs either.
 

kolanuraven

Well-known member
Mike said:
People could vote these big companies out of existence by not buying stock nor investing in anything that does buy their stock. Very simple.

How stupid.

Not support an American company....now that's real AMERICAN for sure.
 
A

Anonymous

Guest
TSR said:
Mike said:
People could vote these big companies out of existence by not buying stock nor investing in anything that does buy their stock. Very simple.

Its like I said though Mike, MOST stockholders are represented by someone that does the voting for all the clients that he/she represents. The actual stockholders put their faith in these people who represent 100's and some probably even 1000's of investors who are pretty far removed from what actually is going on. All they look at is the performance, which would be a lot better without all those exec. perks but they are "powerless" to stop them because of the way the system is set up and don't think these top exec.'s dont know this, imo.

Yep- my pension that I paid into for 30 years is in a state investment plan that a state board decides on which investment firms to go with- or which stocks or bonds to invest in... I haven't the slightest idea which individual stocks they bought ...
The only thing I know- is that there is none invested in French companies because the State had all that money jerked out and reinvested when France was a turd after 9/11...
 

Sandhusker

Well-known member
OT, "Yep- my pension that I paid into for 30 years is in a state investment plan that a state board decides on which investment firms to go with- or which stocks or bonds to invest in... I haven't the slightest idea which individual stocks they bought ...

If you don't like the notion of not knowing who's future your hands are in, why are you supporting the Federal confiscating of investment plans where the exact same thing will take place?
 

TexasBred

Well-known member
kolanuraven said:
Mike said:
People could vote these big companies out of existence by not buying stock nor investing in anything that does buy their stock. Very simple.

How stupid.

Not support an American company....now that's real AMERICAN for sure.

Not one that is government subsidized. Want to solve it....fire half the workers...cut the salary of the remaining 50% by 50%...they'll be liquid pretty quickly. You can only sell so many cars and trucks and sales are wayyyyy down so why keep all these overpaid workers on the payroll. And if there's no demand for their product who needs them anyway???
 

TSR

Well-known member
TexasBred said:
kolanuraven said:
Mike said:
People could vote these big companies out of existence by not buying stock nor investing in anything that does buy their stock. Very simple.

How stupid.

Not support an American company....now that's real AMERICAN for sure.

Not one that is government subsidized. Want to solve it....fire half the workers...cut the salary of the remaining 50% by 50%...they'll be liquid pretty quickly. You can only sell so many cars and trucks and sales are wayyyyy down so why keep all these overpaid workers on the payroll. And if there's no demand for their product who needs them anyway???

Up until this "meltdown" were any of these auto companies subsidized? Oh I can see where these auto companies are coming from- are they not as much of an important part of the economy as those already bailed out?? Why are they being discriminated against?? Now I didn't say I like bailouts however I'm sure this would be part of their argument.
Now TBred you addressed the workers but you said nothing about the executives, an oversight on your part perhaps?? Overpaid workers huh?? Hey you need to take your message to Michigan to the plants and let them know how you feel. You would get a warm reception I bet. :)
 
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