Big Three beg for aid as bailout bill stalls

[Terri]

By JULIE HIRSCHFELD DAVIS
Associated Press
November 18, 2008

WASHINGTON (AP) -- Detroit's Big Three auto makers are begging Congress for a $25 billion government rescue, while the legislation clings to life support on Capitol Hill and top lawmakers and the White House suffer from bailout fatigue.

Democratic congressional leaders want to tap the $700 billion Wall Street rescue package for new loans to U.S. auto manufacturers and suppliers, but the White House and GOP lawmakers say the beleaguered industry shouldn't get any new funds.

President George W. Bush and GOP lawmakers instead propose diverting $25 billion in loans approved by Congress in September -- designed to help auto manufacturers retool their factories so they can make more fuel-efficient vehicles -- to cover the firms' immediate financial woes.

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[streek53]

I can remember reading an article in a biz magazine in the 80s about how the auto makers were concerned about dealing with bored assembly line workers.

The solution? "Schmoozing," ie, allowing line workers to stop and chat from time to time.

Looks like they might have plenty of time to do all the schmoozing they want.

After Paulson's "bait and switch" on the $700 billion bailout, good luck with this one, Detroit.

[makamends]

"

They're going to need to address what is the perception among some of our colleagues here that there's still some quality issues with the Big Three, and they haven't begun to do the necessary restructuring -- because they have," said Sen. Carl M. Levin, D-Mich., an architect of the bailout.

The quality issues of the big three are a concern of these companies and their customers. You have a job to do. This ain't it. Knock off the shmoozing Sen. Levin.

"I can't see how injecting capital with all the legacy issues that each of these companies has is better than reorganization," said Sen. Bob Corker, R-Tenn.

Yes. Thank you citizens of TN for this sane representative.

[oldjules]

Democratic congressional leaders want to tap the $700 billion Wall Street rescue package for new loans to U.S. auto manufacturers and suppliers, but the White House and GOP lawmakers say the beleaguered industry shouldn't get any new funds.

I hope they stick to their guns.
I just watched some of Barney Franks committee hearing.
I am not impressed with Pauson and Frank is nauseating.
I think the source for this money they are giving away should come from the fund that pays retired congressman their pension. This would make these hearings more interesting and the critters would have more involvement.

[tncog]

The automotive industry has been sucked dry by unions, paying workers $50 bucks an hour to sweep floors is not good management of capitol and they should not get any type of handout that would enable them to continue down the path of destruction that they have created. We cannot keep rewarding people for doing a crappy job.

[Engineer Scott]

Michael Savage has made a point on several occasions about this, that we need at least one of the three to survive if we ever need to go to wartime production making tanks and military vehicles since it would be foolish to rely on a foreign manufacturer. Still, I wonder how we can achieve this without enabling the dysfunctionality?

Scotty

[Terri]

They need to take Chapter 11 and restructure. They will have to dump the outlandish contracts, and change their business practices to make them competitive with the auto industry in the south.

If they don't change they will be back again for another handout.

[ONTIME]

As far as I and others are concerned the Big 3 auto makers and the fat butt union leaders can go fish on this never ending bail out scheme that we tax payers have had foisted on us by unconstitutional means.

As one who has been in the commercial brokerage field for a while now I learned that as long as the money is in place the parties can be brought to the negotiationg table to prepare and transact. In the case of the Auto makers, the unions and the government hard ground to restrucure and rebuild is the primary obstacle, they just don't seem to get it and bankruptcy would probably benefit all these parties plus we taxpayers considerably.

Yes there would be some job loss but it would force the issues of bonuses and benefits and allow both parties to engage their debtors to modify their positions but at least there would be a move toward settlement and the continuation to make decent cars and trucks, jobs and biz could continue and the cost and quality could improve.

All that is logic and we all can see that politick is far more important than commonsense and your country.

[goldbug36]

I can assure you, if these bailouts were on a ballot to be voted on by the taxpayers, you know, those people they are robbing these billions from, NOBODY would get a bailout. It is insanity, and we, the people, are going to have to begin standing up for our interests before it is too late. Our country is now teetering on the brink because of special interests and crooked politicians.