White House planning more auto financial aid
March 29th, 2009 . by TexasFredWhite House planning more auto financial aid
WASHINGTON (AP) - The Obama administration was finishing work on a plan to give more financial aid to two Detroit automakers in return for tough cost-cutting measures that will ensure the companies’ survival.
President Barack Obama’s auto industry task force was expected to offer additional aid to General Motors Corp. (GM) and Chrysler LLC while setting firm deadlines for the companies to get concessions from their stakeholders.
GM and Chrysler, which employ about 140,000 workers in the U.S., have already received $17.4 billion in government loans to survive the economic downturn and the worst decline in auto sales in 27 years. GM is seeking another $16.6 billion, while Chrysler wants $5 billion more.
With the companies running out of money heading into April, any short-term aid would help the auto manufacturers maintain their operations while they seek concessions. Administration officials declined to comment on the plan Saturday.
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White House planning more auto financial aid
What happens if their stake holders don’t concede anything? Or don’t concede enough? What happens if the UAW decides it’s ‘Our way or the highway’? Do we just keep on handing GM and Chrysler more BILLIONS of our tax dollars?
I imagine that is exactly what is going to happen. Look, I don’t have ANY use for Barack Obama, I mean none, but this financial debacle is NOT his doing, not initially. Dec. 1, 2008 Panel says US has been in recession since Dec. ‘07. We have watched our finances go from pretty good in early 2001 to IN THE TANK in late 2008. So, let me ask you, WHO was the guy in charge during those years? Who inherited an amazingly healthy economy and a rather comfortable budget surplus when he took office? Anyone??
I have pointed this out before and was told that Obama did nothing to stop the financial meltdown, so he IS culpable. Yes, to a degree he truly IS culpable, but just which way did your Senators vote on the initial bailout? I know how both of mine voted. My wonderful RINO Senators. They voted to take this nation down the path of socialism. Oct. 3, 2008 Congress OKs historic bailout bill. Along about then was when I dropped ALL support of Sen. John Cornyn in his reelection bid and vowed that if Kay Bailey Hutchison returned to Texas to run for Governor, I would support Rick Perry, or any other viable, non bailout supporting candidate. Words I still stand by to this day!
Oct. 4, 2008 For bailout to work, housing market needs to mend
Nov. 13, 2008 Federal budget deficit hits record
Nov. 24, 2008 Government plans massive Citigroup rescue effort
Dec. 21, 2008 AP study finds $1.6B went to bailed-out bank execs
As stated above, I have NO USE for Barack Obama, but he didn’t bring this about, look at the dates. Perhaps he could have done more to stop it, but we ALL know that wasn’t about to happen with an uber-libber such as himself. If you want to know where the blame lies, look no further than your local RINO Senator and/or Congressman that was, and quite likely still is, spending money like a drunk sailor on shore leave.
And before anyone thinks I am being remiss in my duties by failing to point out that the Democrats are doing the exact same thing, I KNOW THEY ARE!! OK?? But here’s the deal, we expect that from the Dems. Democrat and fiscal conservatism are words that just don’t go together, but you see, the Dems managed to gained control over both Houses under the debacle that was the Bush administration. The administration took us into Iraq, the administration that ushered in this recession and the administration that has brought us precariously close to becoming a nation in full blown depression.
Has the Obama administration done anything to help? Why hell no they haven’t. What they have done, in my opinion is, made matters worse. They took a bad situation and multiplied it many times over, they are making debt that our grand children’s grand children will still be fighting to pay off. That is the Democratic way, and the way of the RINO. A RINO, a repulsive creature that I call ‘Dem Lite’. It’s time folks, it’s time for fiscal conservatives to raise a ruckus, it’s time to take D.C. back and do it with folks that won’t send us ALL to the poor house. In the coming year and into 2010 support only Conservative candidates and fiscally responsible ones.
We may save this nation yet. If we don’t all get locked up for Domestic Terrorism that is…
You gotta wonder how far the Obamanation is going to try to push this SPEND ALL THE TAXPAYERS MONEY AND MORE agenda?
The guy thinks he has the support of the nation…but he is wrong, and hasn’t figured it out yet, and it appears neither has his lap dogs in the MSM.
Interesting times a coming….I wonder if his Majesty has his Jack Booted Thugs ready to rock and roll for the coming Revolution?
The Republicans are up in arms now about the spending but when they held power, they spent like drunken sailors on shore leave.
All these bail outs for GM and Chrysler are doing is paying salaries and pensions. Unless people start buying their products (cars), the government will be bailing them out till Hell freezes over.
What the government needs to do is send some of that bailout money my way. I would then do my part by purchasing a new Corvette and Challenger R/T.
Obama is not actually doing ANYTHING to “fix” the financial crisis. They don’t want to. They are using it as a diversion to keep our attention off all their socialist activity and socialist programs they are ramming thru the Congress. It’s one of the oldest scams in the book!
Fred, you asked how much more can we stand…. well, have you seen this?
“Obama seeks Muslims for White House posts”
“Barack Obama is conducting his own affirmative action program to get more Muslims in the White House.”
http://wnd.com/index.php?fa=PAGE.view&pageId=93251
Yes Sir I DID see that, and I am firmly convinced that Obama is doing everything in his power to GIVE this nation away to poverty and Islam…
Bob Nardelli is the Chairman and CEO of Chrysler. If you will look at how he almost destroyed Home Depot during his tenure there, and at the amazing amount of money Home Depot had to pay to get rid of him, no doubt you will come to the conclusion that the Feds spending anymore money to save Chrysler is just more money down the drain.
We’ve been a Chrysler Dodge family for decades. Due to the recent sad demise of my beloved 2000 Durango, I am now forced to be vehicle shopping. I will not buy another Dodge, simply because of Nardelli.
I don’t know anything about the management of GM except that the pensions and union benefits have pretty much killed the company. That being said, I’m seriously considering a Hummer to replace the Durango, but looking down the road, what about service, parts and warranties if GM goes the way of the Edsel?
Maybe I should look into a good ol’ American made product like Toyota?!?!?!?
If you were to cut me open, I would bleed Red, White, an Blue.
Having said that, I have spent almost my entire working life fixing cars, selling parts for cars, working as a service manager, etc.
So it pains me to say it, but I know of what I speak.
American cars are crap!
So why give more money to an industry that builds crappy cars that no one wants to buy?
Fred, not sure “fully” agree with you regarding Bush being the fall guy for all of this. Sure, he didn’t veto much and to that extent he is culpable, but after all, the socialist Democrats have held both the house and senate since ’06 and they could have overridden any veto they wanted when you add in the Democrats in RINO clothing. Democrats share the primary responsibility for not reforming Fmae and Fmac in the past and that is the proximate cause of the melt down. It might have come anyway because of Bush’s bad governance, but we don’t KNOW that do we?
No more than we KNOW that people that smoke are a lot more likely to die of lung cancer and people that are heavy drinkers are more likely to die from liver disease I suppose…
I am NOT looking for agreement, what I said was a STATEMENT of FACTS… Not just my opinion… Fact, all backed by the multiple links that fully SHOW that the most of this came to fruition under the watchful eye of George Bush and the Republican House and Senate… Uh, wait, RINO House and Senate…
Bush and the RNC had total control until 2006 and they blew it ALL to hell and back, yes, THEY are responsible for this snowball rolling down hill, the Dems are just pushing it harder and faster…
The only 2 things that stand in the way of Bush going down in history as the biggest moron to ever inhabit the White House is Jimmy Carter and that purple lipped socialist son of a buck loving bitch that’s in there now…
I don’t disagree at all. The previous Bush Administration DID in fact spend like a drunk sailor on his first night in port. And his GOP minions did little if anything to stop it; what they did, actually, was give him MORE alcohol to drink.
What, in truth, frightens me MORE than that, however, is the absolutely stellar and geometric RATE at which Mr Obama is throwing printed money (backed with essentially NOTHING) at the problem, again and again. Daniel Hannan in his speech simply states the OBVIOUS when he chided Gordon Brown by saying in his speech: You CANNOT SPEND YOUR WAY OUT of a RECESSION.
Surely, Mr Bush set the path and the pattern. The GOP drank his Kool-Aid as well. I fear that, now, there are so very FEW persons — on EITHER side of the aisle — to oppose these measures that this country is headed for a fall the likes of which we may, actually, for the FIRST time, NOT be able to extract ourselves.
And we groom ourselves, just RIPE for a “takeover” on any number of levels by any number of charismatic persons or entities.
BZ
There certainly is a lot of blame to go around and I’m disgusted witht the Republicans as well. But now we’ve got a prez that is taking us to the brink of disaster.