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Ear to the Ground

Bailout to Jump-Start Detroit

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Posted on Dec 10, 2008
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New York Times / Stephen Crowley

The CEOs of Detroit’s Big Three, from left, GM’s Rick Wagoner, Chrysler’s Robert Nardelli and Ford’s Alan Mulally, are in line for $14 billion intended to keep them afloat until spring.

Agreement has been reached between the White House and congressional Democrats to offer the U.S. auto industry a $14 billion emergency package aimed at keeping the Big Three going until spring. Also, in the grand tradition of state socialism, the deal includes a new auto “czar” to oversee the restructuring of Detroit.


The L.A. Times:

The White House said this morning it had finalized a deal with congressional Democrats to provide $14 billion in emergency loans to U.S. automakers with strict oversight that would require restructuring plans or bankruptcy by the spring.

“It’s a bill that provides bridge financing to one of two possibilities ... fundamental restructuring or bankruptcy,” said Joel Kaplan, White House deputy chief of staff for policy. “We wanted to make sure it was tough and that this was not a bridge financing to nowhere.”

The legislation, which House Democrats finished drafting this morning, would create a presidentially appointed monitor, or auto czar, to negotiate the restructuring of any companies that take the money. General Motors and Chrysler both have said they need government money to survive until March 31.

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By samosamo, December 11, 2008 at 3:04 pm Link to this comment

By tommyj, December 11 at 7:25 am

How dare you question the USA like that! We manufacture the best bombs and munitions on earth. We export more than all other countries combined and we damn sure know how to manufacture misery here and abroad. How else does our economy remain so strong. And I would think that little milton friedman’s manufacturing an economic system that has done the whole world so much good should be forced on all countries for more good.
Well, uh, er, hmmm, I need to stop here and go watch some more better tv. Thank goodness for that other wise I would have to pay attention to what’s happening now.

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By jobart, December 11, 2008 at 2:40 pm Link to this comment
(Unregistered commenter)

As the politicians that represent the states with foreign manufacturers operating in their own states are the most “vociferous” in opposition to the rescue of the 3 millions American employees on the edge, one has to wonder “what’s the motivation”? Of course, it’s defending/supporting their constituants, right? Maybe not. With foreign manufacturers setting up shop in the “good ole U S of A”, seeking to compete(and winning) in the competition with our “own” companies,a fact that effectively undermines the American economy, there could be a factor missing in that scenario. I hold a theory that may explain this opposition in a different light. With the wiretapping capabilities that the “SHRUB” put in place to protect us from terrorism, they have in place the “legal” ability to wiretap all international conversations and e-mail traffic, right? How about we “see” the financial displacement in our economy by foreign concerns, which undermines the American economy, as an “act of domestic terrorism”? Hell, that’s a lot more justification than taping/tracking communication from our soldiers overseas with loved ones, is it not? Let’s look at/investigate the communications between the foreign corporations here, which are mostly in the south where the resistance in the Senate eminates from, and examine those communications. Perhaps the real motive here is not “caring”, but GREED. Imagine that. Maybe we look at/investigate the potential that these same foreign corps. have “indirectly” advanced the political careers of those who “proport” to do so “only” for their constituants. Food for thought ??

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By tommyj, December 11, 2008 at 8:25 am Link to this comment
(Unregistered commenter)

What’s the deal with the bail outs and the auto makers, you people didn’t give a dam about how they raped and plundered the Airlines and Manufacturing and now outsource the rest of the jobs you bunch of stupid politicians, just what does America have to manufacture anymore you gave it all away, stupid.
I’d love to know your reasons for the bail out in a free market, now if only the million or so people that are out of work can qualify for a loan, and let me clue you in Mr politician,, IF YOU DONT HAVE A JOB STUPID THE BANK WILL NOT GIVE YOU A LOAN NO MATER HOW MUCH MONEY THE BANK HAS.  It is Jobs stupid JOBS…

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By derek patterson, December 11, 2008 at 7:41 am Link to this comment
(Unregistered commenter)

Why is there always PORK on everything these political pigs pass? Included in this bail out is a raise for federal judges, who make $169,000 plus a year. Nobody who has broke their back working, stressing over bills, and struggle to balance family time into the equation is going to get a raise. There should not be or should have been a bailout for anyone. People need to rise up and voice their opinions. There will come a day when the American dream will return. It begins by holding these greedy politicians accountable.

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By hippy pam, December 11, 2008 at 6:23 am Link to this comment

AND NOW….“they” want to put “over site” on the “bridge loan”......AFTER “ole bullshit” ALLOWED his “hand picked” idiot to GIVE MONEY TO AIG and BANK OF AMERICA…..Just so THEY COULD GO TO “THE SPA”!!!!!!!Talk about DOUBLE STANDARDS!!!!!!

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By samosamo, December 10, 2008 at 6:23 pm Link to this comment

As I commented in the other post about this, we are giving vastly incompetent and wreckless crooks their bonuses, pay raises and golden parachutes for producing something that is inefficient and of questionable quality. And once on the dole, they will not lose this welfare. BAD BAD decision. And I still have not seen anyone explain how this will happen without the taxpayer footing the loss, it will just be give them the money now and give it to them later, in essence, paying them for taking a big shit on the american people. I would rather see that $14,000,000,000.00 go to unemployment for those workers left out when the company that cannot compete fairly fails and goes bankrupt.

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