More Bailouts - Carmakers seek $50 billion from Congress

[ChicagoMark]

Fannie Mae, Freddie Mac, the airlines, Bear Stearns, Lehman Bros. (soon) and now automakers. Where does it stop? Taxpayers are in for a mugging and it won't stop until they have given out all money. Sad state of affairs in the US.

Carmakers seek $50 billion from Congress - Autos - MSNBC.com

McCain supports the automakers bailout. I can't find anything on Obama's postion, but if he does, he is a fool just like McCain.

Presidential candidate and presumptive Republican nominee Sen. John McCain today gave his support to the proposal.

``Our auto companies are rising to the challenge building the next generation of American cars, but are doing so in times when credit conditions cripple the funding for the facilities and technologies to take the steps to the future,'' he said in an e- mailed statement.

``We should fund it and take action that will assist Detroit and its suppliers in making it through this difficult time of transition,'' he said in the statement.

Others disagreed with the proposal to put taxpayer funds at stake.

``This is a horrible idea, another transfer of funds to failed ventures,'' said David Littmann, senior economist for the Mackinac Center for Public Policy in Midland, Michigan, which describes itself as a supporter of free-market ideals. ``If this were a good idea, the market would price the debt accordingly and give them the money.''

Bloomberg.com: Worldwide

I'd like to add that Rick Wagoner has been one of the absolute worst CEO's in American business history these last 9 years at the head of GM. How in God's name he has been able to keep is job is a true mystery. He must have something "unseemly" on each member of the board.

[Voodoo76]

Will be interesting to see how Washinton reacts when manufacturers come to town hat in hand vs. the financial types.

[Negotiator]

Obama will likely rush to agree, IMO. To do otherwise in a state he can ill afford to lose would be unwise. "Tough ****" is rarely a statment that wins voters.

On the other hand, this does present a unique opportunity. You have an incredible manufacturing power over a barrel and begging for your help. You can likely attach whatever strings you want to this handout. A guy (or party) with vision could probably make use of such a windfall. The only question is what to do with it.

[greenjoker]

I can't believe that Republican pro-business laisse faire interests would stand for this. Isn't it funny that the gov. just hands out this money with little or no strings attached?
Businesses want the gov. money without the gov, "interference" and almost everybody just stands by and says or does nothing.

[GRR Spartan]

They bailed out Chrysler and that set a precedent. If anything the US government needs to help start ups because the folks at GM and Ford readily agreed to many of the great benefits while they were making money hand over fist and the boards were steadfast against funding hybrids.

My how things change.

[The Anti - Bob]

The ones that are really getting bailed out are the Japanese.

Don't any of you see what they are doing?

They've got a massive trade surplus, "our" government has a massive debt so what do they do?

Japan cuts their prime rate to a half percent over a dozen years ago.

Do the math people, we are subsidizing them.

Would the domestics would be in this shape if a Camry cost as much as a BMW? Or if the cash they use to build plants here wasn't so dirt cheap? And if the local government wouldn't fall all over themselves paying these clowns to build plants here? You do know that the Nissan plant in Mississippi was funded to the tune of nearly a billion dollars, nearly as much for the Toyota plant in Texas which is now shut down after a year and a half. And what about the sweet heart deal Jenny cut for land outside Ann Arbor?

[GRR Spartan]

Granholm pushed for Toyota jobs as have the governors of IN, SC, AL, TN, MS and TX. All of the latter have given the away the farm at a mush higher level than MI did.

[Todd Farkman]

I think the key is, elect another president that loves to give money away. That will help tremendously.



Obama has the spine of a jellyfish. He stands for NOTHING. Just wait, he will fall in line with whatever pollsters say people want. He needs to buy Michigan.

If you want to blame anyone, blame the idiots that are Americans.

[JDR]

i believe i read that 1 in 12 US jobs is directly tied to the US auto industry. they will get their $50 billion or the economy will worsen (if possible).