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Auto Bailout Deal?
Posted by: McQ on Friday, December 05, 2008

That's the report. Reuters:
Democratic leaders and the White House reached a deal to provide billions of dollars in relief to the ailing U.S. auto industry, a senior congressional aide told Reuters on Friday.

The package, which Democratic leaders hope to win passage of next week and send to President George W. Bush, totals between $15 billion and $17 billion, the aide said, speaking on condition of anonymity.
You knew someone would cave. It seems to have become the American way.

It's a lot less than they wanted and I'd guess it will end up only postponing the inevitable.
 
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Previous Comments to this Post 

Comments
"I’d guess it will end up only postponing the inevitable."
Yeah. It’s going to swing through past the inauguration and then Pelosi & Co. can play it together with Obama for all the Hope and Change they can squeeze out of it.
 
Written By: Billy Beck
URL: http://www.two—four.net/weblog.php
This was my favorite part:
The amount is far less than the $34 billion requested this week by General Motors, Ford Motor, and Chrysler, but Democratic leaders believe the money will keep them going until Barack Obama replaces Bush as president on January 20 and a new effort can be made for a rescue plan.
 
Written By: Scott Jacobs
URL: http://
Its roughly the immediate need amount that will get them to Jan 20. The 4 bil for Dec & 4 bil for Jan that GM asked for plus the 7 bil that Cerberous asked for.
 
Written By: jpm100
URL: http://
By their own admission, the Big 3 are hemorraging six billion dollars per month, or 1.5 billion per week. Fifteen more billion dollars of taxpayers’ money (on top of the $25 billion in loans) keeps them operating only for ten more weeks (until mid-February, three weeks into Mr. Obama’s presidency), at which time they will be back to where they are today and the taxpayers’ money will be gone.

We get the government we deserve.
 
Written By: a Duoist
URL: http://www.duoism.org
I don’t care how much you bail, you’re gonna havta plug the leak to stop from having to do it again. The hole is the allience between unions and leftists having governmental power.. and the idiots on the right who have been playing along with the left in this.

Obama won’t solve that problem.
Obama will make that hole in the bottom of the boat bigger, not smaller.

 
Written By: Bithead
URL: http://bitsblog.florack.us
I don’t get it. The only thing that Congress was p*ssed about was the fact that they flew in on private jets for the first meeting. Where is the outrage at the extra $9 billion? I also don’t think it was very green of congress to make those guys fly those jets home and drive back. What a waste of fuel.
 
Written By: slackathor
URL: http://downwiththedrivebys.blogspot.com
Welcome to Europe.

My guess is that the final resolution will be nationalization a la British Leyland. That way it won’t matter if they never make a profit.
 
Written By: kyleN
URL: http://impudent.blognation.us/blog
The death of the Detroit auto industry is only delayed by this bailout. The companies have not changed their structure and the unions have given up nothing.

Like everyone is mentioning, this will get them through to an Obama administration and a more democrat Congress. Then the real fun can start.

With dependence comes control. I don’t see an improvement in the sales of cars anytime soon, so the big three will continue on their downward spiral and need more money. The more they get from Congress, the more control Congress will exact.

I wonder how Toyota and Honda feel about all this?
 
Written By: jjmurphy
URL: http://www.allthatisnecessary.com
All I can say is **** ******* ****** *** * ******** ********** ******!

I may never vote again.
 
Written By: timactual
URL: http://
"The more they get from Congress, the more control Congress will exact."

Still, it is more desireable from the standpoint of the auto executives than chapter 11. Congress can be influenced by lobbyists, campaign contributions, and other inducements. Judges can’t.



"I wonder how Toyota and Honda feel about all this?"

Like foreign auto companies, they may feel that these companies are receiving an unfair government subsidy and demand some equal treatment. I think we can expect some legal action in the courts and from the World Trade Org.
 
Written By: timactual
URL: http://
Congress can be influenced by lobbyists
paid for with money given by the government.

Oh sweet, sweet irony...
 
Written By: Scott Jacobs
URL: http://
The auto industry has crappy lobbyists.

The good lobbyists get you bigger bailouts without the public flogging.
 
Written By: jpm100
URL: http://
"Like foreign auto companies, they may feel that these companies are receiving an unfair government subsidy and demand some equal treatment. I think we can expect some legal action in the courts and from the World Trade Org."

This doesn’t even come close to leveling the playing field. The Japanese will keep their mouths shut and not put a spotlight on what is still a good thing in their advantage.
 
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URL: http://
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