Don't Expect Word Monday

[gmcbob]

http://www.google.com/hostednews/ap/articl...suW1jQD952IG000

They're stalling. Don't be too terribly shocked if they just "let the market decide" on this one friends. As we've all known for years, I think the White House has viewed "Detroit" more like a pesky mosquito that won't go away, and not a relevant concern for the country anymore. They're an afterthought for these bozos - and mainly because they probably don't pump near as much money into the political machine of Washington as they once did.

Moreover, these people don't give a $h! about the working class, and I think they view the domestic auto industry as more or less a symbol of an "old school", blue collar America that's "out of touch". Plus, they need the UAW workers to make sure the army has enough soldiers in it. Heck, why have a draft when unemployed auto workers will have no other choice than to join the Army. I'm kind of being serious actually.

We can spend untold billions on Iraq. Billions on supporting construction firms to build unnecessary power projects and dams in Central American countries, and untold billions on AIG and Citi Bank, but when it comes to an industry that actually produces tangible products right here at home (on a still unprecedented scale), while letting leaner foreign firms operate here with basically little to no restrictions, we utterly politicize it and give them the run around??

Our political and National priorities are really f*cked up.

If I were more of a nut job, I'd just build a log cabin in Montana and become a complete hermit. Unfortunately I like my computer and my electricity too much.

Edited December 14, 2008 by gmcbob

[mustang84]

Former Gov. Mitt Romney, R-Mass., a Michigan native whose father, George Romney, served as chairman of American Motors, said he supported the decision by Congress to reject the efforts of the auto chief executives for the federal help.

"They basically came to Washington and said give us a check so we can continue to fund business as usual," Romney said.

Romney's an idiot.

[Intrepidation]

Romney's an idiot.

Don't we in MA know it.

[buyacargetacheck]

I remember reading somewhere that $350B of the total $700B in TARP funds has been approved by Congress to be spent by Treasury. The other $350B has to be relinquished by Congress, which is now out of session until January. $335B of the first $350B has already been pledged if not dispersed already. Interestingly, this leaves only $15B from the original $350B approved by Congress, the exact amount requested by GM and Chrysler.

I think Bush will act. It would be great for the industry if he could force some concessions too that will improve the long-term health of GM (forcing bond-holders to take 30 cents on the dollar for example). If the $15B is spent simply to mark time for 3 months that doesn't solve anything. The Big 3 have major financial problems -- paraphrasing W. Buffett, you know who's been swimming naked when the credit crisis tide rolls out.

http://www.google.com/hostednews/ap/articl...suW1jQD952IG000

They're stalling. Don't be too terribly shocked if they just "let the market decide" on this one friends. As we've all known for years, I think the White House has viewed "Detroit" more like a pesky mosquito that won't go away, and not a relevant concern for the country anymore. They're an afterthought for these bozos - and mainly because they probably don't pump near as much money into the political machine of Washington as they once did.

Moreover, these people don't give a $h! about the working class, and I think they view the domestic auto industry as more or less a symbol of an "old school", blue collar America that's "out of touch". Plus, they need the UAW workers to make sure the army has enough soldiers in it. Heck, why have a draft when unemployed auto workers will have no other choice than to join the Army. I'm kind of being serious actually.

We can spend untold billions on Iraq. Billions on supporting construction firms to build unnecessary power projects and dams in Central American countries, and untold billions on AIG and Citi Bank, but when it comes to an industry that actually produces tangible products right here at home (on a still unprecedented scale), while letting leaner foreign firms operate here with basically little to no restrictions, we utterly politicize it and give them the run around??

Our political and National priorities are really f*cked up.

If I were more of a nut job, I'd just build a log cabin in Montana and become a complete hermit. Unfortunately I like my computer and my electricity too much.

[BuddyP]

more people will hate detroit if they get the $$. Personally I'd rather see then do Chapt 11, restructer, ditch the UAW and come out lean and mean.

[Satty]

You obviously haven't seen the polls that say 60-70% of Americans wont buy a car from a bankrupt automaker.

[gmcbob]

Yeah, I don't know if I would buy from a bankrupt General Motors. That would be a real tough decision.