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Posted: 11/20/2008 9:04:07 AM EDT
Key senators reached a compromise on a $25 billion bailout of the three big US auto makers, a Senate Democratic aide said.

A draft of the compromise being worked on by Michigan Sen. Carl Levin and Sen. Christopher Bond, R-Mo., would use the $25 billion set aside by Congress in September for retooling auto plants over the next several years and lend it to auto makers immediately, the Detroit Free Press said.

Automakers would face strict conditions on using the money, similar to what financial firms faced under their bailout, and as they repaid the loans, the money would go back into the retooling fund, the paper said.

http://www.cnbc.com/id/27821366




Link Posted: 11/20/2008 9:06:29 AM EDT
Ok, now that that is out of the way, bets on the next one in line for "free" money?
Link Posted: 11/20/2008 9:06:41 AM EDT
I will bet someone 100 dollars whatever is announced is not good for our country

I'm just joking. No one would take that bet.
Link Posted: 11/20/2008 9:07:27 AM EDT
Hooray!

Link Posted: 11/20/2008 9:07:51 AM EDT
They will fork over our $$$$ to the Unions and then head out of town for an extended Holiday break.

Link Posted: 11/20/2008 9:10:05 AM EDT
Does this mean extended spa stay for the auto execs ( on MY dime ) just like the A.I.G. execs?

Fuck the whole bailout bullshit.
Link Posted: 11/20/2008 9:10:07 AM EDT


RIP America
1776-2008
Link Posted: 11/20/2008 9:10:55 AM EDT
Originally Posted By klinc:
Ok, now that that is out of the way, bets on the next one in line for "free" money?


hummmmmmm............

Starbucks?
Link Posted: 11/20/2008 9:11:20 AM EDT
What a bunch of Fucking MORONS!!!!!


Link Posted: 11/20/2008 9:13:38 AM EDT
Next up:


Credit Card Co's
Major Cities...Philly, Baltimore, NYC.........

Link Posted: 11/20/2008 9:14:32 AM EDT
Yay for looters and moochers. It's almost time.
Link Posted: 11/20/2008 9:14:47 AM EDT
Originally Posted By klinc:
Ok, now that that is out of the way, bets on the next one in line for "free" money?


AIRLINES
Link Posted: 11/20/2008 9:16:07 AM EDT
[Last Edit: 11/20/2008 9:17:05 AM EDT by SonOfNorway]
WTF IS THIS SHIT

Somebody needs to start shooting fuckers
Link Posted: 11/20/2008 9:16:48 AM EDT
Wait a minute. Congress set aside money in September to help the automakers retool?

Why the hell were we doing that in the first place?
Link Posted: 11/20/2008 9:17:01 AM EDT
Originally Posted By phatmax:
Originally Posted By klinc:
Ok, now that that is out of the way, bets on the next one in line for "free" money?


AIRLINES


Don't count the media out.

They will want some favors for their campaign coverage...

Link Posted: 11/20/2008 9:21:15 AM EDT
9 of 10 voters said no to the banking bailout, and they did it anyway. A few weeks later we had the opportunity to fire their asses, instead 95% of those that voted for the bailout were reelected, the party more in favor of bailouts actually strengthening. Now we oppose the auto/insurance/state/city/whatever bailouts, what do you expect to happen?

Invest in lube and think happy thoughts.
Link Posted: 11/20/2008 9:21:33 AM EDT
[Last Edit: 11/20/2008 9:26:08 AM EDT by Vinnland]
CNBC reporting "key house reps" saying this is a "non-starter"...dow falls +100 pts...

Edit: This is getting interesting... Obama is nowhere to be seen or heard about this issue and now Reid and Pelosi steping all over everyones dicks.
Link Posted: 11/20/2008 9:23:45 AM EDT
Originally Posted By Vinnland:
CNBC reporting "key house reps" saying this is a "non-starter"...dow falls +100 pts...





http://finance.yahoo.com/q?s=^dji&d=t
Link Posted: 11/20/2008 9:24:29 AM EDT
[Last Edit: 11/20/2008 9:25:27 AM EDT by Pred]
Originally Posted By AJ-IN-JAX:
Key senators reached a compromise on a $25 billion bailout of the three big US auto makers, a Senate Democratic aide said.

A draft of the compromise being worked on by Michigan Sen. Carl Levin and Sen. Christopher Bond, R-Mo., would use the $25 billion set aside by Congress in September for retooling auto plants over the next several years and lend it to auto makers immediately, the Detroit Free Press said.

Automakers would face strict conditions on using the money, similar to what financial firms faced under their bailout, and as they repaid the loans, the money would go back into the retooling fund, the paper said.

http://www.cnbc.com/id/27821366





Link Posted: 11/20/2008 9:25:58 AM EDT
[Last Edit: 11/20/2008 9:29:23 AM EDT by AJ-IN-JAX]
Originally Posted By Pred:

Umm... say what?


That means they can't tell us WHERE the money is going or WHAT it'll be use for.

Link Posted: 11/20/2008 9:26:55 AM EDT
WTF did I just do to my post... anyways, this would be funny... if it wasn't so
Link Posted: 11/20/2008 9:28:30 AM EDT
Feel that burning sensation in your behind?
Link Posted: 11/20/2008 9:28:34 AM EDT
Originally Posted By Admiral_Crunch:
Wait a minute. Congress set aside money in September to help the automakers retool?

Why the hell were we doing that in the first place?


Well, that one was ALMOST sensible. The congress insisted on all sorts of anit-pollution and CAFE standards in new American vehicles, and the Big Three actually stood up and complained about unfunded mandates enough to get a package passed that would in effect use Taxpayer dollars to pay for government-mandated changes.

Note the ALMOST makes sense part. I do think that government mandates should be funded. I just dont think the government should be mandating stuff like that. On the other hand, I do think the Big Three should have had the sense to see some of this coming and shift production some years back, though the CAFE requirements seem a little optimistic at best.

My fear is that the money will go to the Big Three, and maybe even get them over to 2010 when some major changes in how benefits are handled kick in. But it wont force the MAJOR readjustments of corporate strategy and company-union relations that are really needed to let the Big Three survive. And I would be willing to bet the congressional pollution and CAFE mandates are still in place, just now without funding.
Link Posted: 11/20/2008 9:43:35 AM EDT
[Last Edit: 11/20/2008 9:45:46 AM EDT by Max_Mike]
Automakers would face strict conditions on using the money, similar to what financial firms faced under their bailout


Well there you go... what a deal, no worries now.

Watching Congress work is like going to the carnival and watching the freaking barkers work the crowd.
Link Posted: 11/20/2008 10:06:19 AM EDT
Senate and House Democratic leadership have scheduled a 2 pm news conference at which they are expected to say they will not accept the bipartisan compromise proposal at this time. CNBC.com will stream the event live.

Link Posted: 11/20/2008 10:11:25 AM EDT
While our deficit is in the trillions, I have to wonder where this money is coming from...Are we borrowing it or just printing it? If we are in fact just printing all of this money, we are fucked. Anyone remember why the Nazi's currency became worthless?
Link Posted: 11/20/2008 10:14:46 AM EDT
Rush is playing this right now.



.........


Doens't sound like anything is going to get passed this week.
Link Posted: 11/20/2008 10:17:34 AM EDT
tag


I just bought some more Ford.
Link Posted: 11/20/2008 10:19:23 AM EDT
[Last Edit: 11/20/2008 10:20:23 AM EDT by The_Macallan]
Originally Posted By AJ-IN-JAX:
Key senators reached a compromise on a $25 billion bailout of the three big US auto makers, a Senate Democratic aide said.

A draft of the compromise being worked on by Michigan Sen. Carl Levin and Sen. Christopher Bond, R-Mo., would use the $25 billion set aside by Congress in September for retooling auto plants over the next several years and lend it to auto makers immediately, the Detroit Free Press said.

Automakers would face strict conditions on using the money, similar to what financial firms faced under their bailout, and as they repaid the loans, the money would go back into the retooling fund, the paper said.

http://www.cnbc.com/id/27821366





"Retooling" which translates as "taking over the production lines and forcing the Big-3 to produce Ecofriendly Hippiemobiles that no one wants to buy."

Government control of the means of production. Another plank of Marxism laid down over the grave of American liberty and Capitalism.


Link Posted: 11/20/2008 10:24:14 AM EDT
Originally Posted By Mal_means_bad:
9 of 10 voters said no to the banking bailout, and they did it anyway. A few weeks later we had the opportunity to fire their asses, instead 95% of those that voted for the bailout were reelected, the party more in favor of bailouts actually strengthening. Now we oppose the auto/insurance/state/city/whatever bailouts, what do you expect to happen?

Invest in lube and think happy thoughts.

There it is.



Link Posted: 11/20/2008 10:28:37 AM EDT
As if corporate and industry bailouts are anything new.

There appears to be a suprising number of history challenged people that frequent these forums.
Link Posted: 11/20/2008 10:29:38 AM EDT
Originally Posted By SonOfNorway:
WTF IS THIS SHIT

Somebody needs to start shooting fuckers


THIS

Link Posted: 11/20/2008 10:30:01 AM EDT
Link Posted: 11/20/2008 10:34:18 AM EDT
Originally Posted By AJ-IN-JAX:
Originally Posted By klinc:
Ok, now that that is out of the way, bets on the next one in line for "free" money?


hummmmmmm............

Starbucks?


Citibank
Link Posted: 11/20/2008 10:35:58 AM EDT
Originally Posted By d_striker:
While our deficit is in the trillions, I have to wonder where this money is coming from...Are we borrowing it or just printing it? If we are in fact just printing all of this money, we are fucked. Anyone remember why the Nazi's currency became worthless?


Because they lost?



Link Posted: 11/20/2008 10:37:39 AM EDT
Originally Posted By OdT:
Originally Posted By Boomer:
As if corporate and industry bailouts are anything new.

There appears to be a suprising number of history challenged people that frequent these forums.


So where do you stand on unions?



I believe in right to work laws.

Let unions have to earn the desire of workers to be members.

Any other questions?
Link Posted: 11/20/2008 10:42:38 AM EDT
Originally Posted By Boomer:
As if corporate and industry bailouts are anything new.

There appears to be a suprising number of history challenged people that frequent these forums.




Plese show us history of bailouts on this scale Mr. History.

Link Posted: 11/20/2008 10:45:24 AM EDT
Originally Posted By The_Macallan:
Originally Posted By AJ-IN-JAX:
Key senators reached a compromise on a $25 billion bailout of the three big US auto makers, a Senate Democratic aide said.

A draft of the compromise being worked on by Michigan Sen. Carl Levin and Sen. Christopher Bond, R-Mo., would use the $25 billion set aside by Congress in September for retooling auto plants over the next several years and lend it to auto makers immediately, the Detroit Free Press said.

Automakers would face strict conditions on using the money, similar to what financial firms faced under their bailout, and as they repaid the loans, the money would go back into the retooling fund, the paper said.

http://www.cnbc.com/id/27821366





"Retooling" which translates as "taking over the production lines and forcing the Big-3 to produce Ecofriendly Hippiemobiles that no one wants to buy."

Government control of the means of production. Another plank of Marxism laid down over the grave of American liberty and Capitalism.




Marxism is really the wrong word... Socialism is the correct word and the form of socialism this road appears to be taking would be more the Mussolini branch.
Link Posted: 11/20/2008 10:47:08 AM EDT
I'm filing for a bailout for ammo and gun purchases made over the last year.

There is absolutely zero reason to be a productive, law-abiding citizen.
Link Posted: 11/20/2008 10:52:16 AM EDT
[Last Edit: 11/20/2008 10:56:28 AM EDT by Boomer]
Originally Posted By Max_Mike:
Originally Posted By Boomer:
As if corporate and industry bailouts are anything new.

There appears to be a suprising number of history challenged people that frequent these forums.




Plese show us history of bailouts on this scale Mr. History.



First hit on google.

A Brief History of Government Bailouts
Link Posted: 11/20/2008 10:54:16 AM EDT
Link Posted: 11/20/2008 11:03:34 AM EDT
*Read my whole post before replying please*

I'm ok w/ bailing out the automakers IF they model it after the '79 bailout. That being:
1) Auto maker needs to give a detailed business plan for 3 years past the end of the loan. So if its a 5 year loan, we need an 8 year business plan.
2) We need capital to secure the loan. Lets face it, handing out loans willy nilly got us into this mess.
3) They need to cut a lot of fat. They're hemorrhaging $ 2.3 billion a month, they need to pare it down to something manageable. This includes cutting jobs, re-negotiating w/ the UAW, and/or closing plants until the company can afford to reopen them.
4) Define a payment plan.
I'm sure they could do this, the question is will they. I want this to be even more strict than the '79 bailout. They came to us asking for a hand out, I want to give them a hand up. Like a responsible parent, we'll help you but we need to make sure this isn't just pissing money away.

Now flame away.
Link Posted: 11/20/2008 11:04:29 AM EDT
I watched that press confrence...
Sounds like the deal is made. All the CEO'S from the "big" three will have to do is not take the corprate jets to the meeting in December.
Link Posted: 11/20/2008 11:05:33 AM EDT
I hope they bail out NASCAR next. Otherwise, all of us rednecks will have to start shooting on weekends. How will we afford that much more ammo? And we'll have to compete with NASCAR employees that have been released for Gubbmint Cheese. And without NASCAR, there is no need for the Big 3. This is all because of Toyota being allowed to compete in the series.

But if the bailout of NASCAR takes place, they will put Al Gore Jr. in charge. after all, didn't he get a ticket for driving over 100mph in a Toyota Prius? that sounds like the qualifications needed to be put in charge of a new government agency.




yes the sarcasm is puddling up down here.
Link Posted: 11/20/2008 11:16:23 AM EDT
Link Posted: 11/20/2008 11:33:16 AM EDT
Originally Posted By Boomer:
Originally Posted By Max_Mike:
Originally Posted By Boomer:
As if corporate and industry bailouts are anything new.

There appears to be a suprising number of history challenged people that frequent these forums.




Plese show us history of bailouts on this scale Mr. History.



First hit on google.

A Brief History of Government Bailouts


All of that combined doesn't even come close to the $5 TRILLION that we're already on the hook for because of the most recent "$700 Billion Bailout".

Link Posted: 11/20/2008 11:38:18 AM EDT
Just wrote rep about this. Maybe I'm being premature but at least its done if this gets any further.
Link Posted: 11/20/2008 11:38:46 AM EDT
Originally Posted By Jarhead_22:
Originally Posted By AJ-IN-JAX:
Automakers would face strict conditions on using the money, similar to what financial firms faced under their bailout, and as they repaid the loans, the money would go back into the retooling fund, the paper said.


There were essentially NO conditions put on financial institutions when they got their money.




But, but, but, IT SAYS!!???!!!???
Link Posted: 11/20/2008 11:39:44 AM EDT
So they gave away the taxpayer's money to the beggars that showed up on private jets with tin cups in their hands.
Link Posted: 11/20/2008 11:39:48 AM EDT
Here is the full story.

Democratic Leaders Reject Compromise Auto Bailout

Topics:Economy (U.S.) | Economy (Global) | Politics & Government | Congress | Transportation | Automobile Industry
Sectors:Automobiles and Parts
Companies:Mazda Motor Corporation | General Motors Corp | Ford Motor Company
CNBC.com With Wires | 20 Nov 2008 | 02:51 PM ET
Text Size

Democratic congressional leaders ruled out any quick agreement on help for the battered US auto industry, saying the auto makers need to come up with a business plan before they receive any money.
AP

Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi said a compromise agreement worked out by four key senators earlier Thursday would not be approved.


Instead, the called on the auto companies to develop a plan assuring that any bailout money would make them economically viable.

"The executives of the auto companies have not been able to convince the Congress or the American people that this government bailout will be its last," Reid said at a hastily called news conference.

"Until they show us the plan, we cannot show them the money," Pelosi added.

She and Reid said Congress would return to work in early December to vote on legislation if the General Motors [GM 2.96 0.17 (+6.09%) ] , Ford Motor [F 1.24 -0.02 (-1.59%) ] and Chrysler produce an acceptable plan.

"We're prepared to come back into session the week of Dec. 8 to help the auto industry," Reid said. "But only if they present a viable plan."

The compromise proposal by the four auto-state senators, which has been favored by Republicans and the White House, calls for using $25 billion set aside by Congress in September for retooling auto plants and lending it to auto makers immediately.

But Democrats are against that idea, favoring instead using $25 billion from the $700 billion Wall Street bailout fund. That plan is opposed by Republicans and the White House.

The auto-state lawmakers involved in the Senate compromise are Michigan Democrats Carl Levin and Debbie Stabenow, as well as Ohio Republican George Voinovich and Missouri Republican Christopher Bond.

U.S. automakers General Motors , Ford Motor and Chrysler have been pleading for $25 billion in emergency government aid to weather a steep business downturn. The CEOs of all three companies testified before two congressional committees this week, but came away empty-handed.

Hanging in the balance could be the future of the U.S.-based automakers whose losses have mounted during the severe economic downturn and credit crisis that stopped Americans from buying new cars.

Their woes added to the chaotic U.S. economic picture, as stocks opened lower on fears that the absence of a bailout would lead to thousands more layoffs and deepen what many economists believe are recession conditions.

RELATED LINKS

Current DateTime: 11:42:00 20 Nov 2008
LinksList Documentid: 27821375

* Which Senators Have Auto Plants in Their States?
* CEOs Take Their Medicine
* Chrysler Still Seeking Merger
* Markets May Not Care
* What Car Makers Must Do
* Ford CEO: Industry in Peril
* Let Makers of Huge Cars Fail: Analyst
* Autos Can't Be Bailed Out Like Banks
* US Economic Health to Take Time: Paulson
* Behind the Wheel with Phil LeBeau

A bankruptcy of one or all of the automakers could shake vast sections of the U.S. economy, an argument Democrats have emphasized.

Some Republicans have argued a bankruptcy could allow the companies to make structural changes needed to assure their long-term survival.

Many analysts believe the Big Three need massive restructuring to reduce the costs of a unionized labor force and produce cars that Americans will buy, after years of producing gas-guzzling sport utility vehicles that have fallen out of favor after people faced $4-a-gallon gasoline last summer.

I think AJ-IN-JAX was yanking your collective chains.
Link Posted: 11/20/2008 11:40:13 AM EDT
If you guys are opposed to the auto bailout you better get on the horn to your congressmen. I just called both my (TN) Senators and neither office will commit to a position yet. The fact that Alexander & Corker are on the fence is troubling.
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