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Looks Like Auto Companies to Receive Short-Term Loans

Discussion in 'News & Current Events' started by KenH, Dec 5, 2008.

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  1. KenH

    KenH Well-Known Member

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    December 6, 2008

    Interim Rescue of Automakers Moves Forward in Congress

    By DAVID M. HERSZENHORN

    WASHINGTON — Faced with staggering new unemployment figures, Democratic Congressional leaders said on Friday that they were ready to provide a short-term rescue plan for the cash-strapped American automakers, and expected to hold votes on the legislation during a special session next week.

    Details of the rescue package were not immediately available but senior Congressional aides said that it would include billions of dollars in short-term loans to keep the automakers afloat at least until President-elect Barack Obama takes office.

    Ending a weeks-long stalemate between the Bush administration and House Speaker Nancy Pelosi, senior aides said that the money would likely come from $25 billion in federally subsidized loans intended for developing advanced fuel efficient cars

    - rest at www.nytimes.com/2008/12/06/business/06auto.html?_r=1&hp
     
    #1 KenH, Dec 5, 2008
  2. carpro

    carpro Well-Known Member
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    Democrats will give them the rest after Jan 20, 2009.
     
    #2 carpro, Dec 5, 2008
  3. Revmitchell

    Revmitchell Well-Known Member
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    That's right. They have to protect their owners the Unions.
     
    #3 Revmitchell, Dec 5, 2008
  4. KenH

    KenH Well-Known Member

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    Yeah, how dare the unions stand up for workers down through the decades and prevent employers from paying workers next to nothing, no benefits, and forcing workers to operate in deplorable workplace conditions.
     
    #4 KenH, Dec 5, 2008
  5. Revmitchell

    Revmitchell Well-Known Member
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    The Unions are just as corrupt as the company execs. And their excessive benefits play a major role in this mess.
     
    #5 Revmitchell, Dec 5, 2008
  6. KenH

    KenH Well-Known Member

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    Well, Pastor Mitchell, I bet the unions feel horrible that you feel that way about them and fear that their very existence is dependent on your opinion of them. :laugh:
     
    #6 KenH, Dec 5, 2008
  7. carpro

    carpro Well-Known Member
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    The UAW's existence is dependent on congressional democrats.

    That's why they will give the big 3 the money.

    It would cost democrats millions of dollars each election cycle if the UAW goes down.
     
    #7 carpro, Dec 5, 2008
  8. KenH

    KenH Well-Known Member

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    Unions are important for every working man and woman in the United States. Without their efforts through the decades we would all be working as not a whole lot more than slaves.
     
    #8 KenH, Dec 6, 2008
  9. LeBuick

    LeBuick New Member

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    The right for workers should organize should be protected. American's gave their lives for that right. The union will be impacted by the restructuring along with management which I think is a good thing. Normally management's solution is to cut all the workers but for some reason all the executives who make 6 or 7 figures salaries get to stay. UAW will make sure the job and benefit cuts are equal and fair to both labor and management.
     
    #9 LeBuick, Dec 6, 2008
  10. LeBuick

    LeBuick New Member

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    I agree, this is why I would like to see the board of directors become an independent board paid for and totally accountable to the investors. This will give the investors an oversight board whose pay is directly tied to investor success which would help keep both sides of the isle (UAW and management) in check.
     
    #10 LeBuick, Dec 6, 2008
  11. Revmitchell

    Revmitchell Well-Known Member
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    Sounds good so long as it is not government mandated. But the truth is even then corrupt people will find a way to corrupt the system.
     
    #11 Revmitchell, Dec 6, 2008
  12. dragonfly

    dragonfly New Member

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    It is good to see the Bush administration and Congress finally come up with a package that will help the struggling auto industry and help keep more workers from becoming unemployed. During this downturn in the economy, more unemployed workers is not a good thing.
     
    #12 dragonfly, Dec 6, 2008
  13. ray Marshall

    ray Marshall New Member

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    I am a member of the UMWA and for my part, it is a good thing for the workers even though there has been some corruption within. Because of being union represented, I have hospital and medical insurance which is far better than a high scale wage. I am now retired with a small pension but the hospital and medical insurance outweighs the retirement benefit by far.
    The auto company's are in dire trouble and I can't say which is good or bad. It seems like we are "Damned if we do, and damned if we don't."
    What a fix to be in even if we, the people was not involved.
     
    #13 ray Marshall, Dec 6, 2008
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