Looks Like Auto Companies to Receive Short-Term Loans

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

  1. KenH

    KenH
    Expand Collapse
    Active Member

    Joined:
    May 18, 2002
    Messages:
    32,485
    Likes Received:
    0
    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
     
  2. carpro

    carpro
    Expand Collapse
    Well-Known Member

    Joined:
    Oct 14, 2004
    Messages:
    20,896
    Likes Received:
    294
    Democrats will give them the rest after Jan 20, 2009.
     
  3. Revmitchell

    Revmitchell
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 18, 2006
    Messages:
    38,293
    Likes Received:
    783
    That's right. They have to protect their owners the Unions.
     
  4. KenH

    KenH
    Expand Collapse
    Active Member

    Joined:
    May 18, 2002
    Messages:
    32,485
    Likes Received:
    0
    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.
     
  5. Revmitchell

    Revmitchell
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 18, 2006
    Messages:
    38,293
    Likes Received:
    783
    The Unions are just as corrupt as the company execs. And their excessive benefits play a major role in this mess.
     
  6. KenH

    KenH
    Expand Collapse
    Active Member

    Joined:
    May 18, 2002
    Messages:
    32,485
    Likes Received:
    0
    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:
     
  7. carpro

    carpro
    Expand Collapse
    Well-Known Member

    Joined:
    Oct 14, 2004
    Messages:
    20,896
    Likes Received:
    294
    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.
     
  8. KenH

    KenH
    Expand Collapse
    Active Member

    Joined:
    May 18, 2002
    Messages:
    32,485
    Likes Received:
    0
    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.
     
  9. LeBuick

    LeBuick
    Expand Collapse
    New Member

    Joined:
    Jun 8, 2006
    Messages:
    11,537
    Likes Received:
    0
    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.
     
  10. LeBuick

    LeBuick
    Expand Collapse
    New Member

    Joined:
    Jun 8, 2006
    Messages:
    11,537
    Likes Received:
    0
    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.
     
  11. Revmitchell

    Revmitchell
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 18, 2006
    Messages:
    38,293
    Likes Received:
    783

    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.
     
  12. dragonfly

    dragonfly
    Expand Collapse
    New Member

    Joined:
    Mar 4, 2008
    Messages:
    1,594
    Likes Received:
    0
    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.
     
  13. ray Marshall

    ray Marshall
    Expand Collapse
    New Member

    Joined:
    Aug 15, 2007
    Messages:
    570
    Likes Received:
    0
    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.
     

Share This Page

Loading...