Looks Like Auto Companies to Receive Short-Term Loans

[KenH]

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

 

[carpro]

Democrats will give them the rest after Jan 20, 2009.

 

[Revmitchell]

Democrats will give them the rest after Jan 20, 2009.

That's right. They have to protect their owners the Unions.

 

[KenH]

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.

 

[Revmitchell]

The Unions are just as corrupt as the company execs. And their excessive benefits play a major role in this mess.

 

[KenH]

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:

 

[carpro]

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.

 

[KenH]

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.

 

[LeBuick]

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.

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.

 

[LeBuick]

The Unions are just as corrupt as the company execs. And their excessive benefits play a major role in this mess.

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.

 

[Revmitchell]

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.

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.

 

[dragonfly]

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.

 

[ray Marshall]

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.

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.