Obama Pushes for $50 Billion for Automakers, Oversight Czar

[Ps104_33]

Nov. 13 (Bloomberg) -- President-elect Barack Obama is pushing Congress this year to approve as much as $50 billion to save cash-starved U.S. automakers and appoint a czar or board to oversee the companies, a move that would require President George W. Bush's support, people familiar with the matter said.

http://news.yahoo.com/s/bloomberg/ablcucxr33jw

This is nothing more than a bailout of the automakers union.

 

[Martin]

Any bailout will not work. Look at the bailout of the banks. We were told by both Democrats and Republicans that it had to pass to save the economy. Well the thing passed, it did not save the economy, and now the feds are playing a game of bait and switch on us. A bailout of GM, Ford, and Chrystler will only delay what is going to happen. They are going out of business because they have not kept up with demand. Those "big three" automakers will be replaced by new companies that will keep up with the market. People who work in those plants can get retrained or find another manufacturer to work for. The failure of those big three will not mean the end of the world.

The Federal Government is out of money, it is in the red, it has no money to give. All of these bailouts are driving the fed into the red even deeper. Those who are pushing these bailouts are behaving in a wreckless manner. The markets will fix themselves over time. We just have to wait these dark days out.

If community colleges, state universities, and public schools have to suffer due to budget cuts the feds should be giving no money to private industry.

 

[saturneptune]

Any bailout will not work. Look at the bailout of the banks. We were told by both Democrats and Republicans that it had to pass to save the economy. Well the thing passed, it did not save the economy, and now the feds are playing a game of bait and switch on us. A bailout of GM, Ford, and Chrystler will only delay what is going to happen. They are going out of business because they have not kept up with demand. Those "big three" automakers will be replaced by new companies that will keep up with the market. People who work in those plants can get retrained or find another manufacturer to work for. The failure of those big three will not mean the end of the world.

The Federal Government is out of money, it is in the red, it has no money to give. All of these bailouts are driving the fed into the red even deeper. Those who are pushing these bailouts are behaving in a wreckless manner. The markets will fix themselves over time. We just have to wait these dark days out.

If community colleges, state universities, and public schools have to suffer due to budget cuts the feds should be giving no money to private industry.

Excellent post. Look at the results from the 700 billion dollar bailout. No, sorry, 850 billion with the pork to buy the votes to pass the bill.

Government produces nothing. It might have had a positive effect if the money had been targeted by people who have a real understanding of the economy. However, when you hand that money over to a collection of bumbling idiots, what results do you expect, aside from the fact the government has no business in a free market? That money might as well have been put on a bondfire and lit with gasoline.

No, our greed created this, and we are going to have to get ourselves out.

 

[rbell]

That Hank Paulson guy should be in jail.

He has stolen $700B and lied about where it was to go.

I love how these guys build a solution on the wrong diagnosis.

Obama (and Bush, for that matter) and the bunch in DC think that the "Big 3's" problems are that they don't build enough fuel-efficient cars.

Look, if their cars were as good as Honda and Toyota, and they didn't manage their money so stupidly, they wouldn't have this problem.

It's not about building the most 50mpg cars (though it would be nice). It's about building better cars...with lower overhead. And right now, Honda, Toyota, Hyundai, and maybe others are kicking the "Big 3's" collective tails.

 

[rbell]

Oh yeah:

I was in Berlin when the wall came down in 1989 (and on into 1990). You want a car produced by the government? Find you an East German Trabant...if there's still one running. Doggone things were made out of cardboard fibers & chicken wire, and smoked like a foundry. That's what government-owned production will get you.

You just think GM, Ford, & Chrysler play second fiddle to Honda, Toyota, Nissan now... just wait until our DC fellas mess it up. You won't get that car out of the dealership.