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The Big Three Want Big Bucks from Congress
Published by Pamela Gentry on Wednesday, December 3, 2008 at 2:19 pm.By Pamela Gentry, Senior Political Producer
Dec. 3, 2008 – The plight of the U.S. automakers could be left to Congress. Not the best scenario for the American ideals of free enterprise and capitalism, but the big three automakers are now in the need of a bailout, which appears to be the only option for survival.
But a bailout won’t be easy. President Bush and Democratic Party leaders are in a stalemate over what should be done. Republicans believe the automakers should file bankruptcy and reorganize, while Democrats think tax dollars can should only be used as bridge loans while companies reorganize under bankruptcy laws, cut costs and re-tool plants to build more fuel-efficient cars.
But lofty ideals require time the automakers don’t have.
One Black lawmaker from the Motor City, Rep. John Conyers (D-Mich.), weighed in following the presentations of options by the automakers that appeared to be filled with gloom and doom.
Conyers wants the new administration to elevate United Auto Workers President Ron Gettelfinger into the position of “auto czar.”
“Over the last month, there has been much discussion about the need for a strong central figure to oversee the dramatic changes being undertaken by the auto industry. It is my belief that a Cabinet-level ‘auto czar’ would provide this type of leadership and help President Obama successfully coordinate his administration’s efforts on behalf of the industry,” Conyers said.
I’m not sure a czar is what’s needed, but it’s clear the industry needs some un-divided attention to get back in gear. As for czars, they usually make headlines, and not policy, so how do they really help?
“If the Congress and auto industry strike a ‘grand bargain’ aimed at improving the industry’s efficiency and innovative capacity, America’s public and private sectors will have to work together on a variety of fronts. The complexity inherent in reforming firms with extensive and interconnected labor, legal, and financial agreements will most certainly be daunting,” Conyers contends.
Speaker of the House Rep. Nancy Pelosi agrees with the severity of the issues facing the industry, but she told reporters on Tuesday, “I think it’s pretty clear that bankruptcy is not an option,” and that she may call for another lame-duck session to deal with the crisis.
“I believe that an intervention will happen, either legislatively or by the administration,” Pelosi said.
The automakers made their case to Congress while in Washington. General Motors Corp. asked for $18 billion along with $12 billion in loans and a $6 billion line of credit. Chrysler asked for $7 billion before the end of 2008 and Ford Motor Company requested a $9 billion line of credit.
Michigan Sen. Carl Levin (D) said he thinks things can come together to get a deal on paper for the automakers. “If this thing is going to happen next week, it’s going to happen with the support and assistance of the current president and the president-elect,” Levin said.
With the number of jobs on the line throughout the United States and the number of small businesses depending on the successes of the automotive industry, Congress will have to do something. We’ll just have to wait and see what they decide to do.
Do you think tax dollars should be used to help the struggling automakers?
seschris
It’s obvious that people that are against saving those companies have not thought the situation thru enough too see the benefits of a “bailout” plan.I think it’s their ideology that prevents them from supporting a plan.Even GWB sees the pragmatism and the poltical wisdom of saving these companies.It seems th republicans have shot themselves in the foot again,they help fat cats on Wall street but the average laborer can go to hell as far as they(gop} is cocerned.
Patrick
To tell you the truth that can’y happen. First of all you don’t want foreign countries to run too many businesses here in the U.S. Why well let’s just say we don’t have a lot of financial support right now and by letting more foreign businesses in can be bad due to the fact that countries take over other countries by taking over their financial system not by war. Second I have been saying this for almost a year the ONLY reasin the bill is being passed down to us is because if this county doesn’t ge new money soon monry will be turned into credits. Finally the republicans are trying to set Obaa up to fail by misleading us with numerous stories and you have to look around that and listen to wa=hat they are not telling you. It seems like now-a-days when the media reports something they get the reports by word of mouth and have no documentation or evidence to prove what they are reporting UNLESS they have evidence I don’t believe a WORD that comes out their mouth!
Its disgraceful the way bush is pushing thru bills just to spite obama and the new administration and to frustrate them.. the litany of ecologically disasterous bills allowing drilling in previously no go zones, allowing people to carry guns in national parks, etc etc.. knowning fullly well that it will take ages to reverse all this stuff and tie obama’s hands from day one.. these people are evil these republican devils.. ideology is what matters to them not their so called patriotism.. then of course they bail out their wall street buddies and their car czars and leave the small business man high and dry.. those shoes didnt hit their target.. damn those iraqi’s .!!!
Its disgraceful the way bush is pushing thru bills just to spite obama and the new administration and to frustrate them.. the litany of ecologically disasterous bills allowing drilling in previously no go zones, allowing people to carry guns in national parks, etc etc.. knowning fullly well that it will take ages to reverse all this stuff and tie obama’s hands from day one.. these people are evil these republican devils.. ideology is what matters to them not their so called patriotism.. then of course they bail out their wall street buddies and their car czars and leave the small business man high and dry.. those shoes didnt hit their target.. damn those iraqi’s cant even get that right..
olounwa
Don’t worry Obama’s team knows what up with the lame-duck administration! I believe they are trutly prepared for what Bush and his buddies are trying to do! I have faith in Obama we just have to pray wish for the best!
PAMELA….ARE YOU STILL WORKING?..HAVING A BABY?..HAVE TAKEN SOMETIME OFF?.. NEED A NEW INTEREST?.. WHERE HAVE YOU BEEN ?…WE NEED NEW TOPICS TO TALK ABOUT.. YOUR KIND OF CUTE ALSO.
LYNN,
I’ve been wondering the same thing since there have been no new political stories in a while. Maybe she’s off for an extended holiday.
Olounwa
How is Bush pushing bills when Congress is in recess until January ? Infact I have not heard of any executive orders from Bush,which will be overturned when Obama takes office.What bills are you mentioning ?
OBAMA TALK RADIO with Greg Jones (Special Christmas Edition)…Hi Fellow Warriors. When you get a chance check out this week’s Obama Talk Radio with Greg Jones Special Christmas Edition. Topics: Cheney Authorized Torture, Bush/Cheney Should Be Charged…Gen. Colin Powell scolds GOP…Blago Update…Neo Con/PNAC Revisited…Obama’s Weekly Address…Fun Christmas Clips…and Much More ! (You might even hear your name) Airs LIVE ! every Sunday 8-10pm (est) MERRY CHRISTMAS WARRIORS !
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p.s. Keep Going Strong Pam !
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Change for the big 3 will out come from a bailout, it will only come from a restructure. Let the big three file and restructure, if not we are throwing money away. Why change when the government will bail your out, CEOs clearing millions will not stop. Change must be forced on the big 3 to restructure.
Does BET have only one news person. Its been over a month, what are you waiting for Obama to go to the bathroom so you can write about it.
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