Bush to use TARP money to Bailout Autos!

[sunzt]

I'm gonna pray that this can go through. Ironic that this outcome, the worst of all bailout options, may have to pass because the repugs are willing to let the economy go to further through the crap hole to no freaking end. We are willing to spend tens of billions and more to rebuild Iraq, but we can't spare a few billion (a freaking rounding error compared to Iraq) to save the domestic manufacturing base! WTF!!

http://money.cnn.com/2008/12/1...htm?source=yahoo_quote

 

[nageov3t]

yup, totally the GOP's fault and nothing to do with the unions.

 

[Slew Foot]

Asian stock markets down heavily in the last half hour or so, Japan down 6% right now. Ehh big deal, Id give up a few point on the dow today for a stronger country tomorrow.

 

[sunzt]

Originally posted by: Slew Foot
Asian stock markets down heavily in the last half hour or so, Japan down 6% right now. Ehh big deal, Id give up a few point on the dow today for a stronger country tomorrow.

A stronger country that may no longer have a non-foreign controlled manufacturing base and a greatly reduced supplier and dealership companies?

 

[frostedflakes]

Would the Treasury be able to put conditions on the money, for example, the quicker transition to wage parity that the Republicans in Congress have been pushing?

 

[sunzt]

Originally posted by: loki8481
yup, totally the GOP's fault and nothing to do with the unions.

Exactly. Glad you agree.

 

[sunzt]

Originally posted by: frostedflakes
Would the Treasury be able to put conditions on the money, for example, the quicker transition to wage parity that the Republicans in Congress have been pushing?

The Article made it seem much closer to a blank check than the other options.

 

[smack Down]

There should be no bail out until the companies file bankruptcy.

 

[nageov3t]

Originally posted by: sunzt

Originally posted by: Slew Foot
Asian stock markets down heavily in the last half hour or so, Japan down 6% right now. Ehh big deal, Id give up a few point on the dow today for a stronger country tomorrow.

A stronger country that may no longer have a non-foreign controlled manufacturing base and a greatly reduced supplier and dealership companies?

they manufacture cars in the US... though if the native US auto industries were to collapse, they'd be hurt as well.

 

[Leon]

When payday comes and there's no company around to issue a paycheck, UAW will finally get it

 

[Dari]

Originally posted by: sunzt
I'm gonna pray that this can go through. Ironic that this outcome, the worst of all bailout options, may have to pass because the repugs are willing to let the economy go to further through the crap hole to no freaking end. We are willing to spend tens of billions and more to rebuild Iraq, but we can't spare a few billion (a freaking rounding error compared to Iraq) to save the domestic manufacturing base! WTF!!

http://money.cnn.com/2008/12/1...htm?source=yahoo_quote

I fucking agree. The GOP priorities are fucked.

 

[K1052]

Originally posted by: smack Down
There should be no bail out until the companies file bankruptcy.

It would be pointless then. The automakers cannot survive a bankruptcy filing nor is there funding in place to facilitate it.

 

[Leon]

Senate offered a compromise, UAW refused to accept it. Beggars can't be choosers.

The group came close to agreement, but it stalled over the UAW's refusal to agree to wage cuts before their current contract expires in 2011

 

[K1052]

Originally posted by: Leon
Senate offered a compromise, UAW refused to accept it. Beggars can't be choosers.

The group came close to agreement, but it stalled over the UAW's refusal to agree to wage cuts before their current contract expires in 2011

Nobody is clean in this game but I think the Republicans in the Senate engineered this to settle political scores, I don't buy that they suddenly rediscovered fiscal conservatism. The UAW failed it's membership by not securing the bailout and the Senate failed the American public.

 

[woodie1]

Originally posted by: Leon
When payday comes and there's no company around to issue a paycheck, UAW will finally get it

Don't count on it.

 

[nageov3t]

Originally posted by: K1052

Originally posted by: Leon
Senate offered a compromise, UAW refused to accept it. Beggars can't be choosers.

The group came close to agreement, but it stalled over the UAW's refusal to agree to wage cuts before their current contract expires in 2011

Nobody is clean in this game but I think the Republicans in the Senate engineered this to settle political scores, I don't buy that they suddenly rediscovered fiscal conservatism. The UAW failed it's membership by not securing the bailout and the Senate failed the American public.

it's a lot easier to stomach when a bunch of 'em are in their final days in the senate with a lame duck president.

 

[Leon]

Detroit still have Lions to cheer on, 3 games away from perfection

 

[archcommus]

Surely the UAW leaders who opposed the wage cuts think something other than bankruptcy is going to occur. They're not so dumb as to not see they could all be out of work within a month.

 

[K1052]

Originally posted by: archcommus
Surely the UAW leaders who opposed the wage cuts think something other than bankruptcy is going to occur. They're not so dumb as to not see they could all be out of work within a month.

Bush is going to give them enough funding out of TARP to at least carry them into the next Congress/President who can then decide what to do. There is no other sane choice at this point.

 

[sunzt]

Originally posted by: archcommus
Surely the UAW leaders who opposed the wage cuts think something other than bankruptcy is going to occur. They're not so dumb as to not see they could all be out of work within a month.

I wouldn't bet on that .....

But, yes, i think they will eventually (which can be a long time) after lots of arm twisting. If dow goes -2000 then most liklely (hopefully) they will concede. Or they may be willing to wait until obama admin.

 

[Jaskalas]

Originally posted by: Leon
When payday comes and there's no company around to issue a paycheck, UAW will finally get it

Since when is the taxpayer not available?

 

[Squisher]

What I posted in OT:

I don't see how anybody could expect to essentially negotiate a labor contract in a few hours. There is probably nothing more complicated. How did congress come up with their dollar figures. Which transplant did they choose for their archetype? I have to imagine there is wide range of pay from one to another. Did they negotiate the impact of differences in classifications? To expect the UAW to do whatever this entailed even if it was determined in the long run to be fair was a little much given the fact of the complexities involved. I have to believe the Southern Republicans were going to vote against this from the beginning, they just found the weakest link and pushed until the house of cards collapsed.

 

[ProfJohn]

Originally posted by: smack Down
There should be no bail out until the companies file bankruptcy.

Yeap.

Pre-planned bankruptcy is the way to go.
Could do it without missing a beat.

 

[ericlp]

One of the sources said the a White House official made clear to a GOP Senator that would be the worst option, because the loan could go to the auto companies with few or no requirements along with it.

Gotta love that quote! Or it could go to the banks with few or no requirements along with it... I see no difference here!

What a joke!

 

[Jiggz]

Originally posted by: archcommus
Surely the UAW leaders who opposed the wage cuts think something other than bankruptcy is going to occur. They're not so dumb as to not see they could all be out of work within a month.

Of course they're not! Just like they saw this Big 3 Auto economic disaster coming and now begging for financing from public funds. (Just pegged my sarcasm meter . . .)