Democrats plead automakers' case to Treasury

[cal04]

Source: CBS Marketwatch

- Democratic leaders in Congress took up the domestic automakers' plight with the Bush administration Saturday, asking for a financial lifeline for an industry battered by an historic drop in sales that has led to massive losses and job cuts.

"A healthy automobile manufacturing sector is essential to the restoration of financial market stability, the overall health of our economy, and the livelihood of the automobile sector's workforce," House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid said in a letter to Treasury Secretary Henry Paulson.

Top executives from Detroit's ailing automotive trio on Thursday pleaded their case for federal aid to Congress, a day before General Motors Corp.handed in more heavy losses and raised alarms about their cash burn rate.

All three automakers are looking to speed up access to the $25 billion in low-cost loans written into last year's energy bill and to potentially get approval for an additional $25 billion. New interim rules have been hammered out by the Energy Department that could allow for quicker access to the loans.

Read more: http://www.marketwatch.com/news/story/Democrats-plead-automakers-case-Treasury/story.aspx?guid=%7BF17FB27C%2D6B35%2D4DBB%2DA4AE%2DEA4A74E17E63%7D&dist=hplatest

[ogneopasno]

1. I would rather bail out an industry that actually makes stuff and employs the middle class rather

than an industry built on shuffling numbers. I'm not crazy about bailouts but if people are going to throw money at things, throw it at something that makes sense.

[Frisbee]

3. I agree, BUT...

there need to be some ground rules, forcing them to once again be competitive and offer products that make sense in today and tomorrows markets. Ditch the monster SUVs and passenger cars with 400+ HP. There will always be a market for those vehicles, but those are not what will put the big-3 back on track. Let the people who want those vehicles go out and pay for a Mercedes or BMW with the associated price tag. GM, Ford and Chrysler need to learn to compete with Toyota, Honda and Hyundai. Once they are on solid financial ground they can reconsider the behemoths if there is still a market for them, though by that time, they may realize they're better off without them. A world class plugin hybrid or electric that an average family can afford and that is "Made in the USA" would probably be hard to keep on dealers lots.

[Frisbee]

2. If Dems are for it...

then you can bet * will oppose it.

[RCinBrooklyn]

4. I wonder if they'll bail me out, too. We can argue everyone needs a bailout.

[RC]

5. Maybe if we would bring our jobs back from wherever there were outsourced to.

Then maybe there might be enough people that could afford to buy a new vehicle and make the mortgage payment and feed their kids too. Ya think that might save the auto industry?
Naa... To socialistic, can't do that.

[Oldtimeralso]

6. "As GM Goes, So Goes The Nation," Still Counts For Something.

American manufacturing has gone done the tubes. More jobs going away will only cause more economic distress We need to keep the workers of the country engaged in producing a product. We have had the paper shufflers build their house of cards and seen how it fell and now want to bail them out. The American auto industry has improved their quality control in the last ten years and they have many good products. GM is almost ready to have the Chevrolet Volt in production. AWe need to spend your money where we can keep Americans working.

[ohio2007]

11. attention Wal-Mart shoppers. You can now work at GM for the same pay you make now

[Sen. Walter Sobchak]

7. The US has an extremely healthy automobile manufacturing sector

I am actually about to buy my first American made car ever next week, a Honda Accord made in Marysville Ohio.

Detroit has done more to earn its total oblivion than any other industry in history, there is a point at which the continued existance of a business only harms the entire industry.

[ohio2007]

12. but the big auto suits don't want to pay for the healthcare anymore

why should US taxpayers bailout corporate greed.

whos next on the bailout list ?
big oil ?

[nebenaube]

8. no, no, no....

Stop rescuing the fucking Oligarchy!

[sarcasmo]

9. Bail out the Banks, then you bail out the Auto industry, then who else comes with their hand out?

[ohio2007]

13. oil industry,airline industry, foreign governments

[sarcasmo]

15. Exactly!

[tclambert]

10. They are heading in the right direction. In a couple of years, they'll be able to pay back

the bailout. A tough economy stifles the car market. When the economy gets better, the pent-up demand for cars will produce a boom for the auto companies. And by that time, they should have several next-gen cars available. More hybrids. Higher mpg cars. The quality is already there. The reputation is lagging the reality. In two years, I can see a much better future for them. But they need a bridge to get there.

[goforit]

14. LET them fail!!! Don't bail them out!!! Don't reward failure!! Create NEW companies.

[ohio2007]

16. The status quo is in place.

9. It's not going to be as simple as electing Dems.
We're going to have to keep pressing them to work for us and not the corporate elite.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3524708#3524888



This bailout bill will go down in history as
the self inflected gunshot wound that killed America.

http://www.youtube.com/watch?v=GqIFoBXGizc




breaking news of five weeks ago
and the congress is led like the sheeple they are to continue the bailouts .