Barney Frank: $25 billion from bailout should go to carmakers

[babylonsister]

Frank: $25 billion from bailout should go to carmakers
By Silla Brush and Lauren Vernon
Posted: 11/12/08 02:21 PM


House Financial Services Committee Chairman Barney Frank (D-Mass.) said Wednesday that Democrats would seek to give $25 billion from a massive federal bailout bill to U.S. automakers.

The lawmaker said the push to help out the troubled car industry would come during next week’s lame-duck session of Congress. While the money would come from the $700 billion rescue measure signed into law last month, Frank said it was important to pass an amendment to provide money for the automakers with the support of majorities in both the House and Senate.

“It would just be wrong to take it out of TARP {the Troubled Asset Relief Program} without a separate vote,” Frank said.

The lawmaker added that he believed that President Bush would sign legislation to help prevent a collapse of the U.S. automobile manufacturing industry.

"This would be a terrible time and I think the White House knows that," he said.

more...

http://thehill.com/leading-the-news/frank-25-billion-from-bailout-should-go-to-carmakers-2008-11-12.html

[xultar]

1. All of AIG's share should go as well. Fuck them and their million dollar spa trips.

[wroberts189]

2. ummm.. and under condition those jobs stay in usa right? n/t

[UnrepentantUnitarian]

3. I'm leaning more and more toward allowing bankruptcy...

and using whatever of that $25 billion is needed to mitigate the human impact on employees and suppliers. What we need most of all is a newly reconfigured, retooled GM, not a bandage on a cancer that would need to be replaced regularly at taxpayer expense. What about you folks? What do you think?

[MadHound]

4. Fuck off and die Barney

You stupid shithead. You pressed hard for this bailout, and now this POS is being used to loot we the people for everything we've got. Seventy billion going to pay out Wall St. bonuses, AmEx turning itself into a commercial bank to suck down its share, on and on the pigfeeding goes. Enough is enough, let them sink or swim on their own.

[babylonsister]

12. You obviously don't work in the car industry; maybe you wouldn't be

so cavalier about millions of people's livelihoods if you did.

I don't know what the answer is, but you obviously don't have a solution either.

[SammyWinstonJack]

13. Thank you.

[redqueen]

5. Time for Barney to go under the bus then?

:popcorn:

[Neshanic]

6. Hell Barney, just sign the checks, don't even look anymore. What's the point?

[datasuspect]

7. $25 billion would go a long way to revitalizing rail and public transit infrastructure

can't have that, though.

[Pab Sungenis]

8. No bailout without complete change in executives.

GM, for example, has a perfectly functional two-mode hybrid engine. But they're only using it in the Cadillac Escalade.

If they want to compete, and stay afloat, let them put it as an option in every single model they sell. Then maybe they'll make it.

[Neshanic]

9. Head of GM says he's not leaving.

[Pab Sungenis]

14. Then no money for him, AFAIC.

[DJ13]

10. Thats great Barney, but thats only half what they're asking for

[Neshanic]

11. He's got more checks. Ones with kittens on them.