Finger-pointing Begins as Senate Nixes Auto Vote

[tekisui]

WASHINGTON (AP) — A Democratic Congress, unwilling or unable to approve a $25 billion bailout for Detroit's Big Three, appears ready to punt the automakers' fate to a lame-duck Republican president. Caught in the middle of a who-blinks-first standoff are legions of manufacturing firms and auto dealers — and millions of Americans' jobs — after Senate Democrats canceled a showdown vote that had been expected Thursday. President George W. Bush has "no appetite" to act on his own.

U.S. auto companies employ nearly a quarter-million workers, and more than 730,000 other people have jobs producing the materials and parts that go into cars. About 1 million on top of that work in dealerships nationwide. If just one of the auto giants were to go belly up, some estimates put U.S. job losses next year as high as 2.5 million.

"If GM is telling us the truth, they go into bankruptcy and you see a cascade like you have never seen," said Sen. George V. Voinovich, R-Ohio, who was working on one rescue plan Wednesday. "If people want to go home and not do anything, I think that they're going to have that on their hands."

The automakers — hobbled by lackluster sales and choked credit — are burning through money at an alarming and accelerating rate: about $18 billion in the last quarter alone. General Motors Corp. has said it could collapse within weeks, and there are indications that Chrysler LLC might not be far behind. Ford Motor Co. has said it could get through the end of 2008, but it's unclear how much longer.

For now, however, with the federal emergency loan plan stalled in the Senate, lawmakers in both parties are engaged in a high-stakes game of chicken, positioning themselves to blame each other for the failure.

http://www.google.com/hostednews/ap/article/ALeqM5iOTm71rXkkZaLSOWaaIM11o06mNQD94IAPNG0

[rgbecker]

1. What about the other Car companies of the world? Surely they have been impacted by the Crisis.

I wondering about Toyota, which is building cars here in the USA and Honda, BMW and VW? Are they about to go belly up because of this coming depression? What about Canada? My Dodge caravan apparently was built in Canada according to the sticker. And isn't GM and Ford and Dodge building cars in other countries. Will we be bailing out other countries workers with our tax dollars? I'm wondering who actually holds the stock of these car companies which are asking for this taxpayer bailout/loan. Seems like we're dealing with huge international companies and it would be hard to follow the money to see who would be benefiting. IF these car companies are important to our national security, I say let's nationalize them and run them to the workers' and consumers' benefit.

I tried to find out who is making cars here in America and can't find much. Anyone up on this?

[nadinbrzezinski]

2. Honda is making them

Toyota is

BMW is

A couple other companies, usually in Right to Work States

That said, many of this furiegn companies are asking for help in other pastures... like the EU

As to national security, they are essential, not that the GOP gets it, it's called armor production in times of war. As to nationalize them... don't see that happening, but there are other ways to deal with these loans, see... Chrysler

[Better Believe It]

3. The Democrats Should Force A Vote Or Share The Blame For A Collapse

Let's see where everyone stands. It that happens we will know who to blame should GM fold along with the other automakers.

The Democrats are providing cover to those who will be responsible for the consequences of inaction if they refuse to conduct a vote.

In fact, by not pushing for a vote, the Democratics in Congress would have to share the blame with Republicans for any collapse of the auto industry.