Bob Corker (R-AHole): “Bust the UAW Already, Obama!!!”

[babylonsister]

Bob Corker: “Bust the UAW Already, Obama!!!”
By: emptywheel Monday March 30, 2009 11:05 am


Bob Corker was one of the people in Congress who refused to include auto dealer concessions to GM and Chrysler in restructuring negotiations last year. As such, he--and his cowardice--bears significant responsibility for neglecting one third of the concessions that needed to be made from automaker stakeholders; the Obama Administration has, for the first time, addressed dealer concessions in today's announcement.

In addition, Corker's purportedly brilliant bailout compromise last year (which amounted to "bust the UAW") included none of the bankruptcy-like legal authority to cramdown bond-holder debt. Partly as a result (and partly because of a sweetheart deal Corker's buddies at Cerberus got), GM had no leverage to convince bond-holders to take the haircut they need to on its debt.

Nevertheless, Corker wasted no time in bitching about Obama's announcement today.

“Firing Rick Wagoner is a sideshow to distract us from the fact that the administration has no progress to announce today,” said Corker, a Republican. “The administration is hoping the media and the public will stay focused on Wagoner and fail to notice that negotiations have not progressed since December.”



“The administration is pursuing much of what we pushed for in December, but the delay of several months has increased the severity and sent billions of taxpayer dollars down the drain,” Corker said. “Now any investment is likely unrecoverable.”

Corker, you see, is hoping everyone will stay focused on his showboating, and not notice that Corker left several key elements off the table last year out of political expediency. Corker's also hoping you ignore that Bush basically used Corker's plan when he pushed through the Christmas Eve bailout--so if this plan has failed, it is Corker's plan that failed.

more...

http://emptywheel.firedoglake.com/2009/03/30/bob-corker-bust-the-uaw-already-obama/#more-38476

[fascisthunter]

1. We all Knew this Was about Breaking Up the UAW

at least in regards to there being no solution "yet". I am watching this one verrrry closely... this is bigger than I think most here realize.


My prediction, and I hope I am wrong... my prediction is time will pass with no real progress, and the automanufacturers and our government will claim to have "no other" option but to say bye bye to the UAW or for the UAW to take a huge hit.

[DainBramaged]

2. We're pissing up a rope here

with 61% of America wishing for GM to fail, nothing we say or do will change their minds. And if that day comes, and the American auto industry is no more, and I survive long enough for Social Security or move in with my kid, those who want to buy a car will be paying MUCHO more since the only options will be Foreign built, and from all of the cabals they have formed through the years in the Consumer Electronics area, it's just a matter of time before their cars are unaffordable.


Realize this, Toyota has about 2500 retirees after nearly three decades in this country. And their cost per hour is far less than GM. Yet their cars are comparably priced.


Who is screwing who?

[Urban Prairie]

3. Not to worry

China and India will export their "Model Ts" to the US to once again put wheels under the ever-growing bankrupted, uninsured, and unemployed members of the great unwashed. Just have to avoid getting into accidents with their vehicles.

I have to admit though, that I will love seeing Japan's automotive industry's US market-share get crushed, should I live long enough.

[babylonsister]

4. Love Rachel; she's covering this, too!

:rofl:

[rucky]

5. Why are they so eager to turn us into a Third World country?