Political Forum - View Single Post - US Auto Manufacturers Deserve To Go Out Of Business!!!

Daktoria · #**193** (**permalink**) 11-12-2008, 09:05 AM

Quote:

Originally Posted by catawba

Its actually a combination of stupidity and greed. Greed to take profits for their shareholders rather than reinvest in better quality and new technology, and stupidity for thinking the American people would continue to put up with them.

Its the exact same thing with Reagan scrapping Carter's plans for energy independence for short term profits on oil.

And we see the tragic results today of the short-sighted greed and stupidity.

Talk about stupid and greedy....

House speaker seeks auto bailout bill
Tue Nov 11, 2008 6:44pm EST

By John Crawley and Donna Smith

WASHINGTON (Reuters) - House of Representatives Speaker Nancy Pelosi sought legislation on Tuesday to bail out failing automakers, saying she was confident an emergency measure would be approved next week.

Pelosi aims to amend the government's $700 billion corporate rescue law that now applies to banks and other financial services firms. No figure was given, but General Motors Corp, Ford Motor Co and Chrysler LLC are seeking $25 billion in urgent assistance.

"Congress and the Bush administration must take immediate action," the California Democrat said in a statement, to prevent what she called the potential "failure of one or more of the major American automobile manufacturers."

Senate Majority leader Harry Reid of Nevada said in a statement that Senate Democrats are "determined to pass legislation" to aid the auto industry but cautioned "it would only get done" with the help of Senate Republicans and the Bush administration....

So much for Democrats being anti-big business, and it doesn't look like it's gunna stop with Congress:

November 11, 2008
Bush 'rebuffed Obama on car industry bailout'

Barack Obama used yesterday's Oval Office meeting with President Bush to press for immediate aid for the struggling US car industry, according to leaked reports.

Mr Bush said that he could support some aid in exchange for approval of a free-trade agreement with Colombia – but there was no sign that either the President-elect or his Democratic colleagues were willing to bend on that issue.

Senior Democrats asked the Administration at the weekend to consider expanding the $700 billion bank bailout package to include assistance for car companies struggling under a legacy of debt and falling sales.

Mr Obama's spokesman, Robert Gibbs, said yesterday that the plight of automakers was one of a number of issues discussed in a two-hour meeting with Mr Bush to discuss the transfer of power at a time of war and financial crisis. Other issues included housing, mortgage foreclosures, and, more generally, "the need to get the economy back on track"....

3 cheers for the demagogue elected under the one-party system!