Democrats Ready Emergency Legislation To Aid Auto Industry

New York Times:

Democratic Congressional leaders said Tuesday that they were ready to push emergency legislation to aid the imperiled auto industry when lawmakers return to Washington next week for the first time after the election, setting the stage for one last showdown with President Bush.

"Next week, during the lame-duck session of Congress, we are determined to pass legislation that will save the jobs of millions of workers whose livelihoods are on the line," the majority leader, Harry Reid of Nevada, said in a statement.

Read the whole story: New York Times

Comments

[LemonMeringue]

NO MORE BAILOUTS

Ralph Nader is right. Most of the Democrats are as owned by corporations as Republicans are.

They are bailing out the wrong people. IT'S OUR MONEY.

[lizr]

I'd prefer to bailout the auto industry 's many workers and help them keep their jobs to bailing out the banksand AIG who are still wasting our money.

[hilary916]

I just hope the industry uses the money wisely and not just fatten the CEOs pockets.

[LemonMeringue]

Then let them give the money to the workers.

Not the CEOs.

If Detroit made good cars they could sell them.

[Twinkie]

So you're willing to wipe out the last major manufacturing industry left in America for the sake of ideology? US Carmakers make cars US folks want to buy. They don't have the same level of tech that Euro cars do because they are much cheaper to build. It isn't the carmakers fault that a lot of Americans want cheap cars and don't care about their efficiency. Customers dictate products not the other way around.

[LemonMeringue]

Then why do so many Americans buy Toyotas?

[PT6]

LOOK NO FARTHER THAN BUSH!

100% INCREASE IN DEBT!

100% INCREASE IN SPENDING!

[PSM42]

The right question is how do we get EVs widely in use. As spotted by Eric Schmidt of Google, no dummy he.

1. Call Eric Schmidt of Google. Tell him he is forthwith deputised.
2. Buy GM for $6B
3. Provide capital as required. We own GM.
4. Tell Eric Schmidt to get GM producing BEVs using Ovshinsky's Cobasys NiMH patent in 12 months or else he looses his Google stock AND he has a completely free hand AND the National Guard.
5. Tell Chevron their Cobasys NiMH patent is now in the public domain. And they can S_d Off.

Time on the job for O - 30 seconds.
Time on the job for lawyers - 2 weeks.
Amount saved - Entire amount of bailout.

Elapsed time. 30 minutes. Have a beer at sundown. I'm free for a tour of the W-H in lieu of thanks.

Re GM Bailout. "But it's the wrong answer to the wrong question. Electric Vehicles WON'T come from GM, but 1m employees making the wrong product, IMO. Difficult call. See Stan Ovshinsky, Amory Lovins, Doug Korhof liveoilfree and google video of same.

The right question is how do we get EVs widely in use. As spotted by Eric Schmidt of Google, no dummy he.

[lizr]

sounds like a plan, maybe

[Hawka]

Hey, isn't Eric Schmidt one of Obama's backers? Hmm, might actually pull this off after all.

[Totto]

GM and Ford make a series of well-made, beautiful and fuel efficient cars and trucks in Europe. Why won't they make them here? I'd buy one in a minute!

[evekendall]

Exactly. And they say they can't do that here, as if we didn't know better. They've been avoiding this for decades even in the face of their competition doing it and taking their business away. And now they want us to bail them out for their willful negligence. If it weren't for the millions of people depending on those jobs, I would say let them go under, but we can't do that. It would only further damage the economy. But we CAN put some conditions on the bailout money, and I will expect Congress to do so.

[Twinkie]

Because the majority of US customers don't want them. Why do some people assume that just because they want something then everybody does. HuffPo readers are a long way from your typical US carbuyer lol.

[Palmz]

WASHINGTON – Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough. The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable.

But there's a catch. The plan focuses on loans Fannie and Freddie own or guarantee. They are the dominant players in the U.S. mortgage market but represent only 20 percent of delinquent loans

http://news.yahoo.com/s/ap/20081112/ap_on_bi_ge/meltdown_mortgages;_ylt=AscQHbiD7Dh1F_tO0dw085us0NUE

Only 20% and we get a meltdown? Someone is not telling the truth.

I am suspicious of this auto bailout.

[Shieldmaiden]

I'm torn on this. One one hand they auto industry screwed itself and I think the big three should save their own skins. On the other hand if just one company goes under 2 million Americans will be out of work - maybe even before Christmas. I cannot imagine anyone with a conscience sitting on their hands and allowing that to happen. I don't even want to think of what will happen if they go under. Can you image America without Ford?

[rollingdivision]

It makes no sense to bailout more failed corporations. But, Democrats do believe in capitalizing the profits and socializing the losses.

[Hawka]

Well, 1/10 of Americans are connected or employed to the Auto Industry. You want to deal with that much unemployment for a field that just went belly-up then be my guest. The companies need an overhaul, I definitely agree, and we need to dictate and enforce the agenda Obama campaigned for on the matter to push for fuel-efficient cars into the mainstream. Keeps people on the job, and pushes his energy policy for less dependence on oil. Works for me.

[hilary916]

Do you want to pay for unemployment benefits for all the people who will lose their job?

[drkazmd65]

I would love to see just one,... ONE courageous Senator (of either Party) place a 'Hold' on any such legislation they try to ramrod through before January. This sort of far-reaching action, on the way out the door for many, will affect the ability of the next Congress to take organized, timely, well-planned actions of their own.

Speed isn't what is needed. Precision, accuracy, focus, and planning are what is needed.

Don't just lob loan money or loan guarantees at the Auto companies. They'll just piss it away, and come back for more in the Spring if they aren't kept on a short leash.

[rollingdivision]

Socialize the losses.

[Twinkie]

sorry but speed is needed to avoid plant closures. your understanding of big industry is lacking

[drkazmd65]

You are incorrect Twinke,... my knowledge of big industry IS NOT lacking - I understand the consequences of delay as regards plant closings, layoffs, and restart costs.

But I also understand that a hasty, poorly planned, loophole filled 'fix' creates more problems in the long term than it solves.

I stand by my assertion that a measured, planned out, phased-in plan, that includes milestones and benchmarks HAS to be passed - or else we will find ourselves doing this all over again in just a few months.