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Auto aid may hinge on additional conditions, Senate leader says
November 18, 2008 - 5:21 pm ET
UPDATED: 11/18/08 9:03 p.m. EST WASHINGTON -- Senate supporters of $25 billion in emergency loans for automakers don't have the votes to pass the measure without more conditions on the aid, Senate Banking Committee Chairman Christopher Dodd said Tuesday night, "Inaction is not an option," said Dodd, D-Conn.,at the end of a four-hour hearing on legislation that would provide the aid to the Detroit 3 and possibly suppliers. After the hearing, Dodd said he will talk with Senate leaders and try to find a way to help the industry. "My sense is that between inaction and writing a (blank) check, there is a ground I think you can build a majority for," Dodd said. "We're not there yet. Trying to jam something through, I think, would be a mistake." At the Senate hearing, most Republicans expressed strong opposition to the loan legislation. Even some Democrats said stronger conditions must be placed on any aid. Dodd said taxpayers don't want to see Detroit 3 executives continue to collect multi-million-dollar salaries while they ask for government help. One proposed alternative to the emergency aid would accelerate delivery of $25 billion in previously approved loans to help U.S. automakers retool to build fuel-saving vehicles. But Dodd noted that House Speaker Nancy Pelosi, D-Calif., opposes that idea. Self inflicted problems cited Dodd's committee is considering a bill that would enable General Motors, Ford Motor Co. and Chrysler LLC to tap into $700 billion in bailout funds for financial institutions. A similar measure is before the House. The Bush administration and many Republican lawmakers oppose the legislation. In remarks to open the hearing, Dodd said many of the domestic industry's problems are self-inflicted. But he said the failure of one or all of the Detroit 3 would further harm the nation's economy. Dodd urged the Detroit 3 not to oppose federal regulatory efforts to improve fuel-efficiency standards and reduce emissions. Sen. Richard Shelby of Alabama, the committee's ranking Republican, said that the proposed $25 billion in low-interest loans might merely tide the carmakers over for a few months. After that, he warned, they could seek another $25 billion or more. "Is this just life support?" Shelby asked. Chapter 11 suggested Sen. Bob Corker, R-Tenn., suggested Chapter 11 reorganization might be the best way to clean up the Detroit 3's labor legacy costs and make other operating changes needed to assure the companies' long-term health. The companies have rejected that idea, arguing that consumers would shun cars produced by an automaker company in bankruptcy. Corker said it is unlikely Congress will complete a rescue package for the Detroit 3 during its lame-duck session. GM executives have said the company cannot wait for help until President-elect Barack Obama is inaugurated in January. Sen. Jim Bunning, R-Ky., raised the possibility of a prepackaged bankruptcy, which would have the federal government provide bankruptcy financing while the Detroit 3's stakeholders worked through a reorganization plan. Sen. Robert Bennett, R-Utah, was more sympathetic. He said he believes Detroit 3 executives understand their challenges. He expressed hope that government can provide "as soft a landing as possible." Committee Democrats were more receptive to the bailout proposal. Sen. Sherrod Brown, D-Ohio, said failing to help the Detroit 3 now was the surest way to turn an economic recession into a depression. Some Democrats sought to tie the aid to conditions. Boost fuel efficiency Sen. Robert Menendez, D-N.J., said the industry should agree to increases in fuel economy standards beyond 2020. He also said automakers should stop challenging the authority of states to enforce their own greenhouse gas emissions rules. Sen. Robert Casey, D-Pa., said automakers that get loans should provide the government with monthly reports on their progress in meeting cost and revenue goals. Testifying before the committee, Sen. Debbie Stabenow, D-Mich., said the auto industry accounts for one in 10 U.S. jobs and 4 percent of gross domestic product. Failure of the Detroit 3, Stabenow said, would harm the U.S. defense industry, which relies on parts from the companies' suppliers. A bankruptcy, she added, would cost the quasi-governmental Pension Benefit Guaranty Board tens of millions of dollars to cover the lost pensions of workers. "Neither failure nor bankruptcy is an option," Stabenow said. In testimony prepared for the hearing, the Detroit 3 CEOs and UAW President Ron Gettelfinger said that a credit crunch beyond their control has obstructed an industry restructuring that has included plant closings, work force reductions and a transition from production of light trucks to more fuel-efficient cars. Gettelfinger testified that Ford is the healthiest of the Detroit 3, followed by Chrysler LLC and General Motors. |
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Auto aid may hinge on additional conditions, Senate leader says
rob added these comments in the current discussion du jour ...
ALL of these people are fools and nothing more than political hacks - from both parties. They can spend trillions to keep the greedy and the stupid afloat but can't find it in themselves to save 3 million real jobs, kill off a strategic defense protective industry AND cost upwards of $90B in the first year in lost taxes alone. > November 18, 2008 - 5:21 pm ET > UPDATED: 11/18/08 9:03 p.m. EST > > > WASHINGTON -- Senate supporters of $25 billion in emergency > loans for automakers don't have the votes to pass the measure > without more conditions on the aid, Senate Banking Committee > Chairman Christopher Dodd said Tuesday night, > > "Inaction is not an option," said Dodd, D-Conn.,at the end of > a four-hour hearing on legislation that would provide the aid > to the Detroit 3 and possibly suppliers. > > After the hearing, Dodd said he will talk with Senate leaders > and try to find a way to help the industry. > > "My sense is that between inaction and writing a (blank) > check, there is a ground I think you can build a majority > for," Dodd said. "We're not there yet. Trying to jam something > through, I think, would be a mistake." > > At the Senate hearing, most Republicans expressed strong > opposition to the loan legislation. Even some Democrats said > stronger conditions must be placed on any aid. Dodd said > taxpayers don't want to see Detroit 3 executives continue to > collect multi-million-dollar salaries while they ask for > government help. > > One proposed alternative to the emergency aid would accelerate > delivery of $25 billion in previously approved loans to help > U.S. automakers retool to build fuel-saving vehicles. But Dodd > noted that House Speaker Nancy Pelosi, D-Calif., opposes that > idea. > > Self inflicted problems cited > > Dodd's committee is considering a bill that would enable > General Motors, Ford Motor Co. and Chrysler LLC to tap into > $700 billion in bailout funds for financial institutions. A > similar measure is before the House. The Bush administration > and many Republican lawmakers oppose the legislation. > > In remarks to open the hearing, Dodd said many of the domestic > industry's problems are self-inflicted. But he said the > failure of one or all of the Detroit 3 would further harm the > nation's economy. Dodd urged the Detroit 3 not to oppose > federal regulatory efforts to improve fuel-efficiency > standards and reduce emissions. > > Sen. Richard Shelby of Alabama, the committee's ranking > Republican, said that the proposed $25 billion in low-interest > loans might merely tide the carmakers over for a few months. > After that, he warned, they could seek another $25 billion or > more. > > "Is this just life support?" Shelby asked. > > Chapter 11 suggested > > Sen. Bob Corker, R-Tenn., suggested Chapter 11 reorganization > might be the best way to clean up the Detroit 3's labor legacy > costs and make other operating changes needed to assure the > companies' long-term health. The companies have rejected that > idea, arguing that consumers would shun cars produced by an > automaker company in bankruptcy. > > Corker said it is unlikely Congress will complete a rescue > package for the Detroit 3 during its lame-duck session. GM > executives have said the company cannot wait for help until > President-elect Barack Obama is inaugurated in January. > > Sen. Jim Bunning, R-Ky., raised the possibility of a > prepackaged bankruptcy, which would have the federal > government provide bankruptcy financing while the Detroit 3's > stakeholders worked through a reorganization plan. > > Sen. Robert Bennett, R-Utah, was more sympathetic. He said he > believes Detroit 3 executives understand their challenges. He > expressed hope that government can provide "as soft a landing > as possible." > > Committee Democrats were more receptive to the bailout > proposal. Sen. Sherrod Brown, D-Ohio, said failing to help the > Detroit 3 now was the surest way to turn an economic recession > into a depression. > > Some Democrats sought to tie the aid to conditions. > > Boost fuel efficiency > > Sen. Robert Menendez, D-N.J., said the industry should agree > to increases in fuel economy standards beyond 2020. He also > said automakers should stop challenging the authority of > states to enforce their own greenhouse gas emissions rules. > > Sen. Robert Casey, D-Pa., said automakers that get loans > should provide the government with monthly reports on their > progress in meeting cost and revenue goals. > > Testifying before the committee, Sen. Debbie Stabenow, > D-Mich., said the auto industry accounts for one in 10 U.S. > jobs and 4 percent of gross domestic product. > > Failure of the Detroit 3, Stabenow said, would harm the U.S. > defense industry, which relies on parts from the companies' > suppliers. A bankruptcy, she added, would cost the > quasi-governmental Pension Benefit Guaranty Board tens of > millions of dollars to cover the lost pensions of workers. > > "Neither failure nor bankruptcy is an option," Stabenow said. > > In testimony prepared for the hearing, the Detroit 3 CEOs and > UAW President Ron Gettelfinger said that a credit crunch > beyond their control has obstructed an industry restructuring > that has included plant closings, work force reductions and a > transition from production of light trucks to more > fuel-efficient cars. > > Gettelfinger testified that Ford is the healthiest of the > Detroit 3, followed by Chrysler LLC and General Motors. > > > -- HP, aka Jerry "Never attribute to malice that which can be adequately explained by stupidity!" - Hanlon's Razor |
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Auto aid may hinge on additional conditions, Senate leader says
For some reason yesterday in the House hearings, the Rethuglickans (except
the one noted below) lined up to kiss the Big3 ashuules' butts. The democrats asked pointed questions instead. From yesterday's 'testimony', by Dana Milbank at WaPo: But the executives were not helping their own case. When Rep. Paul Kanjorski (D-Pa.) tried to find out when GM would run out of cash, Wagoner hemmed and hawed until the lawmaker protested that "I don't quite understand what the hell you just told me." When Rep. Ed Perlmutter (D-Colo.) asked about GM's outlook for the quarter, Wagoner informed him that "we don't provide financial guidance in earnings." So it was hard to feel sorry for the executives when Rep. Peter Roskam (R-Ill.), late in the hearing, reminded them again that "the symbolism of the private jet is difficult," and mischievously asked the witnesses whether, in another symbolic gesture, they would be willing to work for $1 a year, as Nardelli has offered to do. "I don't have a position on that today," demurred Wagoner (2007 total compensation: $15.7 million). "I understand the intent, but I think where we are is okay," said Mulally ($21.7 million). "I'm asking about you," Roskam pressed. "I think I'm okay where I am," Mulally said. And don't even think about asking him to fly commercial. > > WASHINGTON -- Senate supporters of $25 billion in emergency loans for > automakers don't have the votes to pass the measure without more > conditions on the aid, Senate Banking Committee Chairman Christopher Dodd > said Tuesday night, > > "Inaction is not an option," said Dodd, D-Conn.,at the end of a four-hour > hearing on legislation that would provide the aid to the Detroit 3 and > possibly suppliers. > > After the hearing, Dodd said he will talk with Senate leaders and try to > find a way to help the industry. > > "My sense is that between inaction and writing a (blank) check, there is a > ground I think you can build a majority for," Dodd said. "We're not there > yet. Trying to jam something through, I think, would be a mistake." > > At the Senate hearing, most Republicans expressed strong opposition to the > loan legislation. Even some Democrats said stronger conditions must be > placed on any aid. Dodd said taxpayers don't want to see Detroit 3 > executives continue to collect multi-million-dollar salaries while they > ask for government help. > > One proposed alternative to the emergency aid would accelerate delivery of > $25 billion in previously approved loans to help U.S. automakers retool to > build fuel-saving vehicles. But Dodd noted that House Speaker Nancy > Pelosi, D-Calif., opposes that idea. > > Self inflicted problems cited > > Dodd's committee is considering a bill that would enable General Motors, > Ford Motor Co. and Chrysler LLC to tap into $700 billion in bailout funds > for financial institutions. A similar measure is before the House. The > Bush administration and many Republican lawmakers oppose the legislation. > > In remarks to open the hearing, Dodd said many of the domestic industry's > problems are self-inflicted. But he said the failure of one or all of the > Detroit 3 would further harm the nation's economy. Dodd urged the Detroit > 3 not to oppose federal regulatory efforts to improve fuel-efficiency > standards and reduce emissions. > > Sen. Richard Shelby of Alabama, the committee's ranking Republican, said > that the proposed $25 billion in low-interest loans might merely tide the > carmakers over for a few months. After that, he warned, they could seek > another $25 billion or more. > > "Is this just life support?" Shelby asked. > > Chapter 11 suggested > > Sen. Bob Corker, R-Tenn., suggested Chapter 11 reorganization might be the > best way to clean up the Detroit 3's labor legacy costs and make other > operating changes needed to assure the companies' long-term health. The > companies have rejected that idea, arguing that consumers would shun cars > produced by an automaker company in bankruptcy. > > Corker said it is unlikely Congress will complete a rescue package for the > Detroit 3 during its lame-duck session. GM executives have said the > company cannot wait for help until President-elect Barack Obama is > inaugurated in January. > > Sen. Jim Bunning, R-Ky., raised the possibility of a prepackaged > bankruptcy, which would have the federal government provide bankruptcy > financing while the Detroit 3's stakeholders worked through a > reorganization plan. > > Sen. Robert Bennett, R-Utah, was more sympathetic. He said he believes > Detroit 3 executives understand their challenges. He expressed hope that > government can provide "as soft a landing as possible." > > Committee Democrats were more receptive to the bailout proposal. Sen. > Sherrod Brown, D-Ohio, said failing to help the Detroit 3 now was the > surest way to turn an economic recession into a depression. > > Some Democrats sought to tie the aid to conditions. > > Boost fuel efficiency > > Sen. Robert Menendez, D-N.J., said the industry should agree to increases > in fuel economy standards beyond 2020. He also said automakers should stop > challenging the authority of states to enforce their own greenhouse gas > emissions rules. > > Sen. Robert Casey, D-Pa., said automakers that get loans should provide > the government with monthly reports on their progress in meeting cost and > revenue goals. > > Testifying before the committee, Sen. Debbie Stabenow, D-Mich., said the > auto industry accounts for one in 10 U.S. jobs and 4 percent of gross > domestic product. > > Failure of the Detroit 3, Stabenow said, would harm the U.S. defense > industry, which relies on parts from the companies' suppliers. A > bankruptcy, she added, would cost the quasi-governmental Pension Benefit > Guaranty Board tens of millions of dollars to cover the lost pensions of > workers. > > "Neither failure nor bankruptcy is an option," Stabenow said. > > In testimony prepared for the hearing, the Detroit 3 CEOs and UAW > President Ron Gettelfinger said that a credit crunch beyond their control > has obstructed an industry restructuring that has included plant closings, > work force reductions and a transition from production of light trucks to > more fuel-efficient cars. > > Gettelfinger testified that Ford is the healthiest of the Detroit 3, > followed by Chrysler LLC and General Motors. > > |
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Enemies of the People
Mug shots would be more appropriate, however.
-- Watch money. Money is the barometer of a society's virtue. When you see that trading is done, not by consent, but by compulsion - when you see that in order to produce, you need to obtain permission from men who produce nothing - when you see that money is flowing to those who deal, not in goods, but in favors - when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you - when you see corruption being rewarded and honesty becoming a self-sacrifice - you may know that your society is doomed. Ayn Rand "rob" > wrote in message g.com... > November 18, 2008 - 5:21 pm ET > UPDATED: 11/18/08 9:03 p.m. EST > > > WASHINGTON -- Senate supporters of $25 billion in emergency loans for > automakers don't have the votes to pass the measure without more > conditions > on the aid, Senate Banking Committee Chairman Christopher Dodd said > Tuesday > night, > > "Inaction is not an option," said Dodd, D-Conn.,at the end of a four-hour > hearing on legislation that would provide the aid to the Detroit 3 and > possibly suppliers. > > After the hearing, Dodd said he will talk with Senate leaders and try to > find a way to help the industry. > > "My sense is that between inaction and writing a (blank) check, there is a > ground I think you can build a majority for," Dodd said. "We're not there > yet. Trying to jam something through, I think, would be a mistake." > > At the Senate hearing, most Republicans expressed strong opposition to the > loan legislation. Even some Democrats said stronger conditions must be > placed on any aid. Dodd said taxpayers don't want to see Detroit 3 > executives continue to collect multi-million-dollar salaries while they > ask > for government help. > > One proposed alternative to the emergency aid would accelerate delivery of > $25 billion in previously approved loans to help U.S. automakers retool to > build fuel-saving vehicles. But Dodd noted that House Speaker Nancy > Pelosi, > D-Calif., opposes that idea. > > Self inflicted problems cited > > Dodd's committee is considering a bill that would enable General Motors, > Ford Motor Co. and Chrysler LLC to tap into $700 billion in bailout funds > for financial institutions. A similar measure is before the House. The > Bush > administration and many Republican lawmakers oppose the legislation. > > In remarks to open the hearing, Dodd said many of the domestic industry's > problems are self-inflicted. But he said the failure of one or all of the > Detroit 3 would further harm the nation's economy. Dodd urged the Detroit > 3 > not to oppose federal regulatory efforts to improve fuel-efficiency > standards and reduce emissions. > > Sen. Richard Shelby of Alabama, the committee's ranking Republican, said > that the proposed $25 billion in low-interest loans might merely tide the > carmakers over for a few months. After that, he warned, they could seek > another $25 billion or more. > > "Is this just life support?" Shelby asked. > > Chapter 11 suggested > > Sen. Bob Corker, R-Tenn., suggested Chapter 11 reorganization might be the > best way to clean up the Detroit 3's labor legacy costs and make other > operating changes needed to assure the companies' long-term health. The > companies have rejected that idea, arguing that consumers would shun cars > produced by an automaker company in bankruptcy. > > Corker said it is unlikely Congress will complete a rescue package for the > Detroit 3 during its lame-duck session. GM executives have said the > company > cannot wait for help until President-elect Barack Obama is inaugurated in > January. > > Sen. Jim Bunning, R-Ky., raised the possibility of a prepackaged > bankruptcy, > which would have the federal government provide bankruptcy financing while > the Detroit 3's stakeholders worked through a reorganization plan. > > Sen. Robert Bennett, R-Utah, was more sympathetic. He said he believes > Detroit 3 executives understand their challenges. He expressed hope that > government can provide "as soft a landing as possible." > > Committee Democrats were more receptive to the bailout proposal. Sen. > Sherrod Brown, D-Ohio, said failing to help the Detroit 3 now was the > surest > way to turn an economic recession into a depression. > > Some Democrats sought to tie the aid to conditions. > > Boost fuel efficiency > > Sen. Robert Menendez, D-N.J., said the industry should agree to increases > in > fuel economy standards beyond 2020. He also said automakers should stop > challenging the authority of states to enforce their own greenhouse gas > emissions rules. > > Sen. Robert Casey, D-Pa., said automakers that get loans should provide > the > government with monthly reports on their progress in meeting cost and > revenue goals. > > Testifying before the committee, Sen. Debbie Stabenow, D-Mich., said the > auto industry accounts for one in 10 U.S. jobs and 4 percent of gross > domestic product. > > Failure of the Detroit 3, Stabenow said, would harm the U.S. defense > industry, which relies on parts from the companies' suppliers. A > bankruptcy, > she added, would cost the quasi-governmental Pension Benefit Guaranty > Board > tens of millions of dollars to cover the lost pensions of workers. > > "Neither failure nor bankruptcy is an option," Stabenow said. > > In testimony prepared for the hearing, the Detroit 3 CEOs and UAW > President > Ron Gettelfinger said that a credit crunch beyond their control has > obstructed an industry restructuring that has included plant closings, > work > force reductions and a transition from production of light trucks to more > fuel-efficient cars. > > Gettelfinger testified that Ford is the healthiest of the Detroit 3, > followed by Chrysler LLC and General Motors. > > |
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