Dodd Says Auto Bailout Lacks Votes in Senate

This is what I really hate about this OVER RATED country. America is SUPPOSED to be the land of freedom and reason for pursuit of happiness. But every time I turn on the news, there is always an issue with the GOP. I'm sorry but everyone says President Bush is the reason for this economical crisis, he is part, the entire republican party is the reason of failed economics.

After reading this article not only is the GOP failing, but their screwing it up for everyone. Not enough republicans in the Senate? Are you serious? So corrupt, greedy and selfishness wasn't enough I guess. There is no words to describe this crooked government but EVIL.

WASHINGTON — The chairman of the Senate banking committee said on Thursday that he did not believe there would be enough Republican support for efforts to aid floundering automobile manufacturers, raising doubts about whether Congressional leaders will call the House into a lame-duck session next week.

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reply to post by Solo954



The Republicans don't want to use taxpayer funds to bail out a failed company, and you are upset about this?

After the backlash and bad management of the Bank Bailout Bill, you would think people would be applauding the Republicans for changing their position on bailouts.

More Democrats than Republicans voted for the original Bailout, I wonder how many Democrats are going to rightfully change their minds on future ones?

It's time for Republicans to start acting like Republicans again, and stop doing things to make Democrats like them. This is not High School, this is the US Senate!

The "Big Three" are unsustainable under their current business models. A bailout would only delay their fall.

Their best bet would be to file ch. 11, completely rework from the ground up, and start over again. If they aren't able or willing to change how they run the companies, then they're going to fail regardless.

I don't know if Senate Republicans know that a bailout would be throwing money into the trash or not. This may be a ploy by Dodd to try and shame any Repubs who wouldn't have supported a bailout to support one. What it comes down to is that the Repubs would be right to vote against yet another bailout using TAXPAYER MONEY on a company (companies) that are not sustainable. This is like the AIG bailout - it's not going to work. No amount of money will fix broken business models, and the "Big Three" are operating under broken business models.

Maybe if Dodd got a sweet deal on a Hummer or Escalade like he got with his 'special' mortgage he'd be more likely to push the bill along. Not enough backroom buddies in the auto industry for you Dodd?

Seriously OP? You're upset that taxpayer money wont be given to failing business to artificially prop it up? You're perception might need an adjustment.

If the last bailout is any indication you have nothing to worry about. The US citizens overwhelmingly rejected it and for a brief moment it seemed like the country actually worked for the people and it was shot down. Then a couple days later the politicians passed it anyway. Now they want more money. Now more businesses want in on our money as well. Damn states are trying to get my money now too. I'm looking at you CA.

Nobody should be getting my damn money but me. Certainly not some business with a failed model or some state that overspent on BS to buy its local politicians the votes of the stupid.

Bideberger Dodd and the Dems don't need the Repubs do they? It amused me in the house when the bailout failed the first time and the Dems were raising hell over the rebpublicans. Umm, newsflash you have a majority, you don't need the republicans.

Heaven forbid you actually do something to help out main st. america, wouldn't want that. That's something that both parties have been guilty of for a long time now. One way or another, history will remember every one of these people's names.

I'd certainly support a "resuce plan" for the big three looong before I would anything for the banks/finaincial sectors.
Had they done this in the reverse order (autos THEN banks) I wouldn't see it having any problems passing. As it is, the pooch has kind of been, well, you know.

You people think we're in a economic mess now, just wait till one of the big three goes under. It's been repeatedly said that if just one of them went under it would be 2 million jobs. From the numbers I have on Septembers unemployment that would be rought 9% unemployment. Now imagine if all three went down. Less jobs, less free flowing money, less money, less shopping, business' go under, more job loss. Rinse and repeat.

Dodd also implied that he DOESN'T NEED the GOP to get what he wants because Paulson has unlimited power and could work with him to get the needed cash for Detroit.

There's no way around it djpaec we're pretty screwed at this point. It's only a matter of time before one, if not all, the auto industry fails and that ripple effect will go well beyond Detroit. All of this posturing by Dodd is his way of making it appear that he gives a damn, when in reality he probably doesnt, and that goes for both parties.

At this point in the overall scheme of things the only thing that matters to congress is keeping the bankers happy at all cost. Nothing more and nothing less, Paulson pretty much said so when he announced they were going to prop up bank stocks. I don't suppose he could be tried for perjury when he testified in the senate as to what the bill would do and then recanted on it. Aren't they under oath then?

reply to post by Kords21

Yeah I know, it's more than likely one big game. I see GM being able to stem the tide, they're supposed to come out with the Volt this year and out of all the American Companies are the most ahead with Hydrogen cars.

With paulson the only way he could be prosecuted is if he was sworn in, and with how this Administration is so adverse to that I doubt he was sworn in. He was more advising congress than testifying, I could be wrong though.

Originally posted by thisguyrighthere

Seriously OP? You're upset that taxpayer money wont be given to failing business to artificially prop it up? You're perception might need an adjustment.

I think you guys have!

Seriously, that's why I love ATS

So if the big 3 goes down, I mean what would be next?, would this indicate defeat in the corporate wars? Would there be a massive invasion of giant international corporations and we would eventually have to switch over to a new, or possibly create form of currency?

[edit on 13-11-2008 by Solo954]

reply to post by Solo954


Well definately it's be a huge blow to Unions. They're just about the only unions left, at least the biggest ones here. They've been trying to get rid of them for a long time.

I would feel a lot more sorry for any factory woker losing thier jobs at any of the big 3 than I ever would for anyone wokring at an investment bank. Yes, they're all Americans in either case, but a factory worker at least works hard for thier money buidling something of substance than numbers on a screen or something.

If any of the big 3 go down, then Detroit would become a ghost town practically over night and whatever manufacturing is left in this country is gone too. It will be the final nail in the coffin for this "economy" and for America itself.

GM would be on top if they would have mass produced that electric car they made instead of recalling them.....bad business decision.

Filing Chapter 11 does not mean they are going out of business. It means they are reorganizing their debt. It would be a good solution in this case, imo.

AMEX has also now asked for federal bailout funds.

When was the last time AMEX cut you some slack when you owed them money?

Detroit has failed once again to compete with Japan. Let them suffer the consequences.

Imo, this would be a good step in conservatives re-asserting their principles, if there are any conservatives left in Congress.

reply to post by jsobecky


Yeah but Chapter 11 would mean a massive restructuring, and I bet at least half the union would be laid off. Plus all the people that supply parts for said companies business' would slow. Just like anybody else that's who I care about. Tell the Exec's sure you can have the money, however your board is gone, CEO, CFO, etc etc etc and no golden parachutes. And don't let the the door hit ya where the good lord split ya.

And GM is bringing back the electric car, that's the volt. Sorta like a reverse hybrid, runs 40-60 miles just on electricity, then when the battery get's to 30% gas kicks in to keep the battery charge. E85 models will be available also.

Originally posted by djpaec
Yeah but Chapter 11 would mean a massive restructuring, and I bet at least half the union would be laid off. Plus all the people that supply parts for said companies business' would slow.

There HAS to be a massive restructuring.

GM, Ford, Chrysler...they cannot survive on their current business models. Even if we give them $50B, they will still fail...only at that point it would be more likely to be ch. 7.

There have already been layoffs, and there will be a tremendous number more, bailout or not. People are not buying cars at the level they were 5 years ago and they won't for another decade or two, if even then. How can layoffs be avoided?

Throwing $50B at any of the Big Three will be like throwing the money in the trash. The only thing they can do at this point is to downsize. Who will buy all the cars that would have to be made to keep all the lines running, keep all the workers in a job? Who will finance the car loans?

Dodd Says Auto Bailout Lacks Votes in Senate.
Of course it does. No one would vote for something that can keep our country producing, would they?
If it's not already apparent, No one (congress/senate) really wants to end this debacle.
This justifies their existence.

reply to post by djpaec

Originally posted by djpaec
reply to post by jsobecky

 

Yeah but Chapter 11 would mean a massive restructuring, and I bet at least half the union would be laid off.

That may be true, but that may be what they need to do.

If they can survive with half the workers, why are they employing so many people?

Now that the elections are over and congress has been re-elected, there's no need to push this assinine bailout. Perhaps common sense will prevail after all. Overall, over the last decade, GM hasn't switched their engine protocol away from gas consumption to gas conservation so why should we prop them up so they don't learn their lesson? Perhaps the unions should have struck for that reason instead of fatter pensions and six figure line worker salaries.

I switched from imports to Chevy Silverados seven years ago; and last year I switched back to imports for my trucks. Why support a business that doesn't know its head from its arse? They were so arrogant to repeat customers that I willingly paid more for my Tundra because I know if I keep it long enough I won't have major repair warranties. On the flip side, I leased my Silverados because I refused to keep an America truck beyond its warranty period. That is among the many reasons the "big" 3 are no longer "big". Now they just need to accept this and move forward.