GOP Senator Warns of 'Riots' if Automakers Are Bailed Out

But isn't that exactly what they have done with the banker bailout too? Protected a bad product producing company?

between the big 3 and their supplier companies we are looking at a potential loss of ]6 MILLION JOBS.

you wanna go directly into GD 2.0, do not pass go, do not collect any $$$ ????

Maybe CONgress should have just changed the bankruptcy laws back to the way they were, so the bad debt the banks (and underwater homeowners) have could be CLEARED FROM THE BOOKS the right way.

No instead, they have guaranteed a tax against generations not even yet thought of.

Banks produce NO PRODUCT AT ALL, unless you call debt a product.

I SURE AS HELL WOULD RATHER SEE A REAL INDUSTRY SAVED THAN A BUNCH OF LYING CHEATING MONEY-CHANGERS. Good product, bad product or something in between, at least it is a REAL product. Not a bunch of 1's and 0's in a computer, distributed by fractional reserve lending.

6 MILLION JOBS - how much tax revenue lost would that equal people???? Who is gonna be left to make up the difference to keep our states and federal gov running?

reply to post by redhatty

But isn't that exactly what they have done with the banker bailout too? Protected a bad product producing company?

Yes, it is. Did I ever say that I supported the wall street bailout? In fact, if you look at my posts since the bailout bill was first proposed, you will see that I tried very hard to get people to contact their reps, read the bills, and fight to defeat the bills. They were treasonous acts by the United States Congress, and they ALL ought to have been impeached. However, how would they ever agree to impeach themselves?

reply to post by ProfEmeritus


I can proudly say that both my senators and my rep voted no TWICE on the banker bailout. IN fact, My rep wrote me today regarding the auto bailout

Dear Friend,

Like many of you that have written to me to voice your concerns about using taxpayer money for bailouts, I too have serious issues with the latest proposed bailout – this time for the Big Three U.S. automakers. This week, the House passed a bailout package that would provide these companies with $14 billion in taxpayer dollars to help keep them afloat for the next few months.

After reviewing the merits of this proposed package, I have reached what is for me a clear and inescapable conclusion: I cannot support this general bailout. Instead of bringing about the real and dramatic restructuring that is needed to get these companies back on track, this plan will instead doom them to failure.

This plan amounts to little more than a $14 billion promise from these auto companies to provide a detailed restructuring plan that is yet to come. I will demand a fair and open amendment process, and I am using every procedural tool available to delay and block the measure as it presently stands.

In no way do I mean to trivialize or minimize in any way the impact that the failure of these companies will have on thousands of American workers and their families. I oppose this plan not in spite of those that will suffer if these companies do fail. I oppose this plan because of that suffering, because I believe that another bailout will guarantee that these giants will fall.

This is certainly brought home in Northwest Louisiana where we have a large GM plant employing thousands of local residents. I am very aware of the positive impact of that plant, and I am also aware of the auto dealers, service shops and other businesses that depend on these companies. The bottom line is that this $14 billion bridge loan is not going to solve these problems, though. Only through real, dramatic restructuring can we restore these companies to prosperity.


Sincerely,

David Vitter
U.S. Senator

and

Dear Friend,

I have heard from folks across our state expressing their concerns about our auto industry and workers and asking Congress to pass some to assistance for U.S. automakers. As you may know, I have some concerns with the latest proposals, but I do believe several alternatives to the auto bailout package could be considered this week by Congress that might gather my support.

I am not for doing nothing. We cannot afford to simply pack up and go home because so much is at stake if we do not take appropriate action. I believe that if we are to do something, however, it should be the right thing. And there are two proposals being developed and discussed that I could support.

One proposal by Senator Bob Corker would require that these companies reduce their outstanding debt by 2/3 and bring their labor costs and work rules more in line with companies like Toyota, Nissan and Honda to make them more competitive. This proposal would also require a change in UAW/VEBA payments, converting some to stock and providing employees with a real stake in the future of these companies. Finally, it would require that all compensation beyond regular severance pay would end.

I also support a formal bankruptcy process with help from the U.S. government. Automobile warranties would be backed up by the full faith and credit of the government with debtor financing available if necessary. There are some who say that a declaration of bankruptcy would amount to disaster. This is baseless fearmongering – there is another way. We can demand fundamental, core restructuring and bring about real change in these companies, instead of simply throwing billions of dollars at them with no clear plan in hand.

We need to come together in a bipartisan manner and say yes to real restructuring and to helping ensure these companies can effectively compete in the marketplace.

Sincerely,

David Vitter
U.S. Senator

I remember when we helped Chrysler out in the past and they became, for a while, an industry leader. I have faith in the Big 3 that it can happen again, we just need to make sure they know we are not going to accept anything less than a top product, for a fair price, and they MUST restructure and decrease overhead.

Maybe if we could figure out a way to force the UAW to cooperate with the industry more fairly, we could see this happen

ETA: as I was posting this... A tweet came in from Breaking News Online that Key Senate Rep & Dems have reached a tentative accord on auto bailout, Senate vote expected soon

[edit on 12/11/08 by redhatty]

Who's gonna riot?

The bankers and the CEO's?

Screw it, it's all a big friggin joke now. Just give everyone some free monopoly money.

[edit on 11-12-2008 by In nothing we trust]

reply to post by redhatty

Maybe if we could figure out a way to force the UAW to cooperate with the industry more fairly, we could see this happen

Yes, in fact if they DID force the unions to negate their contract, and agree to wages less than or equal to Toyota's, AND agreed not to collect 95% of their pay if laid off, it would be an acceptable agreement, I believe. I could support such an agreement. But the unions would have to give up an awful lot;however, if the alternative was the end of the auto makers, they just might take the deal.
We'll see soon, I think.

reply to post by ProfEmeritus


And let's not forget to make the UAW stop forcing the Auto Companies to pay workers for sitting in the break room or cafeteria because their job is gone.

If technology replaces people with robots, then the workers need to go back to school and learn a new trade, find another job, or find another position they are eligible for within the company.

Unions served a purpose back when working conditions were unsafe, unsanitary, and pay was unfair. Now they have caused labor to be unfair to the industry that supports it. At least the UAW sure has.

I've started a new thread on the reported agreement between Democrats and Republicans in the Senate.
Here is the thread:
www.abovetopsecret.com...

Many of the Republicans against the auto bailout didn't bat an eye during the Wall Street bailout. And they didn't demand Wall Street workers take huge pay/benefit cuts like they're demanding of the UAW. It's called Class Warfare. Republicans favor White Collar Americans over Blue Collar Americans, it's as simple as that. And Republicans are once again putting their own agendas above what's best for the country because we cannot afford to lose those Big 3 jobs in this economy. If you think things are bad now just wait to see how the country looks with millions more out of work and a huge chunk of our manufacturing base going dark. Some legacy for Bush huh? I guess the "W" stands for "Worst Ever".

[edit on 11-12-2008 by hawkeye1717]

Originally posted by hawkeye1717
Some legacy for Bush huh? I guess the "W" stands for "Worst Ever".

Not if his goal was to topple the jewish federal reserve bank.

[edit on 11-12-2008 by In nothing we trust]

The Bill is dead, the UAW has stopped it, they refuse to agree to a cut of pay and benefits.

IF you play the market, you really need to take a look at the futures, they are tanking hard on this news.

It's gonna be an ugly day on wall street tomorrow

I think perhaps it's time for riots.

Give the unemployed the job of burning this nightmare to the ground. Hang the crooked politicians from light poles and chase their minions into the sewers.

We can't keep living like this, something has got to give.

There is an old Chinese curse, "May you live in interesting times."

My friends, we live in interesting times.

I look forward to the riots.

So what do you make of this?!


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