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Senators reportedly agree on auto bailout plan GOP members had demanded concessions from United Auto

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posted on Dec, 11 2008 @ 08:11 PM
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www.msnbc.msn.com...

Senators reportedly agree on auto bailout plan
GOP members had demanded concessions from United Auto Workers



WASHINGTON - A bipartisan group of senators reached tentative agreement Thursday night on an emergency $14 billion bailout for U.S. automakers, the Senate's top Democrat said. Majority Leader Harry Reid said the lead Republican architect of the deal was briefing colleagues on the compromise, and Democrats were prepared to move forward on it quickly.

"We're ready to go," said Reid.

His announcement came after hours of marathon talks at the Capitol between labor, lawmakers and the auto industry to salvage the Big Three rescue. The talks centered on possible wage and benefit concessions from the United Auto Workers union as well as large-scale debt restructuring by General Motors Corp., Ford Motor Co. and Chrysler LLC.





If the compromise is as expected, the AUW will have to agree to accept wages comparable for Toyota workers.
What do members think of such an agreement?



posted on Dec, 11 2008 @ 08:14 PM
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Further information:


The developments unfolded after Senate Republican leader Mitch McConnell of Kentucky joined other GOP lawmakers in announcing his opposition to a White House-backed rescue bill that was approved by the House on Wednesday. He called for an alternative that would reduce the wages and benefits of the U.S. automakers to bring them in line with those paid by Japanese carmakers Nissan, Toyota and Honda in the United States.

Sen. Bob Corker of Tennessee took a leading role in the closed-door talks for Republicans.

"The meetings have gone very well," he said as he ducked out of negotiations at one point. "We've got some issues to work out."


If this is true, then perhaps not only would jobs be saved, but IF management takes this opportunity to truly reform the companies, then with the UAW agreeing to reasonable wages, the companies just might make it.



posted on Dec, 11 2008 @ 08:25 PM
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Don't count on it just yet...


Majority Leader Harry Reid said the lead Republican architect of the deal was briefing colleagues on the compromise, and Democrats were prepared to move forward on it quickly.
"We're ready to go," said Reid, D-Nev.
His announcement came after hours of marathon talks at the Capitol between labor, lawmakers and the auto industry to salvage the Big Three rescue. The talks centered on possible wage and benefit concessions from the United Auto Workers union as well as large-scale debt restructuring by General Motors Corp., Ford Motor Co. and Chrysler LLC.
The details of the agreement weren't immediately known, and it was not clear whether Republicans senators — who revolted against an auto bailout the Bush White House negotiated with congressional Democrats — would go along.
Leaders stressed that the deal wasn't final.
"All issues are still on the table," said Sen. Dick Durbin of Illinois, the No. 2 Democrat, as he emerged from the talks.

But it was clear lawmakers had made substantial progress toward getting the auto industry aid back on track, and members of both parties were in search of an accord.
"We've got some issues still to resolve but we all want to resolve them," said Sen. Bob Corker, R-Tenn., who led the closed-door talks for his party.
Sen. Chris Dodd, D-Conn., the Banking Committee chairman, who was his party's point man, said staff aides were working on legislative language of a still-emerging deal.
"While we've reached some agreement on a lot already, there are issues that are still outstanding," Dodd said.

Progress in the negotiations were the latest development in a long-running debate over bailing out the beleaguered auto industry. The issue gained urgency last week when the government reported the economy had lost more than a half-million jobs in November, the most in any month for more than 30 years.
"There's a lot of hardship out there. People are losing their jobs, losing their homes, losing their cars and losing their patience," said Reid, D-Nev. "We don't need to pile on."


And Shelby was threatening a filibuster



posted on Dec, 11 2008 @ 08:47 PM
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Looks like GM doesn't have much faith in the "bailout" either


General Motors has hired lawyers and bankers to consider whether the company should file for bankruptcy protection as it continues to await a Federal bailout package, The Wall Street Journal reported Thursday on its Web site. GM management had recently contacted bankruptcy expert Harvey Miller of Weil Gotshal & Manges LP to handle what would be one of the largest filings in U.S. history, the newspaper said.

source



posted on Dec, 11 2008 @ 08:54 PM
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The latest now is that the Senate is still negotiating with the union representatives, but the industry reps have left the meeting.
www.msnbc.msn.com...


Sen. Bob Corker of Tennessee took a leading role in the closed-door talks for Republicans.

"The meetings have gone very well," he said as he ducked out at one point. "We've got some issues to work out."

When he re-entered the talks a short while later, industry representatives had departed, leaving only the autoworker union and lawmakers.





posted on Dec, 11 2008 @ 09:13 PM
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ON CSPAN2 now, no agreement, no vote tonight

Good thing GM hired BK lawyers

ETA: Saying that UAW is not agreeing to Parity and this is what is blocking the bill from moving forward.

Surprise, surprise

[edit on 12/11/08 by redhatty]



posted on Dec, 11 2008 @ 09:38 PM
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Bloomberg is saying the bill is dead. They're voting in 3 minutes, but it's expected to be a formality. CSPAN 2 will have coverage.



posted on Dec, 11 2008 @ 09:38 PM
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Yup, the UAW seems to have sealed their own fate. They could have agreed to wage concessions that would have allowed them to survive, but instead, have decided to commit suicide.
They now have no one left to blame but themselves. They have created a situation from which I don't think they have recover.
Here is why I believe that.
GM says that it CANNOT survive without a bailout before Dec.31st.
They won't get it, and at best, when Congress reconvenes, it will be Jan.6th.
If GM survives, then they will have proven to be liars. Congress would then have to explain why they should give them a bailout, when they said that they wouldn't survive without one before Dec. 31st.



posted on Dec, 11 2008 @ 09:40 PM
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And folks, grab your backsides... The futures markets are TANKING HARD on this news.

Oh how I wish I had put in for some shorts



posted on Dec, 11 2008 @ 09:44 PM
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Originally posted by redhatty
And folks, grab your backsides... The futures markets are TANKING HARD on this news.


Nikkei just fell off a cliff. Tomorrow may be an ugly day.



posted on Dec, 11 2008 @ 09:54 PM
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reply to post by anachryon
 


May??? Must be the optimist in you Anachryon


Tomorrow is going to be UGLY, this news, The GGP BK coming, Madoff being busted on the Ponzi scheme hedge fund. BTW on that one, where did the other 33 Billion come from? - sorry ot

Oh yeah, it's gonna be UGLY

Pitchforks ready anyone????



posted on Dec, 11 2008 @ 10:09 PM
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52 yea votes.

The auto bailout is dead until January.



posted on Dec, 11 2008 @ 10:12 PM
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Madoff being busted on the Ponzi scheme hedge fund

Yes, he was released tonight on $10 million personal recognizance. He can get that doing about 15 minutes of Ponzi scheme work.



posted on Dec, 11 2008 @ 11:14 PM
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The bailout has been denied. Expect bloodshed and carnage tomorrow. Expect something coming out of Washington to prevent a stock decline to 6000.



posted on Dec, 12 2008 @ 10:31 AM
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reply to post by RetinoidReceptor
 

No, as expected, Paulson said he'd be willing to use the TARP fund to prevent immediate failure. Once the newly elected Senate takes over on Jan. 6th, they'll get all the money they need from the taxpayers. Business as usual. More debt for our children and grandchildren.



posted on Dec, 19 2008 @ 08:52 AM
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I`m not going to say one way or the other if this gets through in January, but, what I`ve never been able to figure out, is when did it become the tax payers job to keep ANY company from going under? When did it become OUR problem? If this is the case, any company, no matter how big, from this day forward, that may go under, no matter whos fault it is, can and will be given tax payers money so they can continue to practice bad business habits without regulation. Now, with that said, the government says that only those who make 250,000 a year, will be the ones who pays for this in taxes. I myself will believe this when I see it happen. Like any other thing the government says, take it with a grain of salt. Remember, they are the ones we told not to pass the bailout bill, and yet they did. So why would they tell us the truth about who will pay for it? Like I have said before, watch and see if your tax rate jumps through the roof when it comes time to pay it back. If it does, how long do you think you will be able to keep yourself from going under? Can any of us afford this? This is only the start remember, many more companies, just like the banks will come forward for this money we don`t have, and it looks like there will be no end to it anytime soon. Next will be the airlines and then the railroads and trucking industries.

I guess what grinds me the wrong way, is the fact that it is putting such a load on the backs of the tax payers, and the government could care less. Just like they don`t care if the dollar is worth anything, and from the looks of it around the world when we put it up against other monies, it`s not worth anything. They will continue to run the money presses day and night, even if the money is only worth the paper and the ink it takes to make it. And yet we continue to let these brain dead idiots run us into the ground on a daily basis. Yes, we may have gotten rid of ol GB, but what of the others that were voted to stay in office? They were and are just as much to blame for this as GB was, remember, they were the ones we told NO to, and they did it anyway. But yet, we let them stay in power. Good job everyone, great way of telling them off for all of this crap.

[edit on 19-12-2008 by FiatLux]

[edit on 19-12-2008 by FiatLux]



posted on Dec, 19 2008 @ 09:03 AM
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reply to post by FiatLux
 


But Fiat, what you are not seeing is the broader picture. We Americans have not only allowed our Government this power, we have begged them to fix things that we can't fix ourselves.

Americans are the true Sheeple in the world. They are so bogged down paying their own massive debt, and watching NASCAR and American Idol, that they don't - for the most part - even pay any attention to what the government is doing anymore.

The American public forgot that the Government is supposed to work for them, as employees, not as overlords.

There is no public outcry here, there are no riots here, there is no massive movement to refuse to pay taxes, and therefor stop all government financing of bailouts.

Even here on ATS there are Americans who are actually saying that a New World Order would be a good thing, a one world currency would be a good thing, and that they would have little problem giving up many of their individual freedoms just to see such things happen.

We have allowed our schools to dumb down the populace, never screaming out against it and demanding better, we have become a culture with an attitude of entitlement. I am entitled to my McMansion, my huge credit card limit, my 50 inch LCD TV and my gas guzzling Esplanade. That is the average sentiment.

Until we have a paradigm shift in the minds of the people here in America, the Gov can and will continue to abuse all the power we continue to let them have.

We have effectively nationalized the banking system and now the auto industry. They are working on nationalizing property ownership, and soon the entire credit market will be nationalized.

And no one is pitching a fit or storming on DC to stop it.

And no one will.



posted on Dec, 19 2008 @ 09:11 AM
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reply to post by redhatty
 


Oh I know.............we have become a country of beggers. From the corperations on down to the Joe Taxpayer. We have allowed them to place us in this position, because we want to keep our heads buried in the dirt so we don`t see our world falling down around us. We continue to go through our daily lives with our heads stuck so far up our backsides, we will NEVER see daylight for years.

Yes, your right. Until we as a whole open our eyes, we will continue down this path of self destruction. Yet, it takes such things to open the eyes of those who don`t want to face reality.





[edit on 19-12-2008 by FiatLux]



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