Since Bush and Congress seem determined to bail out the auto makers in one form or another, I guess this plan is better than outright nationalization.....WASHINGTON (AP) - A government "car czar" with the power to force U.S. automakers into bankruptcy would dole out $15 billion in emergency loans to the failing industry under an emerging deal between the White House and congressional Democrats.
All three would have to negotiate with labor unions, creditors and others and submit blueprints by March 31 to an industry czar named by President George W. Bush showing how they would restructure to ensure their survival. If not, the emergency loans would be revoked, the companies cut off from further federal help, and the government overseer could order his own overhaul, including forcing them into bankruptcy.
Auto makers want to be given other peoples' money and they want to decide how the government regulates their reorganization but, when you're begging for money you didn't earn and don't deserve, you don't get to name the conditions on which it is given. I think a car-czar is stupid and unnecessary, depending of course on who it is and what he believes the role of government in the free market is. Without lowering the crippling, idiotic environmental mandates and exposing the cost of labor to the competitive marketplace, what good is any amount of money going to do?
I don't want to see the auto makers go under but, what alternative is there when they refuse to make any substantive changes in the way they do business?
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Finally! Some individuals in the Senate have half-a-brain. No additional taxpayer bailout for the archaic auto industry. Unfortunately, Bush is now attempting to hijack the some of the $700b bailout to give to the auto industry. And what do you know...Wall Street didn't crash through the floor as some thought when the Senate voted against the bail-out. Both the Dow Jones & NASDAQ finished up today. Not as high I would've liked, but it finished up none-the-less
Right you are anon. The American taxpayer has been bamboozled yet again by the President and his lackeys.
Ed is there a way to block this jackpot dude from commenting?
If he's an individual, then no. But if he's really a computer trolling for business, then I could make everybody type in the distorted letters and numbers before commenting. Computers cannot read distorted characters, but humans can.
I tried this once but, it's too annoying to have to jump through that extra hoop in order to comment and it reduced the commenting overall. If it gets to be a problem, I'll have to do something but these ad trolls are pretty infrequent.
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