required and the total package is only a third of what the dems originally wanted.

required and the total package is only a third of what the dems originally wanted.

approval of any spending of the 2nd half of the funds? And is it possible that this money is in the first half?

I have to say it, I disagree with bailing out the auto industry. Running that business has become a masters in corruption…Industry leaders taking huges sums of money for running a corporation into the ground, thereby exasperating the problem. The greed of union leaders, taking from the rank and file and giving unto themselves or to the democrats, all the while assisting in the killing of these companies. The ‘average joe’ who allows the unions to run corrupted, but then defend them (are you freaking nuts?). The government, who mandates the heck out of the industry…And nut root environmentalists (California included) who mandate they get their say in the matter. Let the marketplace work!!! If it works GREAT, but if not, then the market does not want the product and you can go bye-bye.

Now, that rant being said, I was raised in a house that was paid for by the wages the auto manufacturers paid my father (non-union most of his career there). He worked for Chrysler until he retired with the expectation ….no make that contract, that he would receive a pension and benefits until his death. What that means to me, and many like me, is if Chrysler or GM or Ford were to fail, our parents would suffer. This I do not want to see. It is hard to understand putting in 25,30 or more years with the understanding you will receive a pension (possibly foregoing higher wages if there was not a pension plan) and then receive nothing.

Pay the retirees their dues, as they have earned it and it was promised, but any newbie into the industry (or even 5-10 years service or less) I can understand the huge hits…or even loss of the job.

This is a hard one…but restructuring the auto industry is a MUST!

What’s the point of even having congress? The failure to pass a bailout was ue to the overwhelming lack of support from the American people. If the President can so easily ignore Congress’ wishes, what’s the point of having it?

I hate slippery slope arguments, but this seems like it could lead to some mighty big problems in the future.

“…forcing you to buy electric cars whether you want them or not.”

I’ll continue to buy Japanese cars, thankyouverymuch. And if Uncle Sam somehow forces them to go electric,

I feel that in some ways I may owe him an apology. Please do not get me wrong; Barack Obama is still a socialist. It’s just that in reviewing the Bush Administration, not just with the auto “bailout” now but with most of his economic policies over the last several years, I have a hard time arguing that George W. Bush is not a socialist himself.

Don’t buy a car from them or a truck. There are other car and truck companies that will be there when you need warranty work and we don’t have to give them our money to stay in business, particularly since they make more I do.

They’ll be back for in March and they’ll need money, and they’ll say they are working on it….and on and on…..

Who’s next ?

“That’s what Obama will ask you to pay for, out of your own pocket.
What are you going to say to him?”

Doesn’t seem to matter much anymore what the people “say” or “want”. Nobody in Washington seems to care untill election time
and then all promises are gone once the votes are tallied.
Can we still call Bush a conservative, or even a republican, when his one and only credential is the War on Terror? If he fails on EVERY other issue is it still ok to say he’s even a right leaning politician? Bush and McCain should be best buddies given the
damage they have done to core conservative beliefs.

Immigration reform will be one of our next bitter pills. And it’s cost may just choke us to death.

Intro to Federalist Papers; section 5;
paragraph 4.
“…dangerous ambition more often lurks behind the specious mask of zeal for the rights of the people than under the zeal for a firm and efficient government.”

I’m an embarrassment to Barack!

I only scored 17 on the Obama Test

There is so much financial wiggle room in this deal and the financial reporting aspects it would never make one of my draft term sheets. Add to that mandates and other BS that Obama/Dem’s will lump on this and it will be one of the most monumental drains of taxpayer funds in history.

This was a perfect candidate for managed bankruptcy, where all sides would need to bring realistic, tangible sacrifices to the table. What ever happened to theme like buy American to help restore viability. Or an innovative approach where the government would guarantee warranties, service etc.? Heck, at least we would know they were really trying.

Instead, we will have years of a prolonged taxpayer bleed and unprecedented government mismanagement.

They were worried about a Chapter 11 stigma with buyers? How about a large segment of the population who now knows nothing will change, GM will do the drawn-out death rattle and meanwhile use my money to pay for another UAW pro golf course? Sure- that’ll get me to buy their products- never.

The fact is, the bankruptcy laws were never designed to handle a bankruptcy of something as large as the big banks nor GM. (They probably could handle Chrysler.) Penn Central’s bankruptcy is a case in point: The chaos from its bankruptcy took decades to unravel and played a major role in the decay of the infrastructure of the entire northeastern United States. (Like GM, the financial difficulties of the three railroads that had been merged to create Penn Central were not entirely their fault; the government had in fact invested billions in building competing transportation systems. After having empowered its competitors, the government then denied PC a bailout.)

One more point: A major reason why GM is out of cash is that it has in recent years made multibillion dollar investments to fully fund its pension fund. And the cost of those investments get spread over a vastly reduced number of current employees (it now has more retirees than active employees). That is why the comparisons between labor costs for GM and Japanese automakers are misleading; wages and benefits received by active unionized GM workers are only slightly higher than those of nonunionized Japanese workers. The responsible thing for GM to have done, at least regarding its stockholderrs, would have been to let the pension fund collapse and dump the obligations on the government, which would have cost far more than this proposed bailout. The GM executives, however, did the morally correct thing and may now lose their company as a result.

Here are sections from HR1424 specifically, the Purpose, Definitions, and Offices Authority directly from the bill…

SEC. 2. PURPOSES.
The purposes of this Act are—
(1) to immediately provide authority and facilities that
the Secretary of the Treasury can use to restore liquidity and
stability to the financial system of the United States; and
(2) to ensure that such authority and such facilities are
used in a manner that—
(A) protects home values, college funds, retirement
accounts, and life savings;
(B) preserves homeownership and promotes jobs and
economic growth;
(C) maximizes overall returns to the taxpayers of the
United States; and
(D) provides public accountability for the exercise of
such authority.

SEC. 3. DEFINITIONS.
For purposes of this Act, the following definitions shall apply:
(5) FINANCIAL INSTITUTION.—The term ‘‘financial institution’’
means any institution, including, but not limited to, any
bank, savings association, credit union, security broker or
dealer, or insurance company, established and regulated under
the laws of the United States or any State, territory, or possession
of the United States, the District of Columbia, Commonwealth
of Puerto Rico, Commonwealth of Northern Mariana
Islands, Guam, American Samoa, or the United States Virgin
Islands, and having significant operations in the United States,
but excluding any central bank of, or institution owned by,
a foreign government.
SEC. 101. PURCHASES OF TROUBLED ASSETS.
(a) OFFICES; AUTHORITY.—
(1) AUTHORITY.—The Secretary is authorized to establish
the Troubled Asset Relief Program (or ‘‘TARP’’) to purchase,
and to make and fund commitments to purchase, troubled
assets from any financial institution, on such terms and conditions
as are determined by the Secretary, and in accordance
with this Act and the policies and procedures developed and
published by the Secretary.

Can we start a new country??

This is really a economic civil war that Bush is starting.

I have tolerated his foolishness in the past. I have held my nose at the stupidity that he spouts, but this see too much.

Does he think the democrats, media, organise labor will quit critising him and give him his last weeks in quiet. They will not, now when GM fails and they will you will be blamed, you gave them the money. You bailed out the corrupt and crooked UAW. You are stuck on stupid.

Please go back to Texas NOW. You are too foolish and stupid to remain in Washington. Return to Texas and disappear from the public sight and stop embarrassing the conservative movement.

I currently have two pieces of Detriot Iron (GM) products in my driveway, I promise you they will be the very last I ever own. I will attempt to talk to anyone needing a new car and convince them that they do not need or want GM or Crysler products. I will actively boycott all UAW products and convince as many of my friends and family to do so as well. Detroit/UAW/Bush you are dead to me FOREVER

I really don’t like Obama but I’m so looking forward to Inauguration Day.

Buy really nice used ones from American citizens. Put the difference in a savings fund for later repairs. You’ll come out ahead, way ahead. If you buy used, you are buying American no matter who originally made the car. Heck, for me, it was the only way to buy Oldsmobile Intrigues, which have the most front-seat legroom of any sports sedan I’ve been in. And at 6′6″ tall, that’s important to me.