Democrats give 14 billion to auto-makers

[stealthycat II]

Its a lot like giving a blodd transfusion to a dead body and expecting result isn't it ?

Do not forget who gave all this money -







WASHINGTON (CNN)[/b] -- The House of Representatives handily passed a bill Wednesday night that would provide up to $14 billion in bridge loans to automakers, but Republican opposition cast doubt about the bill's fate in the Senate later this week.




The U.S. House approved an auto bailout package Wednesday, but it could hit a roadblock in the Senate.
[/align][/align] [/align][/align][/align]The stopgap measure, approved by a vote of 237 to 170, is designed to let the new Congress and incoming administration of President-elect Barack Obama craft a long-term solution. It would also give the companies time to negotiate with creditors and the United Auto Workers union on additional concessions needed to stem their ongoing losses.

32GOP representatives voted with 205 Democrats in support of the bill while 20 Democrats and 150 Republicans opposed the bill.

[falcon]

Last month the US government lost more than 14 billlion on the bank stock that Paulsonbought up fromhis fat cat banker buds.

[LBR]

The sad thing is Bush is evidently going to sign it if the bailout bill makes it to his desk.[:@] Did he recently have a lobotomy that the press didn't pick up on? First the bank bailout, now this.......at least the Republicans in Congress seem to be pulling their heads out of their posterior for the first time in a long time.

Chad

[stealthycat II]

Senate shot it down - THANK YOU !!!!

die Ford, die GMC, we are better without you

[Alsatian]

"Do not forget who gave all this money!"

That is exactly why this is such a sticky wicket. Those Democrats have enough votes to make this happen, but they don't want to be viewed as the party that made this happen -- they want this to be seen as a bipartisan deal. Doesn't look like things are going to go in that direction. I've said elsewhere that I think this is a bad deal.

The dire results predicted if this bail out isn't performed are simple exaggerations and not based on clear analysis. The automakers won't all fail at the same time. One -- maybe GM -- will fail first. After GM fails, the remaining two automakers will be in a stronger position as they pick up the market share of the now defunct GM and they purchase the quality capital assets of GM at a substantially reduced price (selectively ignoring the low quality, obsolete capital assets of GM). They will also be in a MUCH stronger position as they renegotiate their labor agreements with the UAW. WHAT??? You didn't forsee them renegotiating their labor agreements and renegotiating from a MUCH STRONGER position?

The whole "the sky is falling" perspective of the people pushing the auto bailout stupidly fails to consider the dynamics that result when one company fails first and how this impacts the condition of the remaining two companies. This is ESSENTIAL to understanding the circumstances. Any businessman worth his overcoat would tell you this. You don't have to be faster than the bear, you just have to be faster than your slowest companion.

[ipscshooter]

ORIGINAL: stealthycat II

32GOP representatives voted with 205 Democrats in support of the bill while 20 Democrats and 150 Republicans opposed the bill.

That can't possibly be correct. According to Rainmaker "This bailout crap is just another grab at the tax payers money by Bush and Company."

Of course, some people just don't deal in reality...

[burniegoeasily]

ORIGINAL: ipscshooter

That can't possibly be correct. According to Rainmaker "This bailout crap is just another grab at the tax payers money by Bush and Company."

Of course, some people just don't deal in reality...

Where is the Rainmaker? I noticed he is posting under just one name now.