Agreement reached for automakers, for what its worth

by WashDem, Thu Nov 20, 2008 at 08:13:30 AM EST

http://www.bloomberg.com/apps/news?pid=2 0601087&sid=a6szHA.vC6Uk&refer=h ome

According to aides to Carl Levin, an agreement was reached for the struggling Big Three. No details were given, but its a start for something that could have easily died.

Sorry this is so short, This is the only information available, I will post more if specifics are released.

Tags: auto industry, Carl Levin (all tags)

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7 Comments

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Re: Agreement reached for automakers

Apparently, it's dead again... the stubborn liberals int he house aren't going for it...

The GOP gets double victory... first, by destroying the unions, and now being able to blame democrats for it... amazing how we snatch defeat from the jaws of victory....

by LordMike 2008-11-20 08:33AM | 0 recs
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Re: Agreement reached for automakers

GOP double victory....

Bleh.  I keep hearing these victory songs for the GOP since the election, when indeed they keep dropping like a rock with every passing day.  

http://www.gallup.com/poll/112015/GOP-Ta kes-Another-Image-Hit-PostElection.aspx

And, seriously, how is this reasoning not going to resonate with a majority of the American people:

http://www.usatoday.com/money/autos/2008 -11-20-auto-bailout-senate_N.htm?loc=int erstitialskip

Democratic leaders in Congress said there could be no legislation to bail out the U.S. auto industry until the Big Three Detroit automakers develop a plan showing how much money they need and how the money would be spent.
"Until they show us the plan, we cannot show them the money," House Speaker Nancy Pelosi, D-Calif., said at a hastily called news conference in the Capitol. "Hopefully in another week or two we can see a plan."

I know it is probably cool as heck to bash Democrats for everything under the sun, but I can't find fault with the above reasoning, and I daresay the same will be true for most Americans.  Show us an exact plan instead of just asking for carte blanche, sight unseen.  Sounds more than reasonable to me, and right in line with where the American people are on this issue.  

by devilrays 2008-11-20 10:30AM | 0 recs
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I agree. let's get their back

Lord knows I've been irritated with Pelosi and Reid for their capitulation, but in this case, it's the right thing they're doing.  We need to save those jobs and our ability to make cars domestically, but we need to do it right as opposed to that TARP nonsense.

by edparrot 2008-11-20 11:57AM | 0 recs
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Economic Catastrophe Looms

The credit crunch just hasn't made chapter 11 bankruptcy feasible in the last couple of months. If one or more auto companies files for bankruptcy. Look out, its Great Depression II or what I call the W Depression.

Economists estimate that three million workers will be out of work if one of the big three goes bankrupt. How big the ripple effects will be is unknown, but we could see 15-20 percent unemployment rates before we recover from the W Depression. Not only will union jobs be destroyed. But wages for non-union jobs will plummet because of greater unemployment in the industry and the fact that union contracts do influence non-union contracts.

Another Great Depression is very possible. Republicans want to create a Depression because they think that will pave the way for Sarah Palin to become president in 2012. On the other hand, some Democrats may think that we should let as much of the disaster occur before January 20th. The political incentive for creating a second Great Depression is high.

by Zzyzzy 2008-11-20 09:06AM | 0 recs
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Re: Economic Catastrophe Looms

Seriously, they aren't going anywhere.  A deal will be worked out in due time, GM will get a nice chunk of change in form of a loan, and they know it.  Whether today or right after Jan. 20th is not going to be a dealbreaker or will "force GM into bankruptcy."  They want the money, they should certainly be able to have someone sit down and put a "business plan" for this money together.  Absent that, no money.  Heck, they can bring a nuts and bolts plan to forge an agreement on Monday and get this thing approved pronto. Ball is in their court, and you bet if things are as dire as claimed they will burn the midnight oil and bring what Democrats are asking for within a few short days.  

by devilrays 2008-11-20 10:38AM | 0 recs
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Re: Agreement reached for automakers, for what its

An agreement to table isn't an agreement.

by IowaMike 2008-11-20 09:30AM | 0 recs
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Re: Agreement reached for automakers, for what its

ya just checked huffpost, Pelosi isn't exactly making it sound like anything is going through.

by WashDem 2008-11-20 10:16AM | 0 recs

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