What should had NOT happened was bailing out Wall Street and the Fed. THis has made the American people angry and distrustful of ALL bailouts. We need to be beware of mob mentality seeking justice upon the wrong party.
Listening to LIVE CNN I listened to the Senator of Connecticut, The Senator says "Punish the CEO's who have mismanaged the financial infrastructure of the Auto Makers DO NOT punish the American people.
The Bill at hand to give these auto makers the loan also needs to include the "Firing of these CEO"S".
America needs to keep its auto industry. The lost of this industry will greatly disrupt and cause bankruptcy all the way down to the minority and women owned auto related businesses (the small business owner)
The problem is people can not get loans to buy cars well if Congress had not gone and Bailed out Fannie Mae and Mack and wall street - and allowed The Fed Reserve to manipulate the economy then perhaps the banks wouldn't be in this present shape either.
The new auto purchase provides the government with 65 mil a year in new auto taxes. 43,000 jobs directly involved with thousands more in related businesses are at stake here.
A clarifying note to me was when the Senator said, (paraphrased) "unlike the CEO"S of these major auto makers, the average American business owner does not have the "golden" parachute nor bonus' to check out with much less the small business owner. Do not punish the American People
Fire the dam CEO's; throw the baby out, but keep the water. Re-filter the water, reconstruct its functions and hire some decent people to run these corporations. This is what I would like Congress to do.
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http://www.huffingtonpost.com/2008/12/04/big-three-automaker-bailo_n_148...
U.S. automakers drew fresh skepticism from lawmakers Thursday in a rocky confrontation over their pleas for an expanded $34 billion rescue package they say they need to survive. Congressional analysts said one bailout plan under consideration would fall short of what the carmakers want.
With time on the current Congress running out, opposition to the bailout appeared to be as strong as last week -- before Detroit's Big Three auto chiefs returned to Capitol Hill with more detailed plans on how they would spend the money.
Several lawmakers in both parties are pressing the automakers to consider a so-called "pre-packaged" bankruptcy in which they would negotiate with creditors in advance and downsize, then file for Chapter 11 protection in hopes of emerging quickly as stronger companies. The Big Three have publicly shunned the notion, saying it would kill sales by destroying customers' confidence -- but executives have indicated in recent days that it might ultimately be necessary...
...United Auto Worker union President Ron Gettelfinger, aligned with the industry in pressing for the aid, told senators at a Banking Committee hearing that any kind of bankruptcy, even a pre-packaged one, was not "a viable option." Gettelfinger said consumers would not buy autos from bankrupt companies, no matter the terms of the arrangement.
He also warned that in the absence of action by Congress: "I believe we could lose General Motors by the end of this month." He said the situation was dire and time was of the essence.
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Freedom is an inside job
They only knew how to spend the money for themselves but leave the clients unsatisfied. They should first think of a way on how to solve this problem. During this time of crisis, it's better to help each other instead of pulling others downward. Loans have been helpful now to help us pay our bills on credit cards and auto loans. Az payday loans
http://www.popularmechanics.com/automotive/new_cars/4217016.html
World's First Air-Powered Car: Zero Emissions by Next Summer
This six-seater tax, which should be available in India next year, is powered entirely by a tank filled with compressed air.
By Matt Sullivan
India’s largest automaker is set to start producing the world’s first commercial air-powered vehicle. The Air Car, developed by ex-Formula One engineer Guy Nègre for Luxembourg-based MDI, uses compressed air, as opposed to the gas-and-oxygen explosions of internal-combustion models, to push its engine’s pistons. Some 6000 zero-emissions Air Cars are scheduled to hit Indian streets in August of 2008.
Barring any last-minute design changes on the way to production, the Air Car should be surprisingly practical. The $12,700 CityCAT, one of a handful of planned Air Car models, can hit 68 mph and has a range of 125 miles. It will take only a few minutes for the CityCAT to refuel at gas stations equipped with custom air compressor units; MDI says it should cost around $2 to fill the car’s carbon-fiber tanks with 340 liters of air at 4350 psi. Drivers also will be able to plug into the electrical grid and use the car’s built-in compressor to refill the tanks in about 4 hours.
Of course, the Air Car will likely never hit American shores, especially considering its all-glue construction. But that doesn’t mean the major automakers can write it off as a bizarre Indian experiment — MDI has signed deals to bring its design to 12 more countries, including Germany, Israel and South Africa.
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Freedom is an inside job
I hope this car company take advantage of the unemployed talent in Detroit to
build big manufacturing facilities in the US.
I'm running for governor Raftshol for Governor 2010 and
hope to create and circulate a Michigan scrip currency to fight unemployment and protect the
state from the coming bankster engineered depression. If you visit, please click on the google ad!
I wish I had more of a background in mechanics. If they can make a gizmo that can cause compressed air to drive a piston, then they can make a generator that runs on compressed air! Generators that run on propane are too dangerous during high fire season.
I'm excited about this too, and have to find out more.
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Freedom is an inside job
http://www.huffingtonpost.com/2008/12/04/big-three-automaker-bailo_n_148...
UPDATED 1:20pm EST - Scroll down for testimony text:
Two weeks after a botched attempt on Capitol Hill, U.S. automakers returned to Congress for high-stakes hearings they hope will persuade skeptical lawmakers to save their troubled industry with $34 billion in emergency aid, but a top Senate Democrat wants to hand their problem to the Federal Reserve.
To make matters worse for the Big Three, Senate Majority Leader Reid told the AP Wednesday "I just don't think we have the votes to do that now." Reid was of course referring to passage of the $34 billion bailout package sought by the automakers.
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Freedom is an inside job
he just another "stupid" beaurucrat who doesn't know, you know what, from you know what.
All I am praying by what I have heard so far on the live report still going on as we speak is that Congress continue playing hard ball with these guys. But, then just turn around and let them have what they want.
So far it appears that Congress is not just going to let them easily off the hook. Of course the truth is Truthserum, they shouldn't be let off the hook just because Congress independently form the people say they should be off the hook.
These CEO"s should feel the full effect of being slammed, kicked (lol) and then kicked out for running this industry into the ground.
IMHO, i think we are on the same page, if not, let me know :-)
The Eye of G_d is watching us
>>"Listening to LIVE CNN I listened to the Senator of Connecticut, The Senator says "Punish the CEO's who have mismanaged the financial infrastructure of the Auto Makers DO NOT punish the American people."
It is not the government's business to "punish" anyone for mismanagement, or to maintain any industry that is going down the tubes. Nor should the government be hiring anyone to run private companies. As for making the car companies public, that would be the height of socialism. Cars produced by the government? We would have to be out of our minds to try that. Asking for such things from the government only leads to worse problems in the future, which will cause even more Americans to suffer. We know this. The government has been punishing the American people for years now, ever since FDR's New Deal, by taking our money and redistributing it against our will. It is time for this to STOP.
We must let the free market operate unhindered. That is the only way we will ever attain stability and prosperity. Any government move to alter the reality of the marketplace by forcefully redistributing wealth would be a move in the wrong direction.
I believe the state of Michigan should print debt free scrip and make secured loans of it
to whomever is best suited to maintain an automaking industry in Michigan. I discuss more
details at my blog Raftshol for Governor 2010.
Please click on the google ad if you visit. Thanks
I did not understand the Senator from Connecticut to mean that Congress be directly responsible (acting solely on behalf of gov.) for punishing these CEO's. Please also note that the quotes I stated were paraphrased by me. I summarized points being made. Unfortunately, I never took shorthand, or have court recording skills.
I do not disagree with the body of your message. I understand it better everyday. But thank you for the review.
Perhaps either tune in to the live report or get a copy later on.
I, as experience has afforded me to learn, understand that there are times when I need to be careful in not over-reacting to events and based on that emotional response throw out the "Baby and the water".
I often eat fruit with "bad" spots on it - I just cut out the bad and keep the "good".
I think this is the gist of the Senator's message. And, I agree.
I think that these people CEO's and Financial Officers involved should be fired by their Board These auto makers need serious re-grouping (not government mandated by mandated by an informed public) under Morally correct people who will honor the Free market system and stop all the self-interest motivations that go against the welfare of the American people, i.e. that includes our government and any institution that disregards the basic laws of our Constitution.
Thank you
poulianna
The Eye of G_d is watching us
. . . that any reasonable person would feel sadness about how so many people would be negatively affected by the collapse of any major business, it's clearly a tragedy of immense proportion; however, the real argument focuses on the legal authority of the federal government to intervene in such matters.
Your well written and sincere concerns over events "that go against the welfare of the American people" are well taken and certainly are of grave importance; however, if I may take the liberty of reposting a response to a previous Ken Jacobine post:
"'[B]ut what about the general welfare clause in the same section?' The answer is, if the general welfare clause gives the Congress the power to bailout corporations with taxpayer funds then why did the authors of the Constitution not delineate that power among the 17 powers in that section of the Constitution? Why did they delineate any powers at all if the general welfare clause includes any power? According to the general welfare clause logic of the statists, the Congress can do whatever it wants under that one clause. That is why we are in the mess we are in."
I would also argue that the intended promotion of the "general welfare" was to apply to all citizens, not merely those affected by one particular problem or another. Any other interpretation would fly in the face of the "equal protection" stipulation of the 14th Amendment.
While it is true that the vast majority of Americans is presently affected by their ability to secure property by owning or using an automobile, pursuing a "general welfare" argument on this rationale is fallacious due to the fact that a large segment of the population own and use vehicles not produced by the "Big 3" as foreign automakers have and continue to gain larger marketshares.
Any governmental assistance to a particular "class" of citizen is necessarily to the ultimate disadvantage to the remainder of citizens outside that class, thus invalidating any "general welfare" argument, and it is clear that the "Big 3" and their satellites of suppliers occupy a particular "class" not representative of all Americans.
My question is based on what i have understood thus far, is that the auto industry is intrinsic to all Americans. It is not just one particular "class" of Americans that will feel the pangs of this bankruptcy. This will be felt, I believe, by everyone. How far do I want to go with this??? I don't want to be so "right" that I am responsible for contributing to a complete break down of our economy.
Do we want to go to total annihilation ? it feels too much like war. Maybe I am too soft hearted :-)
On the other hand I certainly see that these Auto CEO's occupy a particular "class" and I do not support that they, these men be bailed out.
And, what business is of government to be intervening - most certainly agree.
Thank you Gary
poulianna
The Eye of G_d is watching us
Along with that attention has to be given to Michigan's responsibility. Allowing union control and closed shops has contributed greatly to the extreme overhead associated with the industries within its borders. Automakers operating in the southern states with "open shop" rules and more realistic regulations seem not to be having the same level of problems.
While there is no federal authority to involve itself in bailing out or showing favor to failed industries, the individual states may and probably should take steps locally to correct labor and/or regulatory laws that stifle competition and profitability; per the 10th Amendment this would seem to be something "reserved to the States respectively, or to the people."