Put aside political double standards; Detroit automakers need bridge loan

mccotter.house.gov ^ | November 26, 2008 | Rep. Thaddeus McCotter

[ari-freedom]

Back home after the congressional circus recessed with no relief for the working men and women of America's auto industry, I was driving past a Detroit assembly plant when Bob Seger blared from my speakers: "The big line moved one mile an hour So loud it really hurt The big line moved so loud It really hurt Back in '55 We were makin' Thunderbirds..." It wasn't the "big line" that was so loud it really hurt during the House and Senate hearings on the auto industry's bridge loan. What hurt were the condemnations and ridicule both political parties, late night talk shows and even "Saturday Night Live" delivered at the expense of America's auto industry. Implicit in their attacks was an inexplicable ignorance of the human cost we've endured throughout our auto industry's painful restructuring.

[ari-freedom]

McCotter supports the auto bailout (watch him on the Fox Business channel)

[SoConPubbie]

Is there not one pubbie who is willing to stand on principle and is capable of expressing WHY he is standing on principle?

McCotter sounded so good during the Socialist Bail-out bill debacle but it seems when the shoe is on the other foot, his principles don't mean much.

[ari-freedom]

he sounded good on the other bailout because he’s a populist against Wall Street and not because he’s a conservative in favor of the free market.

[Mark was here]

It is a freaking loan. The government helped create the mess, with their regulation, so a loan is not out of order. The bail outs for the banks is just a tragic waste of money, but for some reason it is ok because bankers don't get their fingernails dirty.

[ari-freedom]

Another freaking subprime loan.

Let’s give them a loan but only when they cut their dealers (GM has 7000 vs less than 1500 for Toyota) and cut wages and perks so they are in line with what other car companies pay their workers in right to work states.

[Gaffer]

There is now, only NOW, 7.6 trillion tax dollars on the beggars' street in bailouts. For 300 million inhabitants of the US, that's $25,333.33 EACH. Discounting a third for old and young not earning taxable wages, add half of the remaining for those that actually get tax rebates on taxes they never paid, and the actual bill comes to $76,000 for each taxpaying American. Just exactly how many of us tax paying Americans make that kind of cash they can piss away on a temporary bailout.

This bailout trend will far EXCEED the US GDP and it will irreparably sink us into fourth-world status, if the Chicoms don't subsume us first. Hey Illegals, hey minorities, hey special interest butt pirates......how do you think the Chicoms are gonna treat you?

[cripplecreek]

I’m not a fan of a bailout but failure will bring disaster to the nations far greater than letting those banks fail. I wish it were simple but unfortunately it isn’t.

There are 3 parties that need to work something out. The UAW needs to work on a cheaper contract, the companies need to learn to run a business and the government needs to stop imposing regulations on them.

I’ve lived here all my life and seen my state go from an industrial powerhouse to a 3rd world basket case. The saddest thing is that all attempts to harm the union only results in more non union jobs being sent across the borders.

[SoConPubbie]

It is a freaking loan. The government helped create the mess, with their regulation, so a loan is not out of order. The bail outs for the banks is just a tragic waste of money, but for some reason it is ok because bankers don't get their fingernails dirty.

A loan using my tax dollars.

Let them do Chapter 11.

They got themselves into this mess, let them get themselves out.

[SoConPubbie]

I’m not a fan of a bailout but failure will bring disaster to the nations far greater than letting those banks fail. I wish it were simple but unfortunately it isn’t.

There are 3 parties that need to work something out. The UAW needs to work on a cheaper contract, the companies need to learn to run a business and the government needs to stop imposing regulations on them.

I’ve lived here all my life and seen my state go from an industrial powerhouse to a 3rd world basket case. The saddest thing is that all attempts to harm the union only results in more non union jobs being sent across the borders.

Having said all that and given that the Democrats will be leading the charge on this and that the only rational fix to this problem is to adjust union salaries downward to match competitors costs, do you really think this will work?

Do you really think the real problem will be resolved with this process?

[cripplecreek]

No but it’s what I would demand if I were king.

[SoConPubbie]

he sounded good on the other bailout because he’s a populist against Wall Street and not because he’s a conservative in favor of the free market.

Well, color me surprised.

OTOH, I am in favor of Free Markets as long as they are FAIR markets where trading partners are held accountable for violating the tenants of Free, Open, Fair, Unfettered, and non-goverment propped-up industries.

[aruanan]

Put aside political double standards; Detroit automakers need bridge loan

No, they need a repeal of the law that allows people selling labor to collude and fix prices.

[Lilpug15]

A loan requires payback and it also means interest - do people really think that these companies will be able to pay back the loan when they burn through Billions/Month as is? If they don’t correct the Fundamental problems within the company they are just prolonging the inevitable

[Soliton]

When my Malibu needed all new plugs and wiring after 40,000 miles, I called the the dealership and complained that it wasn’t supposed to require a tune-up for 100,000 miles. They told me to call GM. I did and they said that their warranty wasn’t a warranty only a “guideline”. I just found out that there is a class action suit because their “Dexron” coolant didn’t work and caused engines like mine to blow mainifold gaskets which led to the need for new wiring and plugs.

They knew about the problems for years, but they let cars blow up because it was after their 36,000 mile warranty. The dealerships made money fixing the problems that GM created.

I will die without ever buying another Detroit made car. They should let the crap creators get loans from banks like everyone else. If they can’t, buh-bye.

[Above My Pay Grade]

I am extremely disappinted in Rep. McCotter. The hero in the fight against the invading Socialist hoardes, at the Battle of TARP, has become a turncoat and joined the enemy in the Battle of the Detroit 3.

If the Detroit 3 were viable, the private sector would rush in to invest.

After going through Chapter 11 and getting out from under the oppressive UAW contracts, the Detroit 3 might be viable. But, but any taxpayer dollars ‘loaned’ to them, without under the status quo will only delay the inevitable and has zero chance of ever being repaid.

[Straight Vermonter]

They have the hubris to expect a loan without stating how they intend to improve their business and repay the loan.

Buy Toyota, Honda and Nissan.

[Above My Pay Grade]

If all the Detroit 3 need is a loan, the UAW pension fund has more than enough to take over and bailout the Detroit 3.

If the UAW moochers are not willing to bet their pensions on the Detroit 3, with fabulous wealth as the payoff if it works out, why should the American taxpayers be willing to gamble their tax dollars, with no potential reward.

NO MORE BAILOUTS!

[ari-freedom]

well you can’t say “I’m going to be a socialist if everyone else is doing it anyway.” You have to show leadership and set an example to the rest of the world.
That’s what I like about Sanford. He kept his term limits pledge instead of saying “when in Rome, do as the Romans do.”

[A CA Guy]

They need to shed the unions and to go bankrupt regarding those pensions as well.

[ari-freedom]

I think he lost his chance to become a national conservative leader.