Whether you agree with the Iraq War II or not, whether you view America’s military presence in country as a burgeoning success or an endless quagmire, the Bush administration has created what we’ll call an “ongoing situation.” The question now facing George W: does he want to be the president who initiated direct(ish) federal participation in the American automobile industry? The answer came on Monday: maybe. Our pals at The Detroit News report that The White House has signaled its willingness to support new legislation to aid Detroit. BUT– keep your God damn hands off the previously-enacted $700b Wall Street bailout package. “Congress is going to come back into town next week,” Presidential Spokesfolk Dana Perino said. “If they decide to try to do something more on the auto industry, we would listen.” Meanwhile… “Michigan lawmakers and the automakers are moving aggressively to try to shift public opinion in favor of more federal aid for the Big Three.” Yup. “GM posted a link on a company Web site for its dealers to send letters to Congress, and will be posting similar letters for retirees and consumers. The effort is called ‘Mobilize Our Auto Nation.’”
9 Comments on “Bailout Watch 162: White House Cautiously Opportunistic...”
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I hope that G.W. will let Obama to rescue Detroit, since it will be monumental disaster. Perhaps not as big as banking rescue, but one screw up of that magnitude is more then enough for one administration.
Are there any websites that have form letters against the Detroit bailouts?
I have already emailed my congresswoman and senators, but I’m hoping many others do the same… NO MORE BAILOUTS!!
I believe in capitalism and this it is not.
RF,
M.O.A.N. Nicely done! On a more serious note, GM is not a “going concern”. They do not sell enough vehicles at a high enough price to cover their expenses let alone make a profit. Period. Adding more debt to their pathetic balance sheet will not help their position. “Here, Mr. drowning man! Have an anchor!” I would rather see our government focus resources on helping the workers and communities who will be devastated by the collapse of GM.
Tex
p.s. It amazes me that the little note about Delphi probably not being able to emerge from BK has escaped the MSM. This is one more landmine in the road that GM is traveling………
Deutsche Bank analyst Rod Lache said Monday that GM’s shares are worthless with a price target of $0, reduced from $4.
MOAN? Seriously? The companies aren’t even trying to hide their laughing all the way to the bank anymore.
Why not call it BITCH AND WHINE? Bailout Investment To Curb Humiliating Annihilation Notwithstanding Detroit’s Wanton Hegemonic Incurrence of National Emergency.
It’s gonna happen, Pelosi and Reid want it and Obama wants it but my guess is Paulson and Bernanke want to save that $700B for their investment friends and Bush will follow Paulson and Bernanke’s advice.
Exactly what motive does Bush have to stick his neck out on this one. If the Democrats want it let them make it the first act of the new administration. Otherwise the Democrats have slagged Bush and been trolls for the last 8 years. They can deal with this without him.
MOAN what a name and so correct for what they are doing. We need to start getting letters to stop this to Bush and his Replican friends in the House. Give him other options to consider, this blank check to them is such a bad idea that is not going to fix anything and just waste or money.
Has anyone written a pretty basic letter I could modify and send to my reps and Bush?
Dana Perino is kinda hot. Is that wrong to say, or should I keep that to myself?
If anything, the 2.8 should be forced to file Ch 11, and the $xx billion should be used to mitigate the collateral damage.
“Mobilize Our Auto Nation”
Wow, big business CEOs trying to be Community Organizers. Irony addicts like myself just can’t get enough of this stuff!