Comments on: Bailout Watch 240: DOE Chief Sends Back D2.8’s Loan Requests

By: Landcrusher

Landcrusher — Fri, 05 Dec 2008 04:07:19 +0000

In a much better world, a guy like Sen. Corker would head that committee, and Sen. Dodd would have a job as a clueless local news hack.

By: Pch101

Pch101 — Thu, 04 Dec 2008 22:42:46 +0000

The hearings are fun and everything, but the odds are high that there will be a bailout of some kind, if not this month, then in January.

Nobody will want to accept the blame if the companies flame out. It’s safer to approve something soon and then let them fail later, than it would be to vote nay and then get the blame for certain.

This is very much like what happened with TARP. The Congressmen grill their subjects, pretend to be up in arms, and otherwise grandstand for their side, before they go into the back room to figure out how they can get negotiate it so as to get enough votes to pass it without everyone having to cast a yes vote.

By: vfc

vfc — Thu, 04 Dec 2008 22:32:32 +0000

S’all on YouTube. Man those CEOs are squirming hard, and Corker is enjoying it.

http://www.youtube.com/watch?v=SxpB7vQFODM

By: Geotpf

Geotpf — Thu, 04 Dec 2008 22:23:11 +0000

Stu Sidoti :
December 4th, 2008 at 2:18 pm

If Reid thinks the votes ain’t there, and he is probably right, this is all just a show anyway.

Reid is a master vote counter. If he says the votes aren’t there, the votes aren’t there. He won’t even bring it to the floor if it isn’t going to pass.

These hearings also bring my “multi-state plant location” theory to reality. That is, Toyota has plants in eight states with one in a ninth under construction. So, that means they own eighteen Senators. Plus, factor in the other states that have foreign plants (or even ones with no auto plants whatsoever), and there’s enough to shoot down this proposal. (The loudest voice against the bailout is Senator Shelby, who is from Alabama, which has plants from several foreign makes, including Toyota).

By: Robert Schwartz

Robert Schwartz — Thu, 04 Dec 2008 21:38:14 +0000

“DOE says requests not rejected – they are just asking for more info.”

Good bureaucrats never reject anything. They always ask for more information in the hope that you will die or go away.

By: 26theone

26theone — Thu, 04 Dec 2008 21:25:50 +0000

I agree with corker’s point of forced bankruptcy by march 31 if they dont improve after getting the loans. Its the only way to make sure they revamp all the contracts.

By: Bunter1

Bunter1 — Thu, 04 Dec 2008 21:18:30 +0000

Hope he has some “corkers” to ask RIR also.

He’s asking some of the right things.

RF-send him a packet of editorials, including the pre-pack bailout stuff.
This guy might actually listen, understand and ask.

Worth a shot.

Bunter

By: indi500fan

indi500fan — Thu, 04 Dec 2008 20:56:17 +0000

I’d never heard of Corker until the first round of bailout hearings. He’s a bright guy.
UTenn grad.
Ran his own businesses and made millions.
Since he’s not a Harvard MBA, he can actually understand the real world.

By: EJ_San_Fran

EJ_San_Fran — Thu, 04 Dec 2008 20:55:37 +0000

These Senate hearings are actually pretty good.
They’re talking about a real industrial policy for the auto industry.
If I may distill the Senate’s consensus:
- give a short term loan for a quarter
- install a car-czar to supervise the industry
- force immediate cramdowns on stakeholders: bondholders get 30%, the UAW VEBA is cut in half, labor costs are immediately cut down to Toyota’s level
- force GM and Chrysler to merge
- lots of layoffs and plant closings

By: cleek

cleek — Thu, 04 Dec 2008 20:41:08 +0000

Dodd has begun sucking up to Corker. The voter input to his office must be roasting Dodd’s NSFW but good.

By: austinseven

austinseven — Thu, 04 Dec 2008 20:41:06 +0000

Corker’s a corker alright. a blast of righteous fresh air.

By: TaurusGT500

TaurusGT500 — Thu, 04 Dec 2008 20:36:38 +0000

— 1st Impressions —

Senator Corker … Clearly an undercover TTAC reader.

Wagner … nerdy dufus … ok, now I understand how he’s run GM into the ground … what a dufus. Comes off like a whiny nerd who can’t give a straight answer. Clearly skipped the PR lesson on projecting a forceful decisive persona. Gheeesh!

Gettlefinger … he comes off like he should be retailing iron, not building it… most likely at BillyBob’s Buy-Here-Pay-Here-We-Tote-The-Note Used Car Emporium.

By: RetardedSparks

RetardedSparks — Thu, 04 Dec 2008 19:58:04 +0000

Update. DOE says requests not rejected – they are just asking for more info.

By: garllo

garllo — Thu, 04 Dec 2008 19:56:28 +0000

geeber :
December 4th, 2008 at 2:25 pm

“Thank goodness someone in Congress is asking these questions.”
Well said!!
I’m both surprised and happy that they are not just handing out money!

By: RetardedSparks

RetardedSparks — Thu, 04 Dec 2008 19:54:54 +0000

Got the live video playing in a window on the computer here at work- this is REALLY FUN to watch!
Hope you have 8 hours to watch YouTube tonight, because there are a lot of great zingers in there…

By: Bubba Gump

Bubba Gump — Thu, 04 Dec 2008 19:42:48 +0000

The 25 was kicked out because the govt planned to use it for the bailout. It’ll be back.

By: TexN

TexN — Thu, 04 Dec 2008 19:39:54 +0000

Sen. Corker has almost (almost!) restored my faith in Congress! Can’t wait to catch some of this on YouTube.

By: geeber

geeber — Thu, 04 Dec 2008 19:25:59 +0000

Thank goodness someone in Congress is asking these questions.

By: 210delray

210delray — Thu, 04 Dec 2008 19:21:05 +0000

Corker’s right (and agrees with TTAC) that Chrysler has deep-pocketed owners. Why should we taxpayers help them out?

By: Stu Sidoti

Stu Sidoti — Thu, 04 Dec 2008 19:18:02 +0000

It’s gonna get worse; the day is young. The longer those senators sit there the angrier they seem to get. If Reid thinks the votes ain’t there, and he is probably right, this is all just a show anyway.
See you on January 20th.