Bailout Watch 226: Senate Reaches Compromise on Bailout Bill

Robert Farago
by Robert Farago
bailout watch 226 senate reaches compromise on bailout bill

MSNBC is reporting that auto-state senators’ aides say they’ve reached a compromise to throw money at “speed emergency loans” to Chrysler, Ford and GM. And speed is the drug of choice here. After The Big 2.8’s CEO shot themselves in their collective feet in front of a Senate committee charged with rubber-stamping the $25b deal, Republicans and Democrats knocked some heads together. The peacock people say the as-yet-unnamed legislators plan to present their proposal at a mid-afternoon news conference today (Thursday). The plan: the president’s plan. The bi-polar, I mean partisan, I mean bi-partisan group will attempt to “divert” money from the already approved $25b Department of Energy Loans– to tide Detroit over until the incoming prez can do his part to subsidize the failing automakers with taxpayer funds. But folks, as this Bailout Watch originally postulated, this is NOT a done deal. Far, far, from it. And I’ll tell you why…

The New York Times reports that Representative Henry A. Waxman has just waxed Representative John D. Dingell of Michigan. The California Democrat will replace Dingell as the chairman of the influential Committee on Energy and Commerce. That’s the committee that cranked-out the original $25b Department of Energy loans upon which the compromise crew have their beady eyes affixed. Waxman is a tree hugger’s tree hugger. As we saw during the Senate hearing on the previous bailout– or is that the ante-penultimate bailout?– the Democrats are FULLY committed to forcing Detroit to increase vehicular efficiency.

They didn’t like the previous compromise on Corporate Average Fuel Economy (CAFE standards). They ain’t gonna like this usurpation one bit. It could very well be payback time for Detroit’s anti-CAFE lobbying. Curiouser and curiouser.

Robert Farago
Robert Farago

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  • Conslaw Conslaw on Nov 20, 2008

    I don't see what they're making a big deal about. I'm as much for energy efficiency as the next guy, but I know that if the D3 aren't around to make ANY cars, they sure as hell won't be around to make energy-efficient cars. Early next year, President Obama will have the opportunity to revisit what's left of the $700 billion TARP fund, and he'll have to come up with a comprehensive energy plan. The energy plan will be a multiple hundred billion dollar plan itself. At that time, he can propose before a Democrat-dominated congress that they take $25 billion out of TARP and put it into the energy plan.

  • Geo. Levecque Geo. Levecque on Nov 20, 2008

    The News says that the new date for the Detroit 3 is Dec.8th to provide a proper Business plan to the Banking committee, guess they are hard at work, throwing something together that will pass muster eh?

  • ToolGuy "Mr. President, no government agency, no think tank, and no polling firm knows more about the automobile customer than us. We talk to customers every day. As retail automotive dealerships, we are agnostic as to what we sell. Our business is to provide customers with vehicles that meet the needs of their budgets and lifestyles.”• How many lies can you fit into one paragraph?
  • Spamvw Three on the tree, even Generation X would have a hard time stealing one of those.
  • ToolGuy This trend of cyan wheels needs to end NOW.
  • Kwik_Shift Interesting nugget(s) of EV follies.
  • SaulTigh I've said it before and I'll say it again...if you really cared about the environment you'd be encouraging everyone to drive a standard hybrid. Mature and reliable technology that uses less resources yet can still be conveniently driven cross country and use existing infrastructure.These young people have no concept of how far we've come. Cars were dirty, stinking things when I was a kid. They've never been cleaner. You hardly ever see a car smoking out the tail pipe or smell it running rich these days, even the most clapped out 20 year old POS. Hybrids are even cleaner.