Bailout Watch 245: Mark Your Calendar

Edward Niedermeyer
by Edward Niedermeyer
bailout watch 245 mark your calendar

The House Financial Services Committee will reconvene for another round of auto industry bailout hearings at 9:30 am on December 5, reports Automotive News [sub]. The committee did not release a witness list, but it is expected that the CEOs of General Motors, Ford Motor Co. and Chrysler LLC will appear for a second round of begging. We’re also learning that each company is expected to provide two documents to Congress. One would be a shorter, public summary. The other would be a longer, detailed document including proprietary information, to which Capitol Hill access would be tightly restricted, according to GM spokesfolks. Needless to say, TTAC will be posting the public copies, and would be more than happy to post the restricted versions as well, should any principled public servant feel that they deserve public review. You can find our contact form on our navigation bar at the top of your page. Meanwhile, the Senate Banking Committee has yet to schedule public hearings, and we’re still waiting to see how this will affect the planned caravan of love from Detroit to DC. We’ll keep you posted.

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  • CarPerson CarPerson on Nov 26, 2008

    Ronnie, you presumptuous person you! • Citi and others HAVE provided what they need the money for! It’s just too boring the Main Stream Media to see fit to cover it. Try Barrons. • Citi’s money troubles are far less interesting to me, I know less about it, and don’t care to get involved other than opinioning selling something you don’t own (short selling) is called fraud and “Hedge Funds” are more correctly called “Ponzi” schemes. Jesus threw the money changers out of the temple for a reason. You would think we’d take that as a heads-up but that has yet to happen. As far as the legislature making available to the public that which is given it, I’ll take whatever chilling effect this may have (I’m skeptical it will have any) to keep the government open. When stuff goes on in secret behind closed doors, it never is for the public good. Never. Never encourage secrecy in government. Never.

  • Oldyak Oldyak on Nov 26, 2008

    Im sure the restriction on 'Bankers' and the humiliation of them will be the same as the Big 3 what,no,lets see here... humm.. the banking industry has gotten how much now..... WITH ABSOLUTELY NO ACCOUNTABILITY. The senators and congressmen that allowed legislation providing homes to people with 500 credit scores...Hey its politcs! again NO ACCOUNTABILITY!!!! But the Executives of the big three are to grovel in front of the bastards that have gotten away with pretty much destroying MY retirement! In my humble"not TTAC best and brightest"opinion,the associates of the 'big-3'need to thank these guys for going through this pompous show of political BULLSHIT.can you imagine being belittled by a senator/congressman who helped make this mess and not being able to call him on it??? these executives are representing thousands of associates,not a board room with greedy bankers or a bunch of self serving politicians that should have been voted out of office!! You the 'best and brightest' had the chance... but its MUCH easier to go after the Auto Exe`s Total,Total....bullshit!

  • Windswords Windswords on Nov 26, 2008

    "I don’t know why so many Republicans are damning Obama’s administration before it starts, ready to sabotage it at every turn. It’s as if they lost and WANT the country to go further down the tubes for spite. Maybe they hate America?" Well that's chutzpah, after watching what the Dems did to Bush, even before he took office and wishing for bad news on the economy, the GWOT, and who knows what else. Of course this wasn't all Dem politicians but there were plenty, they were loud, and they were influential. Maybe some of the Republicans have learned a lesson from the masters. Myself I can't root against my country, no matter who holds office. It does bother me that so many of the big O's appointments are Clinton associates. I fear that they will set up an administration within the administration.

  • Qwerty Qwerty on Nov 27, 2008
    Well that’s chutzpah, after watching what the Dems did to Bush, even before he took office and wishing for bad news on the economy, the GWOT, and who knows what else. You mean like rolling over and giving Bush everything he asked for? Wow! They were really hard on him. Less than a year ago the Dems were still giving Bush free reign on everything. They passed telecom immunity even though it angered much of their base. I must of missed the news about the Dems wishing for the GWOT. Perhaps because it never happened. Bush took his eye off the ball. Instead of watching over the health of America's economy, he spent his time lying and scheming to pour our money into the Iraqi desert. If the Dems would have actually stood up against Bush and his near religious-like faith that free markets cannot fail then maybe we would not be in the situation we are in today. George Dubya "Hoover" Bush said it himself: "Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we." His administration certainly succeeded beyond his wildest dreams. Welcome to the Bush Depression.