Bailout Watch 234: Obama Slides Back Towards "Aye"

by Edward Niedermeyer

Published: December 3rd, 2008

bailout watch 234 obama slides back towards aye

After recently appearing to edge away from his electorally necessary pro-bailout stance, it seems Obama is headed back towards his original position. “It appears based on reports that we’ve seen that this time out the executives from these automakers are putting forward a more serious set of plans,” the president elect tells Automotive News [sub]. “I’m glad that they recognize the expectations of Congress, certainly, my expectations that we should maintain a viable auto industry,” Obama said. “We should also make sure that any government assistance that’s provided… is based on realistic assessments of what the auto market is going to be and a realistic plan for how we’re going to make these companies viable over the long term.” When pressed for details, such as whether “bridge loans” should come from TARP or the already-approved $25b retooling loan package, Obama stays resolutely nonspecific. “At this point, I’m more interested in seeing whether or not there is a sound plan there,” he said. “Then I’ll be in discussions and listening about where the best sources of money are. But I think it’s premature to get into that issue.” So does President Bush according to Dow Jones (via CNN Money), although we know that he favors using the $25b fund. Of course, with the Detroit bill now coming in at $34b, that $25b will only go so far. Either way, Bush won’t make any kind of decision on the issue until after congressional testimony tomorrow and Friday… and Obama still has the better part of two months to test the waters.

Edward Niedermeyer

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4 of 13 comments

Adub on Dec 03, 2008

"That decision is above my pay grade."

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Indi500fan on Dec 03, 2008

I'll throw out this opinion. The Det 3 and the UAW did more economically for black people than any other private entity in the US. I believe Obama understands this.

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CarnotCycle on Dec 03, 2008
I’ll throw out this opinion. The Det 3 and the UAW did more economically for black people than any other private entity in the US. I believe Obama understands this. I don't know if I would call Detroit an economic success story for anyone, black people included. I doubt black people in Detroit are doing better than black people in say, Seattle or the Bay Area - no matter the era. Plus, all the transplants are in the South and that means a significant plurality of the workers at those transplants are most definitely black folks and they are making a good, justifiable living. Those black folks in the transplants - like their white counterparts - are less worried about losing everything right about now, and aren't depending on their neighbor (whatever color that person may be) for a handout to keep the lights on.

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Reclusive_in_nature on Dec 04, 2008

CarnotCycle your post on "Nader-frenching Grape-nuts" versus "New Dealer-ish Socialism Now" lefties was a breath of fresh air. I've wanted to post the same thought, but didn't want to deal with the backlash/whining/lecturing. Kudos to you!

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