Bailout Watch 292: The White House Uses the "I" Word
December 16th, 2008 8:39 PM
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“If we’re going to use taxpayer financing to assist the automakers, all stakeholders are going to have to come to the table and be willing to show that they are capable and willing to make really tough decisions about the way forward,” White House Spokesperson Dana Perino said today. “We’re not going to be rushed into it just because there’s pressure from the media… on us to do something rash.” Yeah, hurry up and do something rash, will ya? “We need them to become viable, competitive firms in the future. And in order to do that, concessions are going to have to be made by stakeholders.” Not to mention everything else.
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On the illegality of using TARP funds: http://www.heritage.org/Research/Economy/wm2170.cfm
Also: http://online.wsj.com/article/SB122939117718809261.html
In the WSJ article, he mentions quite correctly, that the UAW views bankruptcy as the kiss of death. Of course they would because bk would wipe out all of their contracts. The UAW would have to start from square one negotiating contracts. Ron would lose his pension! Cause the workers might not certify the union to be in the big 2.8 shops.
Stringing GM along until Obama would lead to GM selling the core of General Motors, Opel, and its profitable Asian part, Daewoo. GM wouldn't be an important company in the world anymore.