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Author Topic: More corporate welfare; this time it's the auto industry
M. Spector
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Babbler # 8273

posted 08 November 2008 03:45 PM      Profile for M. Spector   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Democrats want to extend the bailout to the auto industry

Corporate welfare should be given not only to the banks and mortgage companies, but also to the automobile industry, say the Dems:

quote:
Democratic leaders in Congress asked the Bush administration on Saturday to provide more aid to the struggling auto industry, which is bleeding cash and jobs.

House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid said in a letter to Treasury Secretary Henry Paulson that the administration should consider expanding the $700 billion bailout to include car companies.…

Automakers already want an additional $50 billion in loans from Congress to help them survive tough economic conditions and pay for health care obligations for retirees.….

The money would be on top of the $25 billion in loans that Congress passed in September to help retool auto plants to build more fuel-efficient vehicles.…

GM, the nation's largest automaker, warned Friday that it may run out of money by the end of the year after piling up billions in third-quarter losses and burning through cash at an alarming rate. Ford is in better shape because the company borrowed billions of dollars in 2007 by mortgaging its factories. The company said it had enough cash to make it through 2009....

President-elect Obama said Friday his transition team would explore policy options to help the auto industry. Obama's economic transition team includes two allies of the auto industry — Michigan Gov. Jennifer Granholm and former Rep. David Bonior, D-Mich.



From: One millihelen: The amount of beauty required to launch one ship. | Registered: Feb 2005  |  IP: Logged
M. Spector
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posted 08 November 2008 03:47 PM      Profile for M. Spector   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
And coming soon to Canada:
quote:
Pressure is mounting on Stephen Harper's Conservative government to offer emergency financial assistance to the Canadian arms of the Detroit automakers after executives with General Motors Corp. and Ford Motor Co. said yesterday they discussed a bailout program with U.S. lawmakers in the range of US$25-billion.

From: One millihelen: The amount of beauty required to launch one ship. | Registered: Feb 2005  |  IP: Logged
Fidel
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posted 08 November 2008 09:30 PM      Profile for Fidel     Send New Private Message      Edit/Delete Post  Reply With Quote 
They should go cap in hand to our profitable banks and apply for business loans at the going rates.

Of course, I think they will make cars well into the future no matter. Cars might even be free one day. But wherever in the world cars are sold in large quantities, car companies will want to build or assemble them there as well. It's not a guarantee that every region that wants one will have an auto industry though.


From: Viva La Revolución | Registered: Apr 2004  |  IP: Logged
DrConway
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posted 08 November 2008 10:03 PM      Profile for DrConway     Send New Private Message      Edit/Delete Post  Reply With Quote 
Look, if they're going to just dish out all this money, why not just buy the businesses outright and demand a share of the profits in exchange for guaranteeing against failure of the business?


From: You shall not side with the great against the powerless. | Registered: May 2001  |  IP: Logged
Fidel
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posted 08 November 2008 10:42 PM      Profile for Fidel     Send New Private Message      Edit/Delete Post  Reply With Quote 
Yes-yes! Or even threaten to design and build our own fuel-efficient cars. Made in Canada sounds good to me. If little Sweden can do it, so can we. Yes we can.

The Growing Abuse of Transfer Pricing by Transnational Corporations

Hey let's sign the dumbest free trade deal in world history and become a branch plant economy!!


From: Viva La Revolución | Registered: Apr 2004  |  IP: Logged
DrConway
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posted 08 November 2008 10:49 PM      Profile for DrConway     Send New Private Message      Edit/Delete Post  Reply With Quote 
Wait till Stephen Gordon comes along and tells us all that transfer pricing is a perfectly acceptable free-market pricing mechanism and we should be ashamed of ourselves for attempting to insulate ourselves agsinst those greedy-guts in the USA who panted for SHAFTA so they could get our oil and gas.
From: You shall not side with the great against the powerless. | Registered: May 2001  |  IP: Logged
Fidel
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posted 08 November 2008 11:11 PM      Profile for Fidel     Send New Private Message      Edit/Delete Post  Reply With Quote 
He'd likely break into a spiel about economies of scale and how expensive it would be to build a pipeline to the East Coast. Where would we be without St Laurent Liberals and CD Howe? We coulda been a real country with a real plan.

[ 08 November 2008: Message edited by: Fidel ]


From: Viva La Revolución | Registered: Apr 2004  |  IP: Logged

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