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  1. #1
    anothersta's Avatar
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    More bailout for Auto industry- 21 Billion this time

    President Obama believes U.S. automakers have not yet achieved a viable restructuring plan and is calling for a "set of sacrifices from all parties involved," including management, labor, shareholders and suppliers.

    A day before his administration is set to respond to a request to continue a bailout of General Motors Corp. and Chrysler LLC, Obama appeared on CBS' "Face The Nation" on Sunday and warned that major concessions are necessary to ensure the companies remain viable once the economy recovers.

    "Everybody's gonna have to come to the table and say it's important for us to take serious restructuring steps now in order to preserve a brighter future down the road," Obama said.

    In the wide-ranging interview, Obama also said he would continue to press Congress to make permanent the middle-class tax cuts contained in the economic stimulus package (PL 111-5) and expressed concern about the effect violence from Mexico's battle against drug cartels could have on border communities.

    On foreign affairs, Obama ruled out sending U.S. troops into al Qaeda safe havens in Pakistan but added he expects the government there to be accountable as the United States increases military and civilian aid to Pakistan and in Afghanistan.

    Obama's comments on the auto industry were broadcast a day before he is expected to announce his plans to reconfigure their businesses. GM and Chrysler have asked for an additional $21.6 billion in aid, on top of the more than $17 billion the government has provided the companies to stay afloat since December.

    The administration is in a tight spot, eager to show it is sensitive to the concerns of unionized workers and the manufacturing sector after allowing Wall Street executives to collect millions of dollars of bonuses from bailout funds. Yet administration officials privately acknowledge the strong public sentiment against what some perceive as rewarding auto executives for bad business decisions.

    A CBS News poll of 1,142 adults conducted March 12-16 found mounting frustration with such bailouts, with only 18 percent of respondents saying the government should provide the companies more assistance; 76 percent said the government should not.

    Obama said the automakers have not yet made the case for the additional funds, though he acknowledged the belt-tightening GM and Chrysler have undertaken since they first asked for relief.

    "They're not quite there yet," Obama said. "What we're trying to let them know is that we want to have a successful auto industry ... but it's got to be one that's realistically designed to weather this storm and to emerge, at the other end, much more lean, mean, and competitive than it currently is."

    GM and Chrysler employ some 140,000 workers in the United States. The companies have until Tuesday to submit restructuring plans to the government but are not expected to meet that deadline. The plan Obama is expected to announce on Monday will take up whether bankruptcy is a viable option should the companies fail to restructure arrangements with unions, shareholders and creditors.

    Under terms of the government's first round of assistance to GM and Chrysler, the companies are pressing the United Auto Workers to accept stock in exchange for half of the payments the companies are supposed to make into a union-run trust fund to cover the cost of retirees' health care.

    Obama is expected to sound themes of shared sacrifice -- a message he said he delivered to CEOs of the nation's largest banks last week.

    "It's very difficult for me as president to call on the American people to make sacrifices to help shore up the financial system if there's no sense of mutual obligation and mutual help," Obama said.

    But, he added, he needs to convince the American public that an economic recovery is predicated on the success of banks and other players in the financial sector.

    http://news.yahoo.com/s/cq/20090329/...olitics3087615
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    Circuit advertisement More bailout for Auto industry- 21 Billion this time
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  3. #2
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    That's just F'in great....
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    Okay, I just heard a rumor (and it's JUST a rumor) that the gov may go the unions and tell them the GOV can provide their healthcare so it won't be an issue anymore. ROFLMAO

    So, the unions might have to deal with GOVERNMENT healthcare.

    I've decided, I wouldn't mind paying 21 billion for that LOL You love the dems so much UAW? Good thing, they may be your new health care provider. Enjoy!

    This would be a lesson to all: Be careful what you vote for cause you might just get it.
    Last edited by anothersta; 03-30-2009 at 03:33 AM. Reason: spelling
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    Ok, so the economy is failing -- I dont see anyone mandating that Obama step down.

    The banks are failing - I don't see the sitting jackass mandating that the bank heads step down

    Obama requiring that Rick Wagoner step down is BULLSCHIT!!
    2 days from now, tomorrow will be yesterday.

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    Quote Originally Posted by atprm View Post
    Ok, so the economy is failing -- I dont see anyone mandating that Obama step down.

    The banks are failing - I don't see the sitting jackass mandating that the bank heads step down

    Obama requiring that Rick Wagoner step down is BULLSCHIT!!
    I was thinking the same thing!
    Why is it that the auto industry is being treated like an unwanted step-child and the banks do what they want? I don't understand.

    And I don't know alot about Mr. Wagoner but doesn't Obama have enough on his plate trying to run a country. Seems wrong to me that the government is now telling companies who can sit at their helm.
    What's next? I mean just about everyone got a Stimulus check, that was kinda like a bailout IMO, not a good one but still the government gave us money. Are they now going to try to tell every household what to do?
    I can see the government telling these companies how and what they can spend this money on. But to tell them who they can employ, doesn't seem right to me.

    OK now the government wants to provide these auto-workers with health insurance. They won't give me health insurance! I make $8/hr and these guys make I'm guessing, probably on the low side, $20/hr. WTF!!!!
    Grandma

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    The Obama administration is swaggering over its firing of GM CEO Richard Wagoner and its demand for more restructuring concessions from GM and Chrysler before they dole out more money. http://www.washingtonpost.com/wp-dyn...032900708.html

    But the bottom line is, despite their threats to withhold the funds, the feds will eventually give them the billions of dollars in taxpayer money they need to prop up their failing businesses.

    In other words: KABUKI!

    Frustrated administration officials, speaking on condition of anonymity ahead of Obama’s announcement, said Chrysler has been given a 30-day window to complete a proposed partnership with Italian automaker Fiat SpA. The government will offer up to $6 billion to the companies if they can negotiate a deal before time runs out. If a Chrysler-Fiat union cannot be completed, Washington plans to walk away, leaving Chrysler destined for a complete sell-off.

    Shawn Morgan, a Chrysler spokeswoman, declined to comment ahead of Obama’s announcement. For GM, the administration offered 60 days of operating money to restructure. Officials say they believe GM can put together a plan that will keep production lines moving in the coming years.
    ***

    Barack Obama rose from community organizer
    to auto company usurper.

    Only in America.

    Ed Morrissey points out that Obama has also cooked up a new government-backed warranty program:

    Vehicle owners can expect the same kind of efficiency and expertise they receive there in handling warranty issues with their vehicles. Instead of working with dealers on the warranties, the government will now have to get involved, which will mean extensive paperwork for every warranty claim as the Directorate of Auto Warranties will have to account for every single penny, or at least those pennies that don’t get earmarked for Auto Warranty Bike Paths by Rep. Jim Oberstar.

    And let’s not forget what this will do for Detroit’s competitiveness. Now that warranties will get funded by Uncle Sam, what do you suppose will happen to them? They’ll get shortened, and if they become uncompetitive, it will literally take an act of Congress to get longer warranties offered by Detroit. But that’s not what will really happen. If the Directorate of Auto Warranties discovers that the competition offers longer and more robust warranties, the Directorate will simply get Congress to pass laws outlawing them. After all, we can’t have a bunch of furriners undercutting Uncle Sam, can we?
    Why, that would be downright unpatriotic!
    ***

    Update: 11:21am Eastern… Barack Obama, auto repairman-in-chief, is on TV promising to guarantee that your GM/Chrysler car gets serviced and repaired.

    Only thing he forgot to promise: the free tire gauges! http://www.nowpublic.com/world/obama...led-tire-gauge

    Here’s the transcript of his prepared remarks. An excerpt, including the announcement of a new “Director of Auto Recovery”
    http://www.reuters.com/article/gover...34089620090330

    It is my hope that the steps I am announcing today will go a long way toward answering many of the questions people may have about the future of GM and Chrysler. But just in case there are still nagging doubts, let me say it as plainly as I can — if you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired, just like always. Your warranty will be safe. In fact, it will be safer than it’s ever been. Because starting today, the United States government will stand behind your warranty.

    AUTO SALES SUPPORT

    Therefore, to support demand for auto sales during this period, I’m directing my team to take several steps. First, we will ensure that Recovery Act funds to purchase government cars go out as quickly as possible and work through the budget process to accelerate other federal fleet purchases as well.

    Second, we will accelerate our efforts through the Treasury Department’s Consumer and Business Lending Initiative. And we are working intensively with the auto finance companies to increase the flow of credit to both consumers and dealers.

    Third, the IRS is today launching a campaign to alert consumers of a new tax benefit for auto purchases made between Feb 16 and the end of this year — if you buy a car anytime this year, you may be able to deduct the cost of any sales and excise taxes. This provision could save families hundreds of dollars and lead to as many as 100,000 new car sales.

    Finally, several members of Congress have proposed an even more ambitious incentive program to increase car sales while modernizing our auto fleet.

    I want to work with Congress to identify parts of the Recovery Act that could be trimmed to fund such a program, and make it retroactive starting today.

    DIRECTOR OF RECOVERY I am designating a new Director of Recovery for Auto Communities and Workers to cut through red tape and ensure that the full resources of our federal government are leveraged to assist the workers, communities, and regions that rely on our auto industry.


    Call it the Federal Unionized Bureau of Auto Repair: FUBAR.
    http://twitter.com/victorlams/statuses/1418305097


    ine Scariest Words in the English Language Amended


    After a decades-long reign as the most terrifying of phrases, "I'm from the government and I'm here to help" relinquished its hold on the top spot this morning, thanks to the appearance of a fresh newcomer brought up from a farm team—The Akron Creepy Statists, presumably—by President Barack Obama:

    The United States government will stand behind your warrantee...
    Speaking from his retirement home in Sweden about his dethroning, "I'm from the government and I'm here to help" mourned the changing nature of government expansionism that makes it impossible for him to compete in the Obama era.

    "Believe me, I would have loved to guarantee warranties when I was in my prime. But back then, you had to go to other countries to find government interference on that level," he said, wistfully recalling the time he spent in Latvia during much of the 1980s after being run off by the American administration of the time. "These young whippersnappers just don't know how good they've got it."

    http://www.weeklystandard.com/weblog...in_the_eng.asp
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

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  9. #7
    anothersta's Avatar
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    One thing I haven't been able to find out is this (although I haven't done much diggin' yet). Was his teleprompter there? I thought I was going to laugh myself to death when he said the warrantees were even MORE secure now because the gov would be backing it.

    I wanta know who the funny one is. I'm thinking the teleprompter cause it tells him to say alot of funny stuff.
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    atprm's Avatar
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    Call it the Federal Unionized Bureau of Auto Repair: FUBAR.
    http://twitter.com/victorlams/statuses/1418305097
    .


    in the meantime -- we are extremely worried for our jobs here.
    2 days from now, tomorrow will be yesterday.

  11. #9
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    He is toying with them, the big bad auto makers, making those horrible SUV's. So, he has them by the short and curlies and will force them to make clown cars.

  12. #10

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    And when they make Obama Clown Cars (OCCs) and no one buys them. We have just wasted all that money. What is Obama trying to prove? Gas here is less then $2 a gallon. What happens when an OCC gets hit by a semi truck? Obama think about that?

  13. #11
    atprm's Avatar
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    fill up now... our gas shot up to over $2.25 a gallon in the last 2 weeks.
    2 days from now, tomorrow will be yesterday.

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