Did You Know...

   

Gird your loins for the UAW bailout fight; Update: White House says deal is “likely”

Share
By Michelle Malkin  •  December 8, 2008 09:02 AM

Yes, folks, it’s time to stand up and fight. The fix is in. Democrats and the White House have reportedly hammered out an automakers’ bailout plan.

The snort-worthy promise: More “oversight.”

Because, you know, Congress has proven so competent at providing “oversight” of all the other bailouts this year.

Make sure Sen. Richard Shelby knows you stand with him on filibustering the UAW bailout. Shelby’s comments on Fox News Sunday:

WALLACE: Let’s bring in Senator Shelby. You’ve been one of the leading critics of any bailout. From what you’re hearing — $15 billion, get them through until March, going to have an administrator who makes sure they keep their promises. Will you support that?

SHELBY: Oh, absolutely not. I think this is a bridge loan to nowhere. This is a down payment on many billions to come. This is not something that happened overnight. This is 30 years in the making. These companies basically are — have failed, are failing. They probably need, according to some people, about 60 percent of the management to go, and about 40 percent downsize of the workers. They’ve got to compete. They can’t compete today. And the question is, will they be able to compete tomorrow?

We would like to save them. But they’ve got to save themselves. And I don’t believe they’re willing to save themselves, because they could be restructured the right way. And they don’t want to do that.

WALLACE: Are you and other Republicans prepared to filibuster this bill?

SHELBY: Well, I would — I think we need to debate it. And that’s what filibuster is about. And this week would be a good time to do it. I hope that we will be able to have an extended debate on it. We’ll see what happens.

WALLACE: Do you think you have the votes to sustain a filibuster?

SHELBY: I don’t know. It depends what happens, what the — in the meantime, I know people want to get home for Christmas. They want to get out of here and come back, and — but what I fear, Chris, the first…

WALLACE: Sounds like you want to hold Congress hostage here, Senator.

SHELBY: The first — the first down payment is just the beginning. It’s an installment plan of billions and billions and billions. And we don’t know the end game.

The end game is here: End the bailout cycle now. Let them fail. Suck it up. Stop the handouts.

***

Ugh: Republicans divided over bailout.

Richard Shelby’s office: 202-224-5744

Mitch McConnell’s office: 202-224-2541

***

RedState: The Critical Missing Piece in the Automaker Bailout, And A Message For Senator Corker

***

Update 11:30am Eastern: White House spokeswoman Dana Perino says the deal is “likely.” Vote expected Tuesday. The fix is in.

Update 3:49pm Eastern: Draft text is here.

Posted in: Subprime crisis