Good news: White House stalls on UAW bailout
Hey, maybe it’s beginning to dawn on them that no really does mean no.
Maybe, it’s beginning to dawn on President Bush that the public is sick of bailout-palooza.
Or maybe his lawyers need extra time trying to justify committing an illegal act by siphoning off TARP funds for the automakers.
Whatever the case, it’s an opportunity to redouble those phone calls and e-mails to the White House urging them to stop the bailout cycle now.
President George W. Bush said on Monday an announcement on a auto industry rescue was not imminent, leaving the industry’s fate clouded in uncertainty for a little longer.
“We’re not quite ready to announce that yet,” Bush told reporters on Air Force One during a flight from Baghdad on an unannounced visit to Afghanistan.
He had been asked when he might make an anticipated announcement about tapping a $700 billion financial industry bailout fund to aid General Motors Corp, Ford Motor Co and Chrysler LLC.
Asked whether he was leaning toward using financial bailout funds, Bush said: “I signaled that that’s a possibility.”
Bush said a decision would not take long. White House spokeswoman Dana Perino said earlier that she had no timetable for a decision.
Following a surprise visit to Iraq, Bush was visiting Afghan President Hamid Karzai and addressing U.S. troops in Afghanistan before his presidency ends next month. It was not clear how much longer the trip would last.
Lawmakers on Sunday said they expect the administration to act soon to ward off a collapse of the U.S. auto industry, which could lead to millions of job losses. Republicans blocked a bailout in the Senate last week.
Sen. Bob Corker, a Tennessee Republican, said the Treasury Department has been talking this weekend with automakers about their balance sheets.
“I don’t think they yet know what they’re going to do,” said Corker, who added that he spoke with White House officials Sunday morning.
White House switchboard: 202.456.1414.
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Maybe having two shoes thrown at him acted as a Zen shock.
Let’s hope so…I never thoguht an outgoing Republican President could do such damage to his legacy and party with only one month to go…
There’s no way he doesn’t give them the money. He doesn’t want the collapse of the American auto industry as part of his legacy.
How does not bailing out the UAW cause the collapse of the auto industry?
Foreign automobile manufacturing will continue but the Big 3? Adios.
Personally, I would keep an eye on that option, it has a future.
Bush seems to have two decision modes: either a) full-speed ahead to … disaster, or b) dithering mode, in which he zigs and zags and ultimately converges on … disaster. Either way the end is the same; never count the clown price of conservativism out. And you know what is really scary? Sometime in 2009 we will all be looking back on the Bush years as the “good ol’ days.”
Not even close. They go Chapter 11. The UAW will be the ones to take the big hit, along with the Dem politicians. (Can’t blame the Republicans any more, even though they’ll try. They have absolutely no power at all.)
Speak for yourself. I haven’t seen any “good old days” (except financially) since Reagan. To me, it’s been all downhill since Bush41.
If they give a bailout to the big three, I can gaurantee that any rep or senator from my state that votes for it is going to get a call and/or e-mail from me anytime I need to get my GMC pickup serviced. I am going to tell them to get it scheduled in my hometown for me since they want to own the auto companies so badly. I think it would be great if everyone did the same. I am sure the frustration it would cause them would not even come close to how we feel about this, but it would cheer me up just a little bit every time I do it!
Don’t know how many later nighters have seen this story about an hookup of unions and environmentalists. Stupid and dangerous.
I’ll be personally boycotting any company that gets a bailout.
And the Big 3 will not fail if they go into Ch. 11. In fact if they can shed the UAW baggage I believe they can once again become strong companies. But…the UAW must be broken up.
beenthere said: (#6)
*sigh*
Probably by February, and I am not a fan of the domestic side of the current President Bush.
There is no scenario under which the alleged “big three” do not continue. None will go the way of AMC or DeLorean.
Thing is, whichever one files chapter 11 first, which *automatically* brings labor contracts back to the negotiating table, will catch hell from the UAW if the other two don’t file at almost the same time – and I don’t see any of ‘em giving up the potential to stick knives in the competition….
So, this whole kabuki theater bit is about getting them as much cover from the Fed as possible for the one who files first. “Even the gov’t won’t help us!” they can cry, as they tear up the UAW contract, stop paying the “job bank” scam, and re-negotiate.
Of course, I’m not sure a sane person would buy their cars for the first couple months…. union employees have been known to resort to sabotage….
“President George W. Bush said on Monday an announcement on a auto industry rescue was not imminent, leaving the industry’s fate clouded in uncertainty for a little longer.”
Wow, he said this on Monday, and Reuters printed it on Sunday?!? Wonder when they got their time machine.
The car dealers around my area have become pretty desperate. Not only have sales dipped, but there are too many dealers in Virginia. I bought a new car last month. Though I had no plans to buy a new car for the near future, the dealer made me an “offer I couldn’t refuse.” I know they didn’t make much profit off of me (I used to sell cars once, many years ago) but they were happy just to move something off the lot. I expect a lot of desperation moves in the next few months, as dealers’ profits drop and a lot of cars sit, gathering dust.
You said, “Or maybe his lawyers need extra time trying to justify committing an illegal act by siphoning off TARP funds for the automakers.”
That’s not it. Bush hasn’t reconsidered any other of his illegal acts or his illegal inactions… why would he start now?
I’ll be call them today for sure.
No UAW Bailout.
What major airline has not been in Chapter 11? It’s not the end of the world.
We probably need a visual aid for our protest. How about sending an empty wallet to the White House? Or one with the debit receipt of $700B? Think that might catch someone’s attention?
Interesting how this has gone from a loan to the companies to a bailout for the companies to a bailout of the UAW.
Now, if only Wubbly would stop stalling on the Ramos-Compean pardon.
For all those pro bailout folks, Let Mexico, et al. pay for the bailout. Why should my money be used to prop up manufacturing in a foreign land?
It’s not fascism when we do it.
Been on the phone all morning. The message machine is full, the operators are all busy. Keep it up. You can bypass the operator by using 202.456.1111.
Is our executive peoples learning?
*GM is worth about 8 billion with debt exceeding 60 billion; No amount of money will help them.
*Chrysler is going under, with only their Jeep and Minivan platforms possibly surviving under new ownership.
*Ford is safe for 2009, so will watch the fallout and act accordingly.
*None of the Big 3 have any future viability as long as the UAW is part of the equation; It is not just about the money; It is about plant efficiency, man hours per vehicle, customer satisfaction, and whether employee loyalty lies with the company they work for, or the union that will eventually kill off their jobs!
*A good example is year 2007 sales; Toyota and GM both sold approx, 9.5 million vehicles each worldwide; While Toyota did 17 billion in gross profit, GM had a 34 billion dollar loss; Biggest difference between the two is the U.A.W.; Easy to see why Toyota does not want to see the likes of UAW President Ron Middlefinger messing with their business model!
Imagine my suprise when MY blue dog demoncrat Rep voted against the bailout of the Big “2″ (Ford seems to have backed off a little.) That, of course, was after my faxes NOT to do it…..and a whole lot of her other constituents..so you can make a difference
One thing is certain, if the bailout doesn’t go through, and especially if any of the big 3 go chapter 11, do NOT buy any of their vehicles if you value your life. To be sure the UAW workers will make sure quality goes completely reverse to the point of the products being dangerous.
Wow JonB. Take a breather from that derangement syndrome.