Bailout for Detroit automakers or no?

[Bouncer]

So I have read some more. Tell me if I'm wrong. Once again the taxpayers are going to bail out millionaires with money we don't have, so they can go ahead and keep making money off of us. One idea I read that sounds interesting is why don't the automakers make a deal with oil companies to bail them out.

not sure its just millionaires. bailout is for the whole company, workers etc..

[Shibby]

The bailout will keep the workers employed, but those workers are still paying the taxes to essentially pay their wages. So they are just handing money to themselves. That's why I like the idea of the automakers making a deal without government backing. If the government keeps bailing out companies, which ones do they say no too. Are they going to bail out circuit city next or DHL(I think it's already too late for DHL though)?

[Bouncer]

The bailout will keep the workers employed, but those workers are still paying the taxes to essentially pay their wages. So they are just handing money to themselves. That's why I like the idea of the automakers making a deal without government backing. If the government keeps bailing out companies, which ones do they say no too. Are they going to bail out circuit city next or DHL(I think it's already too late for DHL though)?

i think they say no to the ones who wont have a HUGE impact on the economy. circuit city would not get help.

[hitmansb]

One idea I read that sounds interesting is why don't the automakers make a deal with oil companies to bail them out.

Best idea I've heard so far!

[Bouncer]

UAW local wants seat on GM board in exchange for concessions

UAW likely to seek GM board seat, union local reports | Freep.com | Detroit Free Press

[Bouncer]

Pay raise for federal judges and tax shelters snuck in Auto Rescue/Bailout bill

Pay raise for federal judges and tax shelters snuck in Auto Rescue/Bailout bill - Autoblog

[redsquirrel]

Pay raise for federal judges and tax shelters snuck in Auto Rescue/Bailout bill

Pay raise for federal judges and tax shelters snuck in Auto Rescue/Bailout bill - Autoblog

This is the main problem with our government, and process of legislation. A senator can vote on a bill that he's totally behind, and great for the country, etc. yet- there are other statutes included all in the same bill. Rarely, are there bills that contain just one piece of proposed legislation. It's disgusting.

This is exactly what happens in elections- when one candidate accuses another candidate of voting for something they claimed to be against. It's just not the one issue that the House and Senate vote on. With earmarks, each representative/senator tries to get their cause in on any given bill...and then they all throw mudd at each other for voting on it.

[INTIMID8OR]

I can see both sides of it ...Yes the unions did a lot for the working man but it got out of hand ....They are paying millions of dollars to workers to sit in an office until they are called back to work from being laid off .... Sit in an office and get paid ..I don't think so if it was my company ...

What bothers me is that we bailed out wall street and nobody knows where the money went but we cant consider the working man at the factory ...It sucks from the top down in our government ..They need the unions but they need restructured ..The only way to do that is to force them to file for bankruptcy then we can have it restructured ...If we bail them out it will never be fixed ....

[Shibby]

I can see both sides of it ...Yes the unions did a lot for the working man but it got out of hand ....They are paying millions of dollars to workers to sit in an office until they are called back to work from being laid off .... Sit in an office and get paid ..I don't think so if it was my company ...
.

A guy at work was telling me about this. A job bank. His father-in-law is still working but some of his associates literally sit there and play an xbox that they brought in and get paid a reduced wage. I don't know what reduced is but it can't be the worse thing obviously.

[Bouncer]

Bailout bill set to fail in the Senate

If you turn on C-SPAN2 right now, you'll be able to see the Senate vote on the auto bailout bill, which appears set to fail . Negotiations between Republicans and Democrats were apparently very close to a deal. According to Bob Corker (R-TN) speaking as I type, "three words" separate the two sides on the deal, but an agreement could not be reached. Hence, when it goes to vote in the next few minutes, it is likely to fail Chris Dodd, visibly upset, preceded Corker on the floor. Stay tuned.

Okay, may as well liveblog the proceedings. Richard Shelby spoke briefly, basically saying he's voting no.

10:34 PM: Debbie Stabenow (D-MI) speaking now. Repeats the "not a bailout, it's a bridge loan" position. Thanks Dodd for his work. Stabenow is obviously upset here. The hangup is the UAW pay issue, and Stabenow is fairly distraught. "We are in serious trouble, ladies and gentlemen."

10:39 PM: Stabenow upping the drama. "The middle class hangs in the balance." Says that suppliers, manufacturing sector are in mortal danger. Pleads with the Senate for the votes on the existing bill. Asks for "3 months of time" to restructure the auto companies.

10:41PM: Stabenow finishes. here comes the cloture vote.

[Bouncer]

10:43 PM: C-SPAN flashing factoids while we wait for the roll call to be completed. Harry Reid (D-NV) has predicted the votes aren't there.

10:45 PM: Roll Call still going on. We're in the "D's." Mr. Dorgan...Mr. Durbin....Mr. Ensign....Bueller...

[Bouncer]

ANALYST: Chrysler can't survive even with gov't aid

Chrysler LLC can't survive, expert says | detnews.com | The Detroit News

[Bouncer]

Auto industry bailout dies in Senate

WASHINGTON (Reuters) - The U.S. Senate failed on Thursday night to reach a last-ditch compromise to bail out automakers, effectively killing any chance of congressional action this year.

Republican-brokered talks faltered, leaving the chamber at a dead end on an approach for extending $14 billion in loans to avert a threatened collapse of one or more automakers, Senate Majority Leader Harry Reid said in remarks on the floor.

"It's over with," Reid said.

Full Story: Auto industry bailout dies in Senate | Politics | Reuters

[hitmansb]

Good....they needed to restructure more than anything else. Get their wages and benefits in line with the Japanese automakers that have been kicking their tails for years to start...then pare down their vehicle lineups to only the things that will sell well in the next five years...ect.

[redsquirrel]

A guy at work was telling me about this. A job bank. His father-in-law is still working but some of his associates literally sit there and play an xbox that they brought in and get paid a reduced wage. I don't know what reduced is but it can't be the worse thing obviously.

Reduced wage is anywhere from 80%-95% of their normal wage. We have a couple of friends who worked at the Chrysler plant they just shut down. When they would shut down the plant for 2 weeks back in the day, and were laid off, they would earn 95% of their pay. Chrysler was on the high end...but still out of control. The UAW has a lot to do with them earning that high pay while being laid off. So, no- it can't be the worst thing...I mean- what's 5%?