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Obama Pushes for $50 Billion for Automakers, Oversight Czar

Discussion in 'Political Discussion' started by reflexblue, Nov 13, 2008.

  1. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    At lest its got and oversight board. Sounds like the good old days when government governed.

    Obama Pushes for $50 Billion for Automakers, Oversight Czar - Yahoo! News

    v. 13 (Bloomberg) -- President-elect Barack Obama is pushing Congress this year to approve as much as $50 billion to save cash-starved U.S. automakers and appoint a czar or board to oversee the companies, a move that would require President George W. Bush's support, people familiar with the matter said.

    Obama's economic advisers are now convinced that if General Motors Corp. doesn't get a financial lifeline soon, it will have to file for bankruptcy by the end of January. And if the companies don't get almost $50 billion, Obama will be dealing with the issue again by next summer.

    Any czar or board would be patterned after the bailout of Chrysler in 1979 and New York City in 1975. Advisers such as former Federal Reserve Chairman Paul Volcker and former Treasury Secretary Lawrence Summers are said to be telling Obama that the cash is urgently needed now.
     
  2. TheGodInAGreyHoodie

    TheGodInAGreyHoodie Experienced Starter w/First Big Contract

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    i would not be that worried about that. GWB has pledged bipartisian support for the transition. If congress passes a bill that Biden and Obama vote for in the senate. I don't see GWB vetoing it, so it can be re-passed and signed in January.

    If the whitehouse was flipping and at the same time the senate or house was going dem to rep than I could see it happening. But at this point GWB has no reason to block Obama. B/c it would only be short term. Unless it was on matter of fundamental difference (abortion etc)
     
  3. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    I know W will veto it most likely. I put it up to demonstrate unlike the 700 Billion, BO would put an oversight committe on the 50 ,so that there would be no Paulson running around handing out money to who he feels like.
     
    Last edited: Nov 13, 2008
  4. Real World

    Real World Moderator Staff Member

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    I'm not sure what oversight can do for a mismanaged company that makes a sh1tty product. What good is dumping another $50 billion dollars into a sinking ship, if all it's going to do is buy more pumps. I think Chapter 11 is the best option for the auto industry.

    Delcaring bankruptcy would allow them to restructure from the top down (or bottom up). Clearly the companies are not profitable, and haven't been for quite some time. Handing them cash so they can buy some more perfume, isn't the answer IMO. The bailouts, and the absolute mismanagement of them, are further proof of how broken gubmit is. It doesn't matter who's involved either, be it dems, or repubs, it's totally fukced up.

    What is going on? They said chaos would ensue if they didn't pass a plan to unfreeze credit. Fine. So they pass a plan in haste, with over $100 Billion in sugar for pet projects, and nobody is paying attention to where money is going, or has a clue as to what the money is supposed to do anyway. [​IMG]

    We need a revolution by the people in this country. The working people need to take this country back. It's clear that 90% of the people in Washington are clueless, or don't care. :mad:
     
  5. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    I know RW last week when this first started i posted that i had NO SYMPATHEY for these people they've been putting out a lousy product for 30 years,and arrogently ignoring the world around them. But like PR posted you can't let 3 million people lose their jobs now in this economic climate.

    Look at it this way the more people that don't have a job,the more people that can't BUY anything. The more people that can't buy anything the closer to a depression we get.

    You and i have been talking about a potential economic collapse caused by credit for a year and a half. Well it happened and there are a lot of thing that are disstastful to me like bailing out insurance co. and auto makers that have put out junk for 30 years. But it has to be done to save whats left.
     
    Last edited: Nov 13, 2008
  6. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    The gubmint can't continue to bail out private companies!
    Either let them fail or nationalize them!
    Get off the fence!
    WTF is going on here?
     
  7. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    The government should let them go bankrupt and use any bailout money towards retirees' funds. That's it. There's no point in bailing out a failed business plan that cannot succeed with the unions.
     

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