Archive for the ‘bail-out’ Category

Top Republican senators oppose automaker bailout

November 16, 2008

Top Republican senators said Sunday they will oppose a Democratic plan to bail out Detroit automakers, calling the U.S. industry a “dinosaur” whose “day of reckoning” is coming. Their opposition raises serious doubts about whether the plan will pass in this week’s postelection session.

Democratic leaders want to use $25 billion of the $700 billion financial industry bailout to help General Motors Corp., Ford Motor Co. and Chrysler LLC.

By Stephen Ohlemacher, Associated Press Writer

Sens. Richard Shelby of Alabama and Jon Kyl of Arizona said it would be a mistake to use any of the Wall Street rescue money to prop up the automakers. They said an auto bailout would only postpone the industry’s demise.
Richard Shelby
Senator Shelby

“Companies fail every day and others take their place. I think this is a road we should not go down,” said Shelby, the senior Republican on the Senate Banking, Housing and Urban Affairs Committee.

General Motors headquarters is seen October 26, 2008 in Detroit, ... 
General Motors headquarters is seen October 26, 2008 in Detroit, Michigan. Picture taken October 26, 2008.(Rebecca Cook/Reuters)

“They’re not building the right products,” he said. “They’ve got good workers but I don’t believe they’ve got good management. They don’t innovate. They’re a dinosaur in a sense.”

Added Kyl, the Senate’s second-ranking Republican: “Just giving them $25 billion doesn’t change anything. It just puts off for six months or so the day of reckoning.”

House Speaker Nancy Pelosi, D-Calif., said over the weekend that the House would provide aid to the ailing industry, though she did not put a price on her plan.

“The House is ready to do it,” said Democratic Rep. Barney Frank of Massachusetts, chairman of the House Financial Services Committee. “There’s no downside to trying.”
Rep. Barney Frank, Senate Majority Leader Harry Reid, House Speaker Nancy Pelosi and Sen. Christopher J. Dodd were among the congressional Democrats negotiating the bailout settlement on Sunday. (Joseph Silverman/The Washington Times)

Above: Ready to bail, from L to R: Rep. Barney Frank, Senate Majority Leader Harry Reid, House Speaker Nancy Pelosi and Sen. Christopher J. Dodd. Photo by Joseph Silverman

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The New World Financial Order

November 16, 2008

For the past seven years, according to Rep. Jim Moran, “We have been guided by a Republican administration who believes in the simplistic notion that people who have wealth are entitled to keep it.” Actually, that “simplistic notion” has been the linchpin of the American system of free enterprise for the past two centuries. It has served to make the United States the most bountiful, wealthy and charitable nation on earth. Yet Moran says that system “doesn’t work in the long run.”

By Oliver North

My fellow Americans, welcome to the long run.

The coincidence of an economic downturn and our most recent political realignment have produced calls for urgent, dramatic, decisive action. Liberal politicians, such as Moran, are suggesting that we all would be better off if we’d adopt a more punitive tax code and use the Internal Revenue Service to redistribute the wealth. Republicans and Democrats already have allied to use our tax dollars to bail out an insurance giant, mortgage companies and financial institutions that made bad loans and extended credit to borrowers who couldn’t pay. Coming soon: tax dollars to save U.S. automakers. Attached to all these U.S. Treasury checks: countless pages of new fine-print regulations designed to prevent future financial stupidity — or to ameliorate its consequences. But as they say in the Marines, “You ain’t seen nothin’ yet.”

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