Pelosi and Reid decided some of the bailout should go to the auto manufacturers.
This takes tax and spend to a whole new level, it seems to me the government is doing all it can to provoke us. The lawmakers made it sound like life as we know it would come to an end if we did not grant the White house dictatorial power over mortgage based assets and now they have 3/4 trillion they can't figure out how to spend. Looks like the government is stripping the assets of all the responsible, good decision makers and transferring to all the idiots and criminals. In Bolshevik Russia the government had the most prosperous and intelligent people exterminated or thrown in prison and reeducated to be driven to fail and dependent on the government. Looks like the IRS is implementing a Bolshevik revolution to force individuals, banks, investors, manufacturers etc. to fail and get a reward from the government or succeed and get taxed to death. Perhaps there will be criminal penalties soon for having ambition, a high IQ or running a successful business doing well enough that customers actually pay for your goods and services voluntarily. It seems that our government has taken the position hard work, planning ahead and obtaining honest success is a crime and that criminal and stupid behavior deserves to be rewarded. Our auto industry is a vital part of the nation and that's exactly why the strong need to survive and the weak fail. If the government props up the automakers then we will lose global competitiveness. The whole bailout is borrowing and stealing out of a mess caused by borrowing and stealing which is equally as stupid as making sure only the automakers that make products no one wants stay in business.
Pelosi, Reid to Seek Automakers Bailout Next Week
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November 11, 2008 4:26 PM
ABC News' Jonathan Karl reports: House Speaker Nancy Pelosi says she'll seek assistance for Detroit automakers during a lame-duck session next week.
The idea is to pass a bill opening up some of the $700 billion bailout money for the automakers.
I am told Pelosi will also likely seek an extension of unemployment benefits but wait until January for a major stimulus package.
"In order to prevent the failure of one or more of the major American automobile manufacturers, which would have a devastating impact on our economy, particularly on the men and women who work in that industry, Congress and the Bush Administration must take immediate action," reads a statement by Pelosi.
"Emergency assistance to the automobile industry would be conditioned on executive compensation restrictions, a prohibition on golden parachutes, rigorous independent oversight, and other taxpayer protections to ensure that any companies that benefit from this assistance – and not the taxpayers – bear the full burden of repaying any costs that are incurred."
And now Senate Majority Leader Harry Reid says he "determined" to pass legislation helping the automobile industry next week during a lame-duck session of Congress.
Reid's statement offers no specifics and reminds us that until January "we still have the slimmest of majorities in the Senate; this will only get done if President Bush and Senate Republicans work with us."
On that point:
The White House is lukewarm to Pelosi's idea of using some of the $700 billion banking bailout money for the automobile industry. One senior White House official told me it's "a slippery slope" and asked rhetorically, "who's next?"
The White House would prefer Congress pass legislation loosening the restriction on the $25 billion in loans Congress made available to Detroit in September. That money, under current law, must be used for fuel efficient technology. So far, not one dollar of it has been loaned. The auto industry says it needs money to stay alive, not to embark on new projects.
"Why does Speaker Pelosi absolutely refuse to use the $25 billion actually appropriated for the automobile industry?" asks the official. Answer: environmental groups don’t want the money to be diverted.
Meanwhile, the auto industry likes Pelosi's approach, but sees it as a stopgap measure until the new Congress passes something more comprehensive in January. As one auto industry source working with Congressional leaders told me, "We're talking about a bridge loan, a bridge to the stimulus."