- Re:Washington and the auto bailout - Wolfeboro Community Forums

“White House spokeswoman Dana Perino said the companies (automakers) had made business decisions "over the years that have led to this situation, but we have gone as far as we can with the authority Congress has given in order to help industries." But she said the White House was open to helping the auto industry (If Congress gives the Columbia free trade agreement passage, sending more jobs out of America!).”
Well the spokesman is twisting the truth as always! For example didn’t banks and financial institutions (like AIG) make bad decisions and aren’t we are bailing them out? And the authority given to Congress was to “buy up toxic assets”, right? Now read below what Paulson now says!
“Stocks extended declines following Treasury Secretary Henry Paulson's comments, which underscored the extent of the problems in the U.S. economy. When Congress approved the $700 billion bailout plan last month, the purpose was to purchase toxic assets, especially mortgage-backed securities, from banks. Paulson said the Treasury’s focus now would be capital needs of non-bank financial institutions.”
Paulson said the Treasury's focus now would be capital needs of non-bank financial institutions (read here credit card companies that made lousy decisions by sending out applications to anyone and giving credit to people who they knew couldn’t pay it back!) So we are changing the game plan without anyone’s approval other than Paulson but we can’t change it for the automakers? I don’t know if I approve of any bailouts, my retirement funds are screwed no matter what and it appears the BIG D is only months away. But what I don’t like is the continual partisan politics and incredible spin they foist off on the public in Washington DC, no matter what party is in power, they all just lie, cheat and steal. Sort of like the fictional lawfirm that sponsors Click and Clack on NPR, Dewey, Cheatum and Howe!!!!

Most every vehicle that comes off GM's production line has about $3,000-worth of health benefits owed to union retirees.

Unions demanded, GM complied.

That said, a cash incentive for future buyers of GM's new electric car should be extended.

Chipmunk Whisperer wrote:

QUOTE:
Most every vehicle that comes off GM's production line has about $3,000-worth of health benefits owed to union retirees. :ohmy:

Unions demanded, GM complied. :(

Yup. Goes to show what unions are worth. The faultering economy is partly their fault too.