Pay now or pay later Mr. Romney

[Morgan]

Yesterday I watched Mitt Romney sit there on t.v. with a big smile on his face state that we should allow the auto industry to go bankrupt.
I just wanted to scream. This man is a complete a s s.
Is this an attempt to eliminate unions? I'm beginning to think so.
That aside is HE going to pay all of our mortgages? Food for our children?
Clothes for our backs? Ultimately YES he is........if you make all of these billions of people homeless where do you suppose they are going to turn?
We are going to have to turn to a social agency to survive on food stamps or whatever to feed our families if NO JOBS are available. The burden on the public system will be insurmountable. Pay now or pay later.
The tax argument doesn't fly with me.
Homeless, jobless families aside, what about the manufacturing trade as a whole. Think about this for one moment Mr. Romney. If we did get into an actual war on our soil where in the blood y he l l do you suppose we are going to make weapons???!!! To defend ourselves?? Once this trade is gone it's gone....and it isn't coming back. It isn't something that can be resurrected on a whim or a moments notice.

I know a lot of people feel strongly on both sides of this and a lot of us have already drank the koolaide by listening to people bad mouth unions and demonize workers rights for years. Brainwashed into poverty.
Thanks Bush.


Morgan

[carla]

I want to add a little rant here too, Morgan . Bush failed miserably on all accounts.
So did Tony Blair.
We were constantly told that we were in great danger from Terrorist,yet the borders are wide open and not protected at all.
In a phone call just after the election ,Bush told Obaamaa to go and have some fun. He thinks it was fun
I think the people who run our governments are the ones we really need to fear.
xx

[Baraka Obam]

GOVERNMENT IS BY ITS NATURE EVIL. First off it takes money to be into politics, that is unless you do some real fancy brown noseing and get in the white house in lets say,.... 143 days, a few good deals on the table,maybe. The unions themselves have gone wild, more money more money, sorry, there is a certain amount that can be paid. The bad worker seems to be protected from being fired wether he comes to work on drugs or sneaks off to hide and sleep while he should be working. I have seen it myself while visiting a factory, men sleeping in the break room for hours. The company had to put work tracking computers on the forklifts to make sure they were using them. When a man was found drunk and sleeping several times the UNION got him back his job, the other good workers pay for this as they have to take up scum boys slack. Unions were good to fight for job security and a honest wage but now they have priced the worker right out of a job.

[Morgan]

I was a obviously a tad upset this a.m. when I posted the above and just
now I opened my e-mail to discover this from our Senator Carl Levin.
This is almost spooky. You see I didn't write him about this....
The only contact I've ever had in writing with Senator Levin was regarding Morgellon's Disease and that was at least a year ago. Here Is what he sent. Probably just a form letter but it's timing was uncanny and wonderful.

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Dear Mrs. ________:

Immediate support is needed to shore up our automotive manufacturing sector and to preserve the more than 2.5 million jobs directly and indirectly linked to the U.S. auto industry. This morning, I testified in front of the House Financial Services Committee to emphasize the need for Congress to take swift action on behalf of our nation’s automakers. Standing idly by as the financial crisis decimates our domestic manufacturing capabilities and pulls our fragile economy further into recession is unacceptable.

Throughout the world, the dire financial crisis continues to spur governments to provide assistance to their manufacturing industries, which are not able to obtain the credit they so vitally need to continue operations. Both Germany and the European Union are studying the possibility of providing support for their automotive industries. Australia has provided more than $4 billion in funding for its vehicle manufacturers. Automotive manufacturers in China are already voicing their expectation of financial assistance from their government as well. “The Chinese government will undoubtedly support us,” says She Cairong, general manager of JAC Motors, a Chinese automobile manufacturer. This quote appeared in a New York Times article this morning, highlighting China’s consideration of a plan to provide assistance to its domestic automobile companies.

The spotlight is now focused on Congress, which is considering the possibility of rescuing the industry from an economic downturn not of its own making. President-elect Obama has called the U.S. auto industry “the backbone of American manufacturing” and said that the failure of our domestic automakers would be “a disaster” for our economy. President Bush, Speaker Pelosi, and both the Majority and Minority Leaders of the Senate agree that bridge loans for our domestic automakers are necessary at this time. I will continue to work with my colleagues in the Senate and the Congressional Leadership to come up with a plan that would provide auto manufacturers with the bridge loans they need to weather this financial storm.

You can read the transcript of my testimony before the House Financial Services Committee by clicking on the following link: []Technical difficulties.. During these difficult times, I am doing everything within my power to convince the Congress to provide the bridge loans for the domestic auto industry that the President, the President-elect and the leaders from both houses of Congress support.
Sincerely,
Carl Levin

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Morgan

[carla]

Sorry they never bailed out GM motors, Morgan .
We knew it wouldn't happen I suppose .
This film was made before the great bank robbery(aka The Bailout) and it is scary enough. It seems the problems started when the Fed was set up. The future of the US economy

[Morgan]

Originally Posted by carla

Sorry they never bailed out GM motors, Morgan .
We knew it wouldn't happen I suppose .
This film was made before the great bank robbery(aka The Bailout) and it is scary enough. It seems the problems started when the Fed was set up. The future of the US economy

Hello Carla,

Thanks for the informative video. I started to watch the lesson in U.S. Economic History but I wasn't able to complete watching it. It apppears to be about 30 min. long. I will get back to it.

The White House announced that they will give the automakers a bridge loan before the Stock Market opened last Friday morning after the Senate shot it down. They will allegedly take the loan from money already allocated for the banks.

White House U-turn over car firm bailout - Americas, World - The Independent
__________________________________

White House U-turn over car firm bailout

'Big Three' manufacturers in fresh negotiations with Bush administration after Senate vote. David Usborne reports from New York

Sunday, 14 December 2008




Members of the United Auto Workers union demonstrate in New York last week in support of the proposed $14bn bailout for America's car industry, which has been rejected by the Senate

America's "Big Three" car makers are bracing themselves for fresh negotiations on their fate this weekend, after the White House indicated that it would be willing to dip into federal bailout funds originally put in place to rescue financial institutions.


In a stark reversal of policy, administration officials made clear that some help would be forthcoming after the Senate rejected a $14bn (£9.4bn) rescue package for the car makers previously approved by the House of Representatives. Any partial nationalisation of the manufacturers goes against the free-market grain for the Republican White House, but the prospect of the Big Three failing, and the domino effect that that could have through the rest of the American economy, was apparently too drastic to contemplate. With some critics arguing that the government risks throwing more good (and taxpayer-provided) money after bad, however, the crisis is politically perilous.

The president-elect, Barack Obama, has made clear his own support for intervention, while acknowledging that the problems of Detroit may be somewhat self-inflicted. "I share the frustration of so many about the decades of mismanagement in this industry that has helped deliver the current crisis. Those bad practices cannot be rewarded or continued," Mr Obama said in a statement. "But I also know that millions of American jobs rely directly or indirectly on a viable auto industry."

Even if a deal can be done, much remained unclear yesterday regarding how much money would be made available, where exactly it would come from, what sort of conditions would be attached and how much of an equity stake the US government would demand in General Motors, Chrysler and Ford. Officials in Detroit were also anxious to know when the aid might arrive. GM has said it faces running out of cash by the end of the month. On Friday it announced plans to idle 30 per cent of its assembly line capacity in North America for the first quarter of 2009 because of diving demand. Honda also announced it was cutting production at its US factories.

The crisis is spilling beyond the US borders. In Canada, the industry minister, Tony Clement, announced his government's intention to provide loans to help safeguard the Big Three's operations north of the border. A bankruptcy filing for GM could also threaten the livelihoods of British workers, as it owns Vauxhall, which has plants in Luton and Ellesmere Port.

The White House spokeswoman, Dana Perino, said the President "understood the urgency of the situation". The "weakened state of the economy is such that it could not withstand a body blow such as a disorderly bankruptcy in the auto industry", she said.

It was members of George Bush's Republican ranks who stymied the original rescue package in the Senate, largely over the stance of the United Auto Workers union, which is under pressure to accept that pay levels for its members be reduced to those of workers at foreign car plants in the US. That led officials to suggest that money for the car companies might come from the $700bn bailout package already passed by Congress to keep Wall Street afloat. A possible alternative also being mooted yesterday was for the Federal Reserve to extend a bridging loan to the car companies. Ben Bernanke, the Fed chairman, however, indicated that he would be reluctant to follow that route.

Negotiations this weekend will focus on both the amount of aid to be made available and the conditions to be attached to it. They are likely to involve not just the White House but also the Federal Reserve and the Treasury. Leaders of both parties on Capitol Hill are also expected to be involved.

Nancy Pelosi, the House Speaker, has written to President Bush proposing that the conditions contained in the original $14bn aid package be imposed on the Big Three, regardless of the final deal. That would include an obligation on the car makers to radically restructure their business models and the appointment of a "car czar" to oversee the process.

_________________________

Morgan