Your favorite bailout and ours looks to be on the eve of a vote. True, roadblocks (if you will forgive the term) remain, like the Democratic complaint that firms should stop suing states with individual emission laws (seems a bit brash to force this to us, but we are due process hawks, unless Spitzer is at issue). As is typical, some Democrats are already claiming an accord has been reached, contrary to the comments of Republican colleagues.
And then there is the idiocy provision of the decade:
In addition to providing loans, the proposal would force automakers to answer to a presidentially appointed trustee — or “car czar” — and make the government their biggest shareholder.
The overseer will have powers to shape a restructuring of the companies, withholding further loans if progress toward a turnaround stalled.
A key provision would permit the czar to recommend a bankruptcy restructuring if companies borrowing money fail to obtain the necessary concessions.
When is the last time a “Czar” did anything of note besides starve Russians or die in glorious revolution?
Bailout plan could soon face House vote [Reuters]
Here Are Some Thoughts On Men And Wall Street
Jerk Running Ferry To Fire Island Not Up On The Celebs Of Financial Reform
this is a joke. a private company has to answer to a govt “czar.” i see a new finance czar (not just the bearded man or the chrome dome) in the new future. jesus h christ.
Leave ‘em alone. When you first learned about alliteration and rhyme, I’m sure you strutted around with a mouthful of inane words.
Gee, I guess we’ll have to check with our guy down in Washington if it’s ok to make car xyz.
The best way to defeat the looters, moochers and parasites is never to buy american cars. I know I wont.
Gee, EP, I guess we’ll just have to give the carmakers gazillions of taxpayer dollars with no oversight or accountability in return. Sounds like a great idea!
But who would they actually ordain as a Car Czar…..someone political, like an Andrew Cuomo, or someone Capitalistic, like a Warren Buffet? Or someone totally useless like that cowboy with the hat, Jeb What’s-his-name, currently at the Treasury no doubt doing squat and soon to be gone!
How long before our attention is turned elsewhere and the next “car czar” appointed is someone the big three approves of/pushes for? The next car czar’s role will be protecting the big three from “unfair” competition. You heard it here first.
@1 – they’re hardly a “private” company after they receive billions in taxpayer funds. This is exactly like welfare recipients having to report on their job search, and risk losing funds if they make no progress (you know, that whole “welfare to work” thing you conservatives liked so much when it applied to individuals? works the same with corporations)
5 Actually Jack Welch (sp?) is one of the names being tossed around. I would appoint Mitt Romney – for spite.
I bet a lot of design engineers for the Big 3 hang out at this place:
Business has been unpredictable at the Booby Trap, a strip club on 8 Mile Road in Detroit, general manager Brian Klinec said. “We’re holding our own, let’s put it that way,” he said. “You’ve got your good nights and your bad nights. There are more bad nights. It’s tough. People don’t have disposable income right now.”
How about Ralph Nader? Will annoy the heck out of everyone!
@7: I consider myself conservative, and completely agree. Unlike some of my Republican breathern who act like Democrats when the heat comes, I say let them burn. No bailouts. Never. Under no circumstances. I don’t care if the stock market falls-that’s the risk you take by playing the game. Lose money? Cry me a river. The law of the jungle is there is always someone bigger and better who can, under the right circumstances, come along and improve things.
Bailouts will never improve things. Bailouts only subsidize, reward failure, poor decisions, and make the situation far worse in the future.
Romney would know more about turning around and restructuring a company than a Warren Buffet or a Volcker. The guy made his billions doing exactly that.
I am amazed at the retarded suggestions for ‘Car Czar.’ Mother Teresa might have been a great person but would she make a terrific ‘Car Czar’? Excellence in one field does not mean unquestionable talent and ability in any and every other thing.
Leave Mitt Romney’s name out of the hat. Needs to concentrate on 2012, when the Great Messiah falls after inability to clean up economic shitstorm.
Don’t you mean “idiocracy provision of the decade”?
I assume that the title of this post is not a reference to Robert Drain. Which would really be more than fitting, since it should be Judge Drain that determines this company’s fate and how it reorganizes in chapter 11, not some Pelosi-lackey.
13 Except that he’s reportedly been chastened significantly by surveys that show Americans in general hate Mormons. Not sure that’s gonna be fixed by 2012. He (all of them actually), will still be as weird and culty as ever. But reliable, in a robotty kind of way. Good Commerce Secys, good car tsars, but President, no way.
Car Czar, hum? Can anyone say the words “British Leyland”?
@ 3 & 11
I agree completely. If these scumbags get a nickel of my tax money…it will be the last nickel they get. I’ve never owned a foreign car…now I’ll never own anything but.
Why doesn’t Pelosi leave the companies out of this (considering that the only thing that whore is apparently concerned about is excessive executive pay…which is admittedly a problem) and send the check straight to the UAW. She could even make the “bailout” contingent upon the UAW entering into an agreement to provide a predetermined amount of campaign contributions to her, Harry Reid, and Barney (Fife) Frank.
I’m a Republican and this is arguably the most transparent fleecing of taxpayers for political reasons that I’ve seen. Absolutely ridiculous in so many different ways.