Thursday, September 18, 2008

Big Three Auto Makers Next in Line For Bailout

Where is YOUR BAILOUT, American?

"Big Three execs to meet with Pelosi

The Big Three’s chief executive officers will meet with House Speaker Nancy Pelosi (D-Calif.) on Wednesday afternoon to press for her support for $25 billion in direct loans for the auto industry.

Congress authorized the loans in last year’s energy bill.

Ford, General Motors and Chrysler cannot access the loans without an appropriation from Congress. The appropriation would cover any possible defaults on the loans by the Big Three.

One possible vehicle for the funding would be the continuing resolution that would allow the government to keep operating. Pelosi has also mentioned a second economic stimulus bill that Democrats are touting as an option.

The auto companies are fighting perceptions that the funding would represent a bailout by arguing that Congress already authorized the loans. They also argue that the funding serves a national interest by helping to wean the U.S. off foreign sources of oil, since less foreign oil would be needed if more Americans could drive more fuel-efficient vehicles.



Yeah, LOOTING the TAXPAYERS serves the national interest!!!


Pelosi has signaled some support, but has said a figure for the funding must still be determined. The White House has not signed off on the funding, but both presidential candidates have offered support for funding that would likely be popular in several swing states, including Michigan and Ohio.

White House spokesman Tony Fratto on Friday urged caution.

“Obviously, we want to be very, very careful about the government’s role with private enterprise out there,” he said. “There are lots of industries that are dealing with challenging economic conditions, and it’s always important to be very cautious about the federal government’s role.”

This from the government that has bailed out and taken over four corporations already -- to the tune of hundreds of BILLIONS of dollars?

Oh, the STENCH of HYPOCRISY just made me puke!!!!