Friday, November 21, 2008

The Bailout That Wasn't?



From an e-mail received from Senator Carl Levin - "Supporting the Auto Industry"

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: [http://levin.senate.gov/newsroom/release.cfm?id=305099]. 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


In response to the Honorable Senator Carl Levin, we said: So much ballyhoo has been made of this by Congress that they should be ashamed of themselves - excepting yourself, of course.

The idea that Congress should not support these companies while continuing to support failed wars overseas is beyond belief. How many trillions of dollars has Congress wasted on these failed battles - not to say that the Bush administration has major responsibility for these failed wars? Where is the Bush administration support of these automakers anyway?

To think that we support these war efforts and not support our troubled domestic economy is just reprehensible. (We see a very strong link between the performance of our automakers and our economy.)

Our Congress (and our nation) seems to have forgotten that these automakers provided us with invaluable aid during our previous war efforts. Look at the tank production and other material produced in Michigan for WWII. Yet no one seems ready to acknowledge that.

Congress's failure to support these troubled companies is despicable. I only hope you can give them a piece of my mind and that of others.

Thank you so much.

Again, we'd like to say thank you to Senator Levin for his support and to our domestic automakers who supported us during our war efforts. They provided us with invaluable material for the victory, lest we forget. Except, the much discussed $ 25Bn doesn't even seem to be enough to cover their losses. We had best offer them $ 150Bn - at least. If the domestic automakers do survive, and we find ourselves in a major war with powers that will have dominated the world in a matter of decades, they will be on their hands and knees begging for their support. Unfortunately, Congress has now gone on holiday recess. Thanks guys!!!

We also did see the video of Sarah Palin talking while turkeys were being slaughtered behind her. We found it deeply troubling and darkly humorous.




http://news.bbc.co.uk/2/hi/business/7741463.stm

Weeks After Gov't Billions, Banks Still Suffer

http://blogs.abcnews.com/moneybeat/2008/11/abc-news-alice.html

Psychic's Economic Predictions

http://abcnews.go.com/Video/playerIndex?id=6301358

Fannie, Freddie Halting Foreclosures

http://abcnews.go.com/Business/Economy/wireStory?id=6301049

CNET: Obama's Cell Records Improperly Accessed

http://www.cbsnews.com/stories/2008/11/21/link/main4623048.shtml

GM to return two leased jets amid criticism

http://www.newsdaily.com/stories/tre4ak5eg-us-gm-jets/

Aid For Carmakers Stalls; Now What?

http://www.cbsnews.com/stories/2008/11/21/business/main4622988.shtml

Layoff Domino Effect: Is Your Job at Risk?

http://abcnews.go.com/Business/SmallBiz/story?id=6299989&page=1

Turkeys killed as Palin addresses media

http://www.msnbc.msn.com/id/27841028/

Meleagris

http://en.wikipedia.org/wiki/Turkey_(bird)

US justice boss faints during speech

http://news.bbc.co.uk/2/hi/americas/7742430.stm

Michael Mukasey

http://en.wikipedia.org/wiki/Mukasey

How states got cozy with Big Tobacco

http://redtape.msnbc.com/2008/11/ten-years-later.html

Islamists on trail of Somali pirates

http://www.newsdaily.com/stories/ll195510-us-somalia-conflict/

Shipper owner: Militaries must confront pirates

http://www.msnbc.msn.com/id/27840003/

Ex-crime chief arrested in Mexico




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