Tag Archives: bailout
Rep. Michelle Bachman (R-MN-Crazy Town) once again makes a name for herself for being crazy crazy crazy. Watch the clip above and realize that any University undergrad has a better understanding of the American Constitution and the power of the Federal Government in times of crisis. She is dumb. If the Republican Party insists on being the party of blind opposition and ignorance they will never emerge from the “wilderness” Tom Delay, Dick Cheney, and Karl Rove rammed their party into in the last eight years.
She is dumb.
Here is Bachman commenting on the Cap and Trade proposal (which the Republicans have branded an energy tax):
â€œI want people in Minnesota armed and dangerous on this issue of the energy tax because we need to fight back. Thomas Jefferson told us â€˜having a revolution every now and then is a good thing,â€™ and the people â€“ we the people â€“ are going to have to fight back hard if weâ€™re not going to lose our country. And I think this has the potential of changing the dynamic of freedom forever in the United States.â€
There is a difference between being hte LOYAL opposition and just being in opposition. Historically, the opposition is still loyal to the nation and occupies a place to keep the majority party in place. Bachman is intent on ruining Obamas program and any chance for success since the Republican Pary refuses to put forward any comprehensive alternatives to Obama’s plan.
Michelle Bachman is a dumb person. There. I said it.
Sometimes it feels like everything we ever knew is falling apart. When I was younger, my mom always assured me that the US was the best country to live in, that we were so powerful and so prosperous and so free. But as I got older and started learning more about the world around me in light of the war and economy over these past years I started to doubt my mother’s beliefs. The outlook for our entire situation is looking better, but it still frightens me. And sometimes I forget that it’s not just us. Every part of the world is enduring something similar.
+France just promised a â‚¬6.5 billion euro loan to their (similarly) hurting auto industry. The money is being split up amongÂ PSA Peugeot CitroÃ«n, Renault and Renault Trucks.Â
+Italy announced a $1.7 billion bailout package for it’s auto industry last week saying that it faced losing 60,000 jobs otherwise.
+Britain is loaning $1.9 billion to it’s auto industry as well despite most of their manufacturers being foreign owned they employ a significant number of Brits. And British company Bentley will cut all salaries by 10%.
+Even in Asia, Nissan has announced it will be cutting 20,000 jobs.
This is amazing, even if it makes fun of Alan Greenspan and I found it on Greg Mankiw’s blog.
I think I actually might understand a little bit about the bailout now…
“Ride along with your drivers, Secretary of the Treasury Henry Paulson and Federal Reserve Chief Ben Bernanke, as they drive a dump truck of cash down Wall Street and bail out the banks in need to help, but be careful; some banks only want to spend taxpayer dollars!”
Think you can effectively dole out that bailout money and save the United States economy? Go play The Bailout Game, now. (It’s pretty cool, believe it or not.)
The White House announced today that President Bush will ask Congress to release the still unapproved half of the $700 billion bailout package from last fall. Â He was apparently asked to request the funds by President-elect Obama, which could help Obama avoid having to do so himself as he tries to push through his stimulus package.
While it remains to be seen how exactly the money will be used, there are a number of proposals in Congress that would dictate how the money would be spent. Â Rep. Barney Frank (D-MA) has created a bill requesting that $40B be set aside to help prevent home foreclosures. Â While proposals like that will likely make it more palatable for lawmakers on the fence, the Senate could still block the money, forcing a veto, and an attempt to override that veto would likely not occur until Obama takes office next Tuesday, further complicating matters for the President-elect.
From the NYTimes
Also at NYT: AÂ great chart showing how every dollar of the first $350B was spent, from the $50 billion given to Citigroup all the way down to the $1.5 million given to Saigon National Bank in California (and of local interest:Â $361 million for TCF Bank).
Apparently the Senate rejected the auto bailout 52-35 on a procedural vote. Here is the NYTimes article. So what now? Discuss!
According to a breaking news NY Times article our long term fears have a short term solution. A rescue plan will be given to the big 3 and congress will vote on it next week. The details available about the bailout are not available yet. However, it has been disclosed that most of the money will come from a $25 billion fund we had for developing fuel efficient cars and it will be given in short term loans until Jan 20th when Obama can help more. (more…)
Pleads with Congress…
The Detroit Free Press is taking the unprecedented step of writing an editorial and personally sending it to members of Congress. The Freep has been writing about the auto industry since the beginning of Ford/GM/Chrysler and today it speaks out to help save that industry.
IN the impassioned editorial the Detroit Free Press reminds us that:
Because the losses from an auto industry failure are about more than dry statistics. Every job associated with the industry is a family, a home, a college education, a cancer treatment or a secure retirement. Every one of those jobs is about someone making a living doing work that’s vital to the nation’s economic interests.
This crisis is beyond just a simple calculation. Commentators, politicians, and ideologues love bash to the auto industry on pure statistical reasoning, but it is essential to remember that each one of those numbers represents a human story, Probably, a human story that has connections to many of you reading this blog.
The Free Press article addresses the fact that the auto industry has been wrong in the past:
Let’s stop using the word bailout.Â It implies that the taxpayer is giving the Big Three a gift.Â It’s not a gift.Â It’s a loan.Â It’s a loan that will be payed back with interest, a loan that the companies would be able to get from other sources if the credit functions were functioning.Â Chrysler sought loans before and paid them back early with a $336 million dollar profit for the taxpayers.Â Language matters in the framing of a debate – things like “death tax” and “partial-birth abortion” are misleading phrases created by the right that have become part of the general vernacular.Â The same shouldn’t happen to bailout.
Credit to the Detroit Free Press
From the Associated Press,
After being skewered by Congress and lampooned on NBC‘s “Saturday Night Live,” the CEOs of Detroit’s three automakers may end up making their return trip to Washington by car as they seek a federal bailout.
They should’ve figured this out the first time.