Democrat proposes federal stake in Big Three

[scottm]

Democrat proposes federal stake in Big Three
http://news.yahoo.com/s/ap/20081112/ap_ ... to_bailout

WASHINGTON – A key House Democrat is writing legislation that would send $25 billion in emergency loans to the beleaguered auto industry in exchange for a government ownership stake in the Big Three car companies.

House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid are pressing for quick passage of an auto bailout during a postelection session of Congress that begins Tuesday.

The legislation being drafted by Democratic Rep. Barney Frank, chairman of the Financial Services Committee, would dip into the $700 billion Wall Street rescue money approved by Congress last month for the auto aid. President Bush is cool to that idea, although the White House says he is open to helping the troubled industry.

I'm not sure if this is a good or a bad thing. With a govt ownership stake, I imagine
the govt (read: upcoming Democrat majority) could push even harder for "green" cars
and less of what we've come to know and love... so I'm torn on the issue?

[392heminut]

Bad, bad, BAD idea!

[scottm]

U.S. automakers bailout outlook in doubt
http://www.reuters.com/article/marketsN ... 114?rpc=44

A senior Democratic senator raised doubts on Thursday that an attempt to bail out U.S. automakers had enough support to clear Congress this year.

As Republicans amplified their concerns about a bailout, Senate Banking Committee Chairman Christopher Dodd raised the biggest red flag for fellow Democrats trying to craft a $25 billion rescue and pass it during a post-election session set to start next week.

"Right now, I don't think there are the votes," Dodd of Connecticut told reporters about prospects in the Senate. "I want to be careful of bringing up a proposition that might fail," he said.

[scottm]

Senate will take up $25 billion auto bill Monday
http://news.yahoo.com/s/ap/20081114/ap_ ... to_bailout

A bill to rescue the troubled auto industry with $25 billion in emergency loans inched forward Friday when Majority Leader Harry Reid said the Senate will begin debate Monday and hold a test vote two days later. Supporters scrambled for votes to break an expected filibuster.

They expect to need 12 to 15 GOP votes to attach the measure to a $6 billion bill the House passed in October that would extend jobless benefits. So far, however, they had only one firm commitment, from Sen. George Voinovich of Ohio, a state with several auto plants and manufacturers of auto supplies.

"Right now, I don't think there are the votes" for the auto rescue, Sen. Chris Dodd, D-Conn., chairman of the Senate Banking, Housing and Urban Affairs Committee, said Thursday.

[George]

Sounds like it'll fit right in with the new socialist admin that has been voted in. Libertarian radio talk show host Neal Boortz has an idea. Instead of giving the money to the car companies, give the people checks that can only be spent on a new car made in the US or a US brand. that way the Free Market would work, to an extent, and the most popular cars get bought or rejected by the consumer vs the Govt just handing it out. I'd like a check big enough to buy a Challenger!

[scottm]

An update in progress...

Senators announce deal on auto industry aid
http://www.breitbart.com/article.php?id ... _article=1

A bipartisan group of senators thrashed out a deal to rescue the ailing "Big Three" US automakers on Thursday after a week-long political showdown of the crisis-hit industry, Democratic aides said.

But it was unclear whether the agreement, which was reached between senators from big states with ties from the once-mighty industry would produce a vote on the US Senate floor, or had enough support in the chamber to pass.