WASHINGTON – With Congress gridlocked and the economy floundering, the Bush administration declared Friday it would step in to prevent the "precipitous collapse" of the U.S. auto industry and the disastrous loss of hundreds of thousands of jobs sure to follow.
A day after the sudden demise of rescue legislation in Congress, carmakers were talking with the administration and the Federal Reserve about how they could still get the billions of dollars they say they need to survive. The talks included conditions that automakers would have to meet, said GM spokesman Greg Martin.
The administration said no decisions had been made on the size or duration of the new bailout plan, or what type of concessions might be demanded from the struggling automakers, their workers, stockholders or others.
In a reversal, the most likely rescue option under consideration involved billions of dollars originally ticketed for the bailout of the financial industry. President George W. Bush had earlier declared that money off-limits to the beleaguered automakers.
continued@ http://news.yahoo.com/s/ap/20081213/ap_on_go_pr_wh/meltdown_autos
[I see what is going on here...why the Republicans are stonewalling the auto bail out.
It is clear to me once the auto trade is bankrupt, it gives Republican shareholders the "green light" to ship the American auto industry overseas (where the new owners/ shareholders of these companies can reap all the rewards: cheap labor and selling cars at American price) or am i wrong? Maybe.
I am so sick and tired of special interest groups greed! Greed is the reason why our country is in recession. Greed is why our country comes second next to Russia (Russia pools their funds into technology and America is about me, myself and I individually speaking) Greed is why we have lost respect around the world. Greed is why the war on terror has become so popular (with shareholders)
It is time we stop the greed and replace it with spreading the wealth. I am not talking about taking money from business owners and just giving it away. #1 I am talking about placing a cap on shareholders assets; only allow no more then 20% per 5 companies, per one individual, or group. But most importantly, placing a cap on labor union wage. Wage is not "point of no return" it is limited.
How would the union feel, if employer demanded the union pay a certan amount before the employee can work. Rent out a booth to work, as in independent contractor status? I bet the union wouldn't like that! So may be now the union understands what the employer is going through?
Unions expect companies to pay a certain wage and if they dont, the union orders employees to strike causing huge loses to the company. Company is then forced to accept what the union wants, or continue to suffer.
Question is; "why are unions ordering these companies around? If it was not for the hard earned work of the owner; Investing his/her own money into the company, working long hours taking time away from family etc.-- the employee wouldnt have a job, let alone be able to pay union dues. Now, this isn't to say employees have not contributed to the employers wealth (because they have to a degree) I am saying employers deserve more of the reward then employees do, being that it was employers idea, and or funds that started the company in the first place. Unions are forcing employers to pay employees for ideas they did not create.
How would employee feel if employer demanded employees life savings ? Why should the employee give the employer his/her life savings when it was the employee who earned it? Do you see what I am getting at here?
Instead of the union forcing companies to do what they want, it is time to put a cap on what Unions can do. It is my opinion, unions are just as responsible for the recession as anyone else. Are so when they are motivated by greed; "Me, myself and I.... and to hell with the employers life savings and or sacrifices that he/she made to make what the company is today." Union motto.
I highly doubt union workers will end up on the poor street if wages are capped. If wages are capped, it allows employers to create more jobs for people who really need them.
Do you see.. Unions contibute to sky rocketing unemployment rate. Why do we support something that deprives the general population of jobs? Doesn't make sense. Does it? No it does not!
Union is one big special interest group and that is all it is-]
Kade and Josh
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