Auto Loan Agreement Reached Edit: In Senate Just saw on CNBC, link to follow edit: has to be approved
Finally, I got a loan to buy my new car! I swear, it took a freakin' act of Congress to get it through.
link Senators reach bipartisan deal to aid U.S. automakers A group of U.S. senators has reached a bipartisan agreement on aiding U.S. automakers, said an aide to Democratic Senator Carl Levin of Michigan. No details are available, Levin aide Tara Andringa said in an e-mail. Levin and colleagues Debbie Stabenow, a Michigan Democrat; George Voinovich, an Ohio Republican; and Kit Bond, a Missouri Republican, scheduled an afternoon news conference in Washington. Congressional leaders haven't said whether they support the plan, and both houses could run out of time to enact legislation with a lame-duck session due to wrap up tomorrow. Senate Majority Leader Harry Reid yesterday refused to schedule floor time to debate a possible Bond compromise plan, though he said today Congress might return in December to finish its work. "The desire is we complete all of our actions until we come back on Jan. 6, but that may not be possible," the Nevada Democrat said. "It may be necessary that we come back after Thanksgiving."
How dumb is it that they have to get this done by tomorrow because they are breaking for a vacation? Can you imagine telling your boss that a huge time sensitive project will have to be put on hold because you are breaking for the rest of the year? In regards to the bailout, if it is anything aside from letting the auto companies access the $25B loan they were already given, I will be very disappointed.
Hey come on. It's only multiple tens of billions of taxpayer dollars, not some important thing. Even if the 98% of the country is outraged, 90% of the incumbents will still retain their seats. What's to lose? This is our capitalism. Keep that in mind. This is our capitalism.
I'm really uneasy with the government's decision to throw around money this fall like a college kid with his first credit card. Obscenely reckless spending. We're going to cure our fiscal irresponsibility of the last 3 decades by writing more checks from our overdrawn account. Genius. Why do our elected officials feel all this should happen behind closed doors with no information given to the public? Here Paulson, feel free to spend the $700T however you want, even if it's a complete change from what we stipulated. Here Auto industry, have some more loans you won't pay back once you go Chapter 11 on us in the spring. The taxpayers won't notice it's gone. This government is completely out of control at this point.
It sucks but what do you think will happen if they do not bail out these guys? I hope going forward, there will be lots more oversee and regulations BEFORE ***** hit the fan. Trouble is the country, the people still think a free/ unregulated capitalist economy is the way to go. Like the Titanic, everything was so wonderful until it went under.
They will file for Chapter 11, go bankrupt, get out of the horrible union contracts they are in, and then have an actual chance of making money in the future instead of gushing cash daily.
Its like a Pixie stick for a 5 year old. They'll be happy and jumping around but that sugar rush will fade and they will need more to keep that energy. The parent having already given in will do so again while they should have had the child learn to eat healthy in the first place.
The same thing that will still happen in about 6 to 8 months. If this was a simple bailout, it was no better than setting the cash on fire.
They didn't even show up at meeting with a plan in hand. They just said. . . GIMMIE THE MONEY What are we gonna use it on??? uhmmm. . uhmm. . .improvements What kind?? . . . uhhmmm uuhhmmm . . .major ones . .can we have the money now SURE HAVE ALL YA WANT . . i mean u making MAJOR IMPROVEMENTs .. why not Rocket River
Vote cancelled. Delayed until next month in hopes the auto exces can actually show how the money would actually be helpful.
haha, that's the same thing my boss said, just take the money you have in your wallet and set it on fire
