Finger-pointing Begins as Senate Nixes Auto Vote

[Uzzy]

Finger-pointing begins as Senate nixes auto vote

WASHINGTON (AP) — A Democratic Congress, unwilling or unable to approve a $25 billion bailout for Detroit's Big Three, appears ready to punt the automakers' fate to a lame-duck Republican president. Caught in the middle of a who-blinks-first standoff are legions of manufacturing firms and auto dealers — and millions of Americans' jobs — after Senate Democrats canceled a showdown vote that had been expected Thursday. President George W. Bush has "no appetite" to act on his own.

U.S. auto companies employ nearly a quarter-million workers, and more than 730,000 other people have jobs producing the materials and parts that go into cars. About 1 million on top of that work in dealerships nationwide. If just one of the auto giants were to go belly up, some estimates put U.S. job losses next year as high as 2.5 million.

"If GM is telling us the truth, they go into bankruptcy and you see a cascade like you have never seen," said Sen. George V. Voinovich, R-Ohio, who was working on one rescue plan Wednesday. "If people want to go home and not do anything, I think that they're going to have that on their hands."

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[MrCritical]

"We didn't know it would collapse the entire country."

Yeah, right.

[TechnoAura]

Uzzy,

I just read this article about 20-minutes before your post. This is one of the TOP reasons why our country is in the shape it is today, bipartisanship . Our government is way too focused on Republican versus Democrat, conservative versus liberal, right versus left. They need to focus on doing what's best for this country instead of trying to prove the other side wrong and making the other side look bad because it adds to their already over inflated egos! As an educator, it's hard to teach my students to become more mature and more "adult-like" when most adults are bigger children and more immature than children.

I will step down from my soap box now.

[mikmak]

Originally Posted by TechnoAura

Uzzy,

I just read this article about 20-minutes before your post. This is one of the TOP reasons why our country is in the shape it is today, bipartisanship . Our government is way too focused on Republican versus Democrat, conservative versus liberal, right versus left. They need to focus on doing what's best for this country instead of trying to prove the other side wrong and making the other side look bad because it adds to their already over inflated egos! As an educator, it's hard to teach my students to become more mature and more "adult-like" when most adults are bigger children and more immature than children.

I will step down from my soap box now.

Don't feel excluded TechnoAura. The whole planet acts this way. State your case through your own strengths, not through the weaknesses of others.

The biggest problem with that is that it is natural to take the easiest path.

[rcworker]

Don't feel excluded TechnoAura. The whole planet acts this way. State your case through your own strengths, not through the weaknesses of others.

Well said mikmak. We here in Canada can relate. Makes it difficult to vote when holding ones nose.

[Chevy Ryan]

GM may as well go ahead and file for chapter 11 now. With their name being drug through the mud over the last couple weeks, I think most potential customers have already ditched any consideration they had for them. How much worse could it get? I bet GM's November sales are way worse than October's. Maybe 100,000?

[91Saturn]

Let's face reality. Absent some sort of miracle, GM will be in Chapter 11 by the end of the year. I just hope that whatever new entity emerges from the wreckage will still be making the Camaro and some of my other favorite vehicles.

[kneedragger]

This is a high stakes game of chicken!

[eb110americana]

Originally Posted by 91Saturn

Let's face reality. Absent some sort of miracle, GM will be in Chapter 11 by the end of the year. I just hope that whatever new entity emerges from the wreckage will still be making the Camaro and some of my other favorite vehicles.

Long live Outlaw Motors!

[Supernoma]

Originally Posted by 91Saturn

Let's face reality. Absent some sort of miracle, GM will be in Chapter 11 by the end of the year. I just hope that whatever new entity emerges from the wreckage will still be making the Camaro and some of my other favorite vehicles.

Cant imagine much will come of chapter 11, perspective buyers will run away in droves.

It looks more like buyout or bust. Morbid curiosity makes me wonder what GM would get if they butchered up.

[kenmi]

DON'T WORRY PEOPLE. I was fit to be tied this afternoon. How depressing. I saw Charley Rose tonight. He had Senator "death to us" Shelby on. I just pressed the mute button whenever he came on. I couldn't stand to hear anymore. But Barney Frank was on and he is an ally. He was VERY SUPPORTIVE. HE HAS BEEN SAYING WHY ARE BLUE COLLAR WORKERS BEING TREATED DIFFERENTLY? DID ANYONE DEMAND THAT AIG'S STAFF WAGES BE CUT? He said bankruptcy is out of the question because in this complete credit shutdown it would just cause a meltdown in the whole country. The suppliers don't want it either because they will just get stiffed.
Then he had some arrogant punk from the E. Coast I presume. He 'looked" like he was 20 years old and he was unbelievably condescending. David Cole was on, a true lover of G.M. and a true expert. He was very patient but finally just told the punk 'where to get off." Cole said you don't know what you are talking about. Come to Detroit and talk to people. Here he is telling a GM expert a bunch of distorted nonsense. The GM allies are weary but I think most people with a brain are starting to agree that in this severe depression we can't risk making the economy worse by letting this get out of hand.
I guess Congress is playing political chicken, but it is too high-stakes a game. Apparently the national Chamber of Commerce is lobbying furiously for its thousands of small business members who will be destroyed by the idiocy emanating from hate union land.
I think the tide is turning. I'm not sure why there is this political posturing. Probably a power struggle between the outgoing and ingoing administrations and the two parties.

[BerettaZ]

Originally Posted by TechnoAura

Uzzy,

I just read this article about 20-minutes before your post. This is one of the TOP reasons why our country is in the shape it is today, bipartisanship . Our government is way too focused on Republican versus Democrat, conservative versus liberal, right versus left. They need to focus on doing what's best for this country instead of trying to prove the other side wrong and making the other side look bad because it adds to their already over inflated egos! As an educator, it's hard to teach my students to become more mature and more "adult-like" when most adults are bigger children and more immature than children.

I will step down from my soap box now.

You hit the nail on the head...very well stated!

[Generous Motors]

Originally Posted by rcworker

Well said mikmak. We here in Canada can relate. Makes it difficult to vote when holding ones nose.

I can relate to the holding of the nose to vote here in the US, and for a few decades.

[stormwatcher]

So it that it? No bailout? For sure?

We could see a Chapter 11 by Xmas, possibly Chrysler.

If there is no bailout, can GM hang on until Obama is sworn in? And could the Democrats get a bailout in place quick enough?

Has the fat lady started to sing??

[LeSabre]

^^ I dunno if the Fatlady started to sing. She might be getting ready to start warming up her vocal cords for singing. :/

Seems to me if Bush is really worried about his presidential legacy, maybe agreeing to bridge loans for the big 3 could help his already dented & tarnished presidency some, maybe alot. *shrugs*