Democrat proposes federal stake in Big Three

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Democrat proposes federal stake in Big Three

Post  Ebinger on Wed Nov 12, 2008 4:12 pm

The "democrat" in question is none other than that financial whiz, Barney Frank:

From AP:
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.

Right out of the Chavez playbook - marxism is here already, after only little over a week.

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Re: Democrat proposes federal stake in Big Three

Post  BillD on Thu Nov 13, 2008 11:08 am

The unions asked for it - and are currently REFUSING ANY concessions to help in their own survival.
They put lead weights around the necks of the auto makers.
And IMO, the auto makers refused to compete in a global market place, bringing this on themselves, outrageous bonuses for failed management policies, parachutes beyond golden (studded with diamonds and other jewels), assuming "if we have problems, we simply tell the gov't we need help to survive".
Let 'em fail. To do otherwise is simply inflating that bubble, putting off the inevitable.
We keep making holes deeper, FDR extended the great depression by pulling such crap.
Let 'em fail, let all others who watch LEARN and SEE - change, adapt, compete, or FAIL.
Otherwise, who is next? where do you stop? Where do you draw the line? What if John Deere needs help? What if WalMart needs help?
Credit card companies are looking at reorganizing themselves to qualify as BANKS - and guess why????

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