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Alright Barack just went too far....
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| gehzumteufel |
| quote: | Obama pledges support to get aid for Detroit 3
Mich. Dems push for $4-billion plan
BY JUSTIN HYDE • FREE PRESS WASHINGTON STAFF • July 19, 2008
WASHINGTON -- Michigan's congressional Democrats are pushing for $4 billion in aid to the U.S. auto industry as part of a second economic stimulus bill, one that Sen. Barack Obama endorsed to UAW workers Friday.
While Republican presidential contender Sen. John McCain held a town hall talk in Warren focusing on the industry, Obama pledged support for low-interest loans to automakers, saying, "America cannot truly prosper unless Michigan prospers."
"By providing tax credits and loan guarantees for our automakers and by expanding consumer tax incentives for ultraefficient vehicles, I will provide real solutions necessary to help this industry compete and win in the global economy," Obama said in the letter to UAW members released by his campaign.
Obama and other congressional Democrats have said they would push for a second stimulus plan in September that could reach $50 billion, an idea that the Bush administration has not favored so far.
In a letter to Senate Majority Leader Harry Reid, Michigan's two Democratic senators urged Reid to include $3.75 billion in funding for loans, which could provide up to $25 billion that automakers and parts suppliers could use for revamping old factories and engineering new models. The loans would be made directly from the U.S. Treasury to automakers at below-market interest rates. The funding would cover the government's borrowing costs.
Sens. Debbie Stabenow and Carl Levin also asked Reid to include $250 million for research into advanced batteries.
McCain opposes the loan program, as his campaign says his proposals -- a $5,000 consumer tax credit for buying efficient vehicles, a $300-million prize for electric vehicle batteries and strict goals for building flexible-fuel models -- would accomplish the same thing.
The UAW, which has endorsed Obama, has pushed the loan program for some time as a way to give Detroit automakers aid without the specter of a government bailout. Last year's energy bill authorized the loans, but provided no funding for them after Republicans blocked a tax measure that would have paid for the program.
Automakers have been lukewarm to the idea in the past, but as all three face the worst market in decades, they've warmed to the idea.
U.S. Rep. John Dingell, D-Mich., said Friday he would work with Obama and other Democrats "to see to it something of this kind is included in the economic stimulus package."
"The prospects for this are getting better as the economic news gets worse," Dingell said. |
Source
c0r version: Barack supports bailing out the automakers with our money.
While I see this as something that could actually help the economy in a small few ways, I am not a fan of this at all. It is just shouldering more debt on the US tax payers that we can't afford. We need to stop this kind of . |
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| Krypton |
| Under the current administration, over $100 billion has been used for things such as the Bear Sterns bailout, and now the $25 billion Freddie Mac and Fannie Mae bailouts. $4 billion low interest loans to GM, Ford, and Chrysler? Hardly a drop in the bucket. And I would think the loans would be repaid with interest. |
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| gehzumteufel |
| quote: | Originally posted by Krypton
Under the current administration, over $100 billion has been used for things such as the Bear Sterns bailout, and now the $25 billion Freddie Mac and Fannie Mae bailouts. $4 billion low interest loans to GM, Ford, and Chrysler? Hardly a drop in the bucket. And I would think the loans would be repaid with interest. |
Bailing out Bear Stearns and Fannie and Freddie are not only necessary but they are imminently dangerous if we did not. Why?? Fannie and Freddie are the 2 largest lenders in the US and if we allowed them to fail, we would have an even worse market collapse than the great depression. Bear Stearns, being one of the largest investment banks in the US, collapsing and faltering on all would have just sank us even further. Seriously, those are necessary. Bailing out GM and potentially Ford, is not. |
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| MrJiveBoJingles |
Subsidizing economic inefficiency = fail.
Obama is probably smart enough to understand the foolishness of artificially allocating funds to failing companies, so I assume he's just pandering with this kind of talk. |
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| Zoso |
| Let's just bring on the Socialism and get it over with already. The people are clearly begging for it. No one wants to be responsible for his/her own self/family any more. The government should do ______ and take care of _______ for me. Waaaaah, waaaaaah, waaaaaaah. Entitlements for everyone! |
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| nchs09 |
I am glad i am getting out of this country  |
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| The17sss |
Bailoutpalooza!!! If my business s up and goes in the tank, I'm calling Barack for some assistance! The great healer will bring me salvation! :stongue:
Edit: Slippery slope, here we come |
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| Clovis |
| quote: | Originally posted by MrJiveBoJingles
Subsidizing economic inefficiency = fail.
Obama is probably smart enough to understand the foolishness of artificially allocating funds to failing companies, so I assume he's just pandering with this kind of talk. |
He needs those auto-worker votes in places like Michigan. Smart move imo. He can flip flop all he wants until he's elected imo. |
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| gehzumteufel |
| quote: | Originally posted by MrJiveBoJingles
Subsidizing economic inefficiency = fail.
Obama is probably smart enough to understand the foolishness of artificially allocating funds to failing companies, so I assume he's just pandering with this kind of talk. |
We will see. I really hope that is the case, but it is hard to tell.
| quote: | Originally posted by Zoso
Let's just bring on the Socialism and get it over with already. The people are clearly begging for it. No one wants to be responsible for his/her own self/family any more. The government should do ______ and take care of _______ for me. Waaaaah, waaaaaah, waaaaaaah. Entitlements for everyone! |
lol yeah. ing stupid. |
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| MrJiveBoJingles |
| By the way, Bear Stearns failed in spite of the attempted "bailout" and was sold off to JP Morgan Chase. |
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