Auto Bailout "Compromise" Reached, By Which We Mean Bailout Supporters Win

I didn't understand the dispute over whether the already approved (and already spendthrift) $25 billion in loans to create more energy efficient vehicles should be used for the bailout, versus carving out $25 billion from the TARP bailout. Wasn't it $25 billion either way?

Well, no, Ed Morrissey explains. The bailout promoters wanted both that $25 billion in energy-efficiency-promoting loans and a fresh $25 billion in new loans for a sweet, sweet $50 billion haul.

So, we "won" -- they won't have their fresh $25 billion in loans, but they get the $25 billion already authorized, which will be "restructured," i.e., turned into a general slush fund for any purpose.

Yayyyy....?

Posted by: Ace at 02:11 PM

Comments

1 Beyond comprehension...I read some post yesterday (RED STATE) that the rank and file auto worker makes a 100K. The bad news just keeps on coming...

Posted by: Winston at November 20, 2008 02:14 PM (FggW0)

2 Compromise and "bicameralship" are ours for the next four years. Senate liberals compromising with House liberals to do the People's work.

Posted by: seyont at November 20, 2008 02:15 PM (FcR7P)

3 Yes if you add up total compensation the effective hourly wage for these UAW guys is something like $75/hr. That's well into the six-figure range.

Posted by: chemjeff at November 20, 2008 02:17 PM (wy+AE)

4 There is no end in sight if you give them a trough...gluttons.

Posted by: mcnorma at November 20, 2008 02:18 PM (B+ZXt)

Is anyone watching this news conference? What a bunch of baffoons...

Pelosi:

"Until they show us a plan, we can't show them the money"

Are you kidding me? Jerry McGuire from the freaking House Speaker? On a critical issue for the economy?

What a bunch of idiots.

And, as an added bonus, Frank and Dodd wil decide in December? The guys who made sure Fannie/Freddie destroyed our economy and would not be fixed?

I can't believe America is going to fall for this garbage.

Posted by: geoff - anti-Harkonnen freedom fighter at November 20, 2008 02:18 PM (5r0Tz)

6 This is not a done deal. Kit Bond, R-Mo is joining the Dems for a “bi-partisan” reach-around” for the auto bailout.http://tinyurl.com/632lvc

Somebody else that needs to be purged.

But there has been no vote and it looks like only one R has joined the circle jerk.

Posted by: Vic at November 20, 2008 02:19 PM (Qd7GC)

7 And I wrote a post on this the other day - we already TRIED the whole "give the car makers money to build energy efficient vehicles" schtick. It was called PNGV. It was a massive waste of money and a complete failure. So let me predict here what is going to happen.

1. They get the loan/slush fund.
2. They burn through it really quick.
3. They come back for more money.

Posted by: chemjeff at November 20, 2008 02:20 PM (wy+AE)

8 Half a loaf?

Posted by: Dudley Smith at November 20, 2008 02:21 PM (0S8Xt)

9 The insane part is that folks in Michigan keep electing these morons. How? And the GOP should let the BIG THREE fail...We're NEVER going to win Michigan so they should just let it go.

Posted by: Winston at November 20, 2008 02:22 PM (FggW0)

10 Of course they’ll bail them out, they owe the unions big time for all the votes they drummed up. Anybody that believes they have even the slightest influence on anything this corrupt government does is either smoking rope or hopelessly naive.

Posted by: rplat at November 20, 2008 02:22 PM (Qrnps)

11 So, we "won" -- they won't have their fresh $25 billion in loans, but they get the $25 billion already authorized, which will be "restructured," i.e., turned into a general slush fund for any purpose.

And then when this runs out and they are still broke (because their fucking business model is shit!) they'll come back and President Obama will do what? Tell unions to fuck off? HA!

Consider this a down payment only. My guess is that's how the CEOs and the unions are looking at it.

Posted by: DrewM. at November 20, 2008 02:23 PM (hlYel)

12 Wow. Of all the idiot reasons to loan someone $25 billion, the ridiculous media-spawned, politician-dittoed fictional mantra that Detroit's problems are because their cars aren't fuel-efficient enough has got to be near the top.

Posted by: Waterhouse at November 20, 2008 02:23 PM (Fcs3T)

13 Pelosi is so far out of her depth, this is truly frightening to watch this news conference. A preview of the next four yeras....truly frightening.

Posted by: geoff - anti-Harkonnen freedom fighter at November 20, 2008 02:23 PM (5r0Tz)

14 I wouldn't mind it so much if Congress could somehow amend union contract in the process. Unfortunately with this and the next congress that amendment would probably require more job banks! David

Posted by: LifeTrek at November 20, 2008 02:24 PM (tJTIW)

15 Yeah I am a little surprised that Kit Bond is doing this. I always thought of him as a more solid R than this.

Posted by: chemjeff at November 20, 2008 02:26 PM (wy+AE)

Water,

No doubt, the command and control CAFE standards are and will continue to cost Detroit billions....it is truly frightening to see this trash pass as knowledge.

And now, the biggest moron on them all, Frank, has stepped in to the news conference.

And all he has to say is 700 billion bailout means that the union should get their money.

What a fucking moron.

Posted by: geoff - anti-Harkonnen freedom fighter at November 20, 2008 02:26 PM (5r0Tz)

17 What's worse is that Kit Bond is up for re-election in 2010. So here's yet another R that we will be forced to defend despite his transgressions if we want to keep that seat.

Posted by: chemjeff at November 20, 2008 02:26 PM (wy+AE)

18 Great, Yugos for everyone! Only we'll call them Unicorngos. Barney Frank, automotive design engineer; yeah that'll work great.

Posted by: Larsen E. Whipsnade at November 20, 2008 02:29 PM (6BgmB)

19 Vic @ 6: No, it's also Voinovich, the squish R from Ohio. Now THERE's a guy who should be purged. He's the guy who single-handedly held up Bolton from becoming permanent UN Ambassador. Dork.

Posted by: chemjeff at November 20, 2008 02:30 PM (wy+AE)

Posted by: Magycian at November 20, 2008 02:31 PM (JNoMT)

21 Hmm so the Corner seems to think that Pelosi has rejected the bipartisan plan. Good news yet.

Posted by: chemjeff at November 20, 2008 02:35 PM (wy+AE)

22 You're right, I didn't read down that far. Yes, purge him.

Posted by: Vic at November 20, 2008 02:37 PM (Qd7GC)

23 15 Yeah I am a little surprised that Kit Bond is doing this. I always thought of him as a more solid R than this. Call his office and complain...............202-224-5721

These assholes have got to be stopped. The Repubs that keep going back to the trough with the Dems........Bullshit !!!!!

Posted by: ironman at November 20, 2008 02:44 PM (XWJh5)

24 You're so right, Ace. The Dems control pretty much everything. They shoved this down the Republicans throats. Calling it a compromise is not only a lie; but, attaches co-responsibility to the Republicans when it fails down the road.

Posted by: FreakyBoy at November 20, 2008 02:46 PM (4s1it)

25 19 Vic @ 6: No, it's also Voinovich, the squish R from Ohio. Now THERE's a guy who should be purged. He's the guy who single-handedly held up Bolton from becoming permanent UN Ambassador. Dork.
Voinovich 202-224-3353 Call the asshole's office and complain.

Posted by: ironman at November 20, 2008 02:46 PM (XWJh5)

26 "compromise" just means you'll get a bit of reach around. The main event remains the same.

Posted by: Purple Avenger at November 20, 2008 02:53 PM (OqXyp)

Now Congress demands to see a plan from the automakers before handing over a bailout. Yes please, show us a plan we both know you won't follow. That way congress can justify giving you money you won't use as pr4esented without people blaming them when you actually squander the money on union benefits.

End run around this phony bailout

Posted by: Sue em joe at November 20, 2008 02:56 PM (B/Y39)

28 They should just follow the Paulson model and submit a 1 page business plan.

Posted by: Winston at November 20, 2008 03:01 PM (FggW0)

29 Flying off into the sunset in their corporate jets !!!!!! Fuled up with our tax dollars !!!!!

Posted by: ironman at November 20, 2008 03:02 PM (XWJh5)

Well, now that I'm a compulsory member of GM/Ford's leadership, I'd like to go ahead and put in my order for a company car: A blue Corvette ZR-1. Thanks.

And, ah...if anyone knows whose office I should send this too, I'd really appreciate it. I guess I'm just a little confused. I mean, I don't know if I should send it to the CFO's office, straight to Bernanke/Paulson, or if I should go directly through Pelosi/Reid. Any guesses?

Posted by: shank at November 20, 2008 03:03 PM (+H1yK)

31 I thought all cars were energy efficient. That's why it's easier to drive than walk.

Posted by: Michael at November 20, 2008 03:27 PM (siOQ7)

32 At around 1:30, one of the ninny-coms at NRO was cooing about how the stock market was rising at the report that the bailout was going through. Well, it's down about 250 points right now - every time some brilliant new "solution" comes out of the government, things get a little worse.

Posted by: Dr Mabuse at November 20, 2008 03:28 PM (AVYqB)

33 I'll never buy another American car. This whole automaker bailout is simply a payout from the American taxpayer to the UAW. Congress is basically robbing us and future generations to keep their power base happy. The car companies aren't viable. Why not declare bankruptcy and restructure?

Posted by: kefka at November 20, 2008 03:29 PM (fKivs)

34 So we're adding two names to the replacement list. Bond and Voinovich.

Anyone in these states have any ideas for potential replacements? I say fuck defending these assholes in 2010. Let's get started now on finding replacements. And if you know anyone in the State party, let them know you won't be donating a dime if these are the "conservatives" they plan to support.

Posted by: Mob at November 20, 2008 03:35 PM (f+cPk)

35 shank @ 30: Send it to Barney Frank's office. One of his "assistants" will know exactly what to do with it.

Posted by: chemjeff at November 20, 2008 03:41 PM (wy+AE)

36 The big three actually had a bad week in Washington. It looked like they were heading towards another 25B handshake - and they got denied and lost their man Dingell.

Their stock should drop 10% on the news that Waxman is taking over the Energy and Commerce Committee.

Posted by: Jean at November 20, 2008 03:44 PM (HVRSA)

How about we stop whining about it and agree to never buy U.S. autos again? All we're doing is subsidizing the same assholes who gave us Obama.

I have a Jeep and a Chevy Malibu.

Next one is a Hyundai or Honda. Fuck 'em. Never again, assholes.

Posted by: Warden at November 20, 2008 04:00 PM (QoR4a)

38 #33: ...This whole automaker bailout is simply a payoutoff from the American taxpayer to the UAW...

FTFY

Prediction: They will come to the well and get money twice, AND they will go Chapter 11. If they go Chap 11 last then they'll come for money a 3rd time.

Posted by: Mike Wilson at November 20, 2008 04:25 PM (WvTge)

39 This has already been covered here in the comments, but seriously, we are paying our tax dollars to pay these clowns and yet we STILL HAVE TO PAY FOR THE CAR!!! We're getting done on both ends. Isn't this double taxation? I'm with you kefka, never buy an American brand again. I have a feeling we won't be the only ones.

Posted by: Alex at November 20, 2008 04:28 PM (Tr7vq)

How does it feel to buy a car or 2, one that you will never see in your driveway, or never get to drive?

And how does it feel to put money in banks that you will never have access to spend on yourself? Or the houses you must pay for but never get to live in.

Keep bailing out these companies to buy more things you will never get to have for yourself. That is the way we are headed unless someone gets their head out of their a** and say enough is enough. Succeed or fail on your own.

Posted by: Fred hailar at November 20, 2008 04:38 PM (5ayok)

41 My asshole, Obama-supporting MBA professors earn 200K for a 4-day a week job, so maybe 100K isn't all that out of whack for an auto worker.

But this isn't fair to the good people at Hudson, Studebaker, or AMC--they produced quality vehicles that could survive a 30mph collision. How did the nation survive the loss of these giants of the car industry?

Posted by: Big Fat Meanie at November 20, 2008 05:36 PM (n2eCn)

42 This is ridiculous. The illuminati unions have destroyed these companies which were also flawed in their own right. Now because of their whining we are responsible for making sure that a failing system is perpetuated? Did i miss something here or did "fail" just become good?

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