White House: No immediate deal on auto loans

[IsItJustMe]

Source: AP

WASHINGTON – The Bush administration tossed out no lifeline for the teetering auto industry Sunday and a Republican who blocked $14 billion in loans said it appeared the White House hadn't decided what to do.

With President George W. Bush on an unannounced trip to Iraq, White House officials said they did not expected to make an announcement either Sunday or Monday.

The administration is considering ways to provide emergency aid to General Motors Corp. and Chrysler LLC, which have said they could run out of cash within weeks without federal aid.

Sen. Bob Corker, R-Tenn., said he spoke with the White House early Sunday. "I don't think they yet know what they're going to do," he said. Ron Gettelfinger, the president of the United Auto Workers, said the union had not held discussions with the White House....


.....The administration has several options. It could tap the $700 billion financial rescue bailout fund to provide loans to the carmakers or use part of that fund as a kind of collateral for emergency loans the automakers could get from the Federal Reserve.

The administration also could do nothing, leaving open the possibility that one or more of the automakers could go bankrupt. But the White House has warned a collapse of the auto industry would severely hurt the economy.





Read more: http://news.yahoo.com/s/ap/20081214/ap_on_go_pr_wh/meltdown_autos

---

I have heard some analysis say that it might already be too late for this loan to even help. It boggles my mind of why Bush is dragging his feet on this. Could it be just some sick game the Republicans are playing with the American based Unionized auto industry?

[Merlot]

1. Union busting. Simple as that.

[uppityperson]

2. I am so not amused by the headers of "WH to save automakers" when it is the repubs who

are happy to give some buddies money, but not others unless they bust up the unions. Black is white. War is peace. etc

[TomClash]

3. A las barricadas nt

[IndianaGreen]

4. Bush has time to visit Iraq, America's Waterloo, but...

he has no time to save the American auto industry.

[truthisfreedom]

5. And wasn't THAT a PR bonus for him. Real numbers booster there, bushie.

Heckova job, shoeface.

[jetphixer]

6. Life line 2 GM&CRYL?

What i am afraid of if these fools don't do something and the union loses out on this i am sure they will be the sorriest critters on earth. What i fear most is if these folks lose jobs get hungry they will organize in a different type union.. In fact i can see where there would be no plant built in corkers town because of the VIOLENCE! Yes i said Violence I am sure if these folks get hungry they will get even. I dont think the ole souther senators have thought this out all the way.. I am Sure the reparations will be beyond anything these folks have thought of.... Just a few thoughts in passing this evening.

[madrchsod]

7. gm has shut down production till feb

chrysler will probably do the same. ford has cash and they will cut production.

the sub assembly suppliers,car dealers,and other support industries are going to take a huge hit this january.


what these mother fuckers do`t realize is that....

general motors is the second largest auto assembler in the world and if they go bankrupt it will take all their foreign divisions with them.

is this going to be bush`s final--- fuck you world.....

[bluesmail]

8. since you asked: Probably!

[newfie11]

10. I have a German friend who's husband works at a GM plant

in Germany. They are also afraid the factory will close and he will be without a job.

[undeterred]

9. I'm sure the auto union workers would like to throw something

at him too. Worse than shoes.