White House says it won't allow Big Three to fail

[MazeRat7]

Washington - The White House appears to have decided that US automakers are too big to fail – or, more specifically, too big to fail given the current state of the economy.

Hours after a Senate effort to pass an auto bailout bill collapsed, administration officials Friday morning said they were willing to reverse their previous position and consider using their existing $700 billion financial-rescue fund to prevent the collapse of any of Detroit's Big Three.

For the US auto industry, it's a lifeline, but a slender one. US officials indicated that their help might be limited to helping GM, Chrysler, and Ford survive until Congress can reconvene and readdress the issue.

....

In Detroit, UAW President Ron Gettelfinger welcomed the Bush administration's move with relief.

"I think it's great news – the response that we've been getting out of both the White House and the Treasury," said Mr. Gettelfinger.

http://www.csmonitor.com/2008/1213/p25s11-usgn.html

Is this bizarro world or what, the "White House" actually doing something right ? Where are the smelling salts ?

Peace,
MZr7

[babylonsister]

1. I'll believe it when I see it, and not a moment sooner. nt

[BeFree]

5. Oh, c'mon, sis

Where's your faith? You know bushco has been in the pocket of Detroit and the gas guzzlers therein produced. They've been scratching eachother's backs from day one. Shirley(sic) bushco isn't gonna let them down?

[nadinbrzezinski]

2. Can' afford this to be part of his legacy

[Gin]

4. IMO this is a way for Paulson to get the rest of the 700B that he wants

it's like this (IMO)...we will give the big 3 the 15b... if... you give me the other 350B....it will be interesting to watch.

[knitter4democracy]

3. I call bs. They're going to bust the union.

And then kill off GM and Chrysler.

[European Socialist]

6. Right now Those Pukes are thinking up bitter pills for the UAW

to swallow with TARP money.

[fumsm]

7. Ohh Georgie!

You do care about us. Who'da thunk.

Maybe if he saves the US auto industry, and bin laden shows up on his doorstep, he can salvage something out of his presidency other than loosing 2 wars, a depression, environment destroyed, constitution destroyed and on and on and on....

Maybe this is a good cop / bad cop scenario, ehh? It looks too fishy. If the auto industry goes down, so does the economy, so do the alien implants...I'm just say'n?

[janx]

8. What a joke:

Furthermore, by opening the door to the auto companies, who potentially need hundreds of billions to survive, the administration is jeopardizing "George Bush's legacy as a friend of the taxpayer," says Heritage Foundation legal policy analyst Andrew Grossman.


________________________

Since when has the chimp ever been a "friend of the taxpayer"?

:rofl:

[OHdem10]

9. His Legacy, my dears , his legacy.

He is not going down as the President to killed the Big 3.

[TahitiNut]

10. They're throwing a parachute to the stock market.

:shrug: They can read the overnight Dow futures as well as anyone.