Democratic leaders on Capitol Hill said Thursday the auto industry has to come up with a plan before Congress will authorize a bailout. (AP Photo)
WASHINGTON (CNN) – The auto industry has until December 2 to fashion a plan that will provide a path to "accountability and viability," Senate Majority Leader Harry Reid said Thursday.
Reid and House Speaker Nancy Pelosi said in a press conference that the Big Three automakers - Ford, General Motors and Chrysler - had failed to convince Congress that they had developed a viable plan for the $25 million they are requesting in bailout funds.
"This is an important industry in our country and we intend to save it," Pelosi said. "Until they show us a plan we cannot show them the money."
Reid said Congress would return the week of December 8 to consider the proposal, but only if lawmakers are convinced that the public would be well-served.
Okay, it looks like Rob and many others contributing here need a quick dictionary and history lesson. Mussolini, Franco and Hitler were FASCIST regimes, not SOCIALIST regimes! Do you know what far wing of our party system fascism is located? THE RIGHT WING! Yes, THE REPUBLICAN PARTY! So quit remarking that Obama is a fascist when Sean Hannity is closer to the truth.
it's people like you who give credence that republicans are ignorant racist.
forget the reeducation....you need to get an education first
I have an idea. Why not give every family a $20,000 tax credit to buy an American car and then freeze the price of those cars so that the Big Three can't raise the price. Then everyone will be happy.
HEY, DIDN'T THE BUSH CROOKS TAKE $700 BILLION SO THAT BANKS COULD LEND MONEY! WHY THE HECK ARE THE AUTO MAKERS COMING TO US... DO WE LOOK LIKE THE ONLY SUCKERS THAT WILL LEND IT TO THEM! GO ASK THE 100 AND SOMETHING BANKS THAT HAVE BEEN ENJOYING OUR $700 BILLION WHILE THE AVERAGE JOE STILL CAN'T BORROW A DIME!!!
This is the way the big guys want to put PE Obama under pressure for them to receive the same treatment as the financial institutions on the Wallstreet. I only can advise the PE and also the housespeaker Pelosi to not fall for this because you will create a chaos in the US.
give them the money!!!
Whose next?Starbucks,the Gap,Burger King?When it all comes tumbling down due to the greed of unfettered capitalism,nobody is going to have any"spare change"to keep any of these corporate
no dont give them any money.let this corportate richy ppl die.
The big three have been fat cats long enough! Yes they shuld be
able to borrow-the money and pay intrest just like we do.I worked
for Gm 18 years in Managment-Was sold to Delco Remy–Delco
Remy went out of business in 2002-They went has Remy.Still
owned by Gm -all of our business went to Mexico-before we shut
the plant down mexico was making parts for us! They brought
these parts to our parts. They came in the door we hired man
power to sort parts-so Gm was still paying mexico $6.50 a person
plus the shipping and man power charged $8.00 a hr.-so we were
around $16.00 a hour.we lost all our jobs.Top managers have a
mental block It there way or the highway.!!!!!
They should shut all there plants down in mexico-Fat cats should
have to work for $1.00 a year untill these chrises is over or resigned!!
I was able to retire in 2002-30 years- went i reached 65 years old
my health insurance was canceled. When i recieved my notice i
was told there was nothing I could do. Well there was i purchased
a new JEEP ! THIS IS AMERICA!! The UAW needs to make alliance
also-Gm -Chrysler-Ford are big spender and Wasteful .
funny how the dems did not ask wall street for a plan prior to the bailout. Why does wall street get bailout and not the Big 3 which is so important to providing jobs to main street?
Write to your Senators......
Natural consequences need to occur.
in other words. stick it! the whole dern country can fight over beans this winter.
For those that commented about the big three only producing vehicles that get nominal gas milage, we have only ourselves and the EPA yes a govenrment agency to blame. Let me ask you this, if a government agency were to mandate that your product produced 30 mpg to meet federal law why would you produce a vehicle that got 50, 60 or 100 mpg only knowing that if you did that same govt agency would come back and tell you 1 yr later to do better. In my honest opinion they already have the technology for 100mpg cars but they are holding on to it so that they are not required to do any better. The EPA should remove its mandate for fuel requirements and put an incentive policy in place, yes there shold be a minimum say 30 mpg but if they meet that for every mpg above they should get a tax credit, this would further develpoment and give them a reason to produce fuel efficient vehicles. Right now they have no incentive to go above and beyond and if they do they risk the standard being raised and being penilized if they cant meet it. Simple business sense to me.
They bail out AIG a company that is not as important to the county as the automobile industry, yet they will not help the back bone of the country. These people really are stupid.
I wish someone could ask Speaker of the House Ms. Pelosi or president-elect Obama to call Mr Harper our PM of the Canadian government to give him some advice. The big 3 automakers asked our government for $3B on top of the US $25B. Everyone wants to help, but it would be great for them to show the governments a plan and not be so arrogant.
I thought this was a "Private" Industry? I thought Capitalism was sink or swim on your own. Let them go bankrupt and start over or make improvements. When the average American Democrat, Republican or whatever party makes bad decisions no one bails them out. This is getting ridiculous, not to mention scary. Scary because with bail outs comes government involvement in decisions. If it hasn't sounded like socialism prior to now it does now. Wall street, banks, auto industry what's next? Oh yeah health care.
I agree with Jeff's comment and would like to add: The US owned the auto industry monopoly in the 50's and 60's. During the 70's the quality declined and in the meantime Japan slowly and eventually gained their share of the auto industry and continue to do so. The US auto industry has done very little to make US cars competitive with the Japanese cars. I lived in Japan 15 years and saw imports but they weren't made in the US. They imported Mercedez Benz and BMWs. The Japanese asked the US automakers to make cars with right hand drive for Japanese drivers but they wouldn't budge. MB and BMW saw this opportunity and made right hand drives and now import to Japan. I've test drove several american made autos and will not purchase one. I continue to purchase a Japanese auto for the obvious reasons. If the US made a comparable auto I would reconsider but until then.......let them fail due to greed, lack of foresight and inability to stay competitive.
By the way, how many governments around the world are being asked for money by the 3 auto makers? What is the worldwide tally of the automaker bailout?
Could someone please impeach pelosi?
How much money does pelosi, reid have in the auto industry? No one wants the big lousy 3 bailed out. These crazy plans of the demmies is going to make me have to drive my BMW right up to the welfare line! Oh, guess that would be ok when you can fly 'private jets' to beg for millions! What are these men doing running a lg corp. they are totally ignorant. They couldn't even manage ringing a bell at a Salvation Army stand. If this is the best corp. can come up with for management then this country is in for very big trouble! Oh, that's right, some just elected a president of the country with no experience, no qualifications.
Yes, ask for a plan. But I think you should NOT bail them out unless the plan includes:
1) No bonuses for CEOs and others
2) Cut salaries for top management, eliminate positions
3) Re-do, get rid of the nonsense contracts with the unions. No worker should make 76 dollars per hour when the company is not even profitable! And for those who were laid off: do what other companies do: 4 months severance pay and then that's it
I think letting them go bankrupt is the only way to force the unions to re-negotiate their contracts. In fact, do not hire workers that belong to unions, period.