Reality check. They asked for $25 billion but now want $34 billion? If this was only about the CEOs, I'd say let them fall. I have a hard time feeling sympathy for automakers who kept producing SUVs the size of aircraft carriers when gas prices were hitting $4.00 a gallon. However, these companies employ millions of workers across the nation, not just the plant workers in Michigan. Our economy cannot take that many more layoffs. I would like to know what concessions the UAW is going to make. Cuts will have to be made all around.

Who can save Detroit? Maybe the Canadians.

Failure of the auto industry will result in catastrophic job losses, not to mention the reprecussions for all of the companies that make their money by providing materials to the auto makers. Whether we like it or not, we can't afford for them to fail.

That being said, there should certainly be new regulations if they receive a bailout. They should have to open their books and agree to a third party review of their expenses (corporate jets, ridiculously inflated executive salaries, etc.). There should also be stipulations that require them to increase production of flex-fuel and hybrid vehicles at affordable prices. The focus should be on reducing corporate costs and increasing their market share to get them back to solvency.

NO BAIL OUT!

Let them solve their own mess, they created it!

I 100% agree with Kathy's post!!!!!!

Many companies are having to change in this economy. I did not ask for the change and downsizing in my company. I did not ask for the pressure of a layoff. These are forces that I could not control and could not predict as well. Someone needs to take full inventory of all 3 organizations and if it is not bolted down (and even if it is) it needs to be weighed, measured and if not needed – it goes. That includes employees, executives and products – and especially strategies. We are NOT hearing anything about change, layoffs, strategy shifts, renewable energy, Unions coming to the table and choosing between no jobs or lower wages…no benefits or fewer benefits. Everyone has to learn to live with less now…everyone…and no taxpayer money should go here until someone can show that will happen. Put ONE person in charge of cutting these organization to the essential…within 6 months…and then as the costs come down the bottom line will come up…and only if that person takes the first correct steps and gets little resistance should we fund it. Then again…sounds like bankruptcy.

you churn out crap products decade after decade. when you have to pay the price, you cop out and ask the american people to. this makes absolutely no sense. pay for your mistakes, and learn the hard way. or you're bound to repeat yourselves. these clowns shouldn't even be allowed to approach congress. this is america, buddy. a capitalist country.

no bailout.

So the bailout has gone up from $25bn to $34bn in such a short space of time. What's to say it won't be another $50bn on top of that. Sounds like fuzzy accounting and greed or collective incompetence.
Let them sink, it's the free market economy. It is no longer acceptable to build mediocre cars that have 40% of their price dedicated to benefits and health costs. Get a grip, what other execs make $22 million for flushing their company down the toilet.
The con is over.
O and if Detroit sinks with the auto industry, how can it get any worse, ever been there!

Demote them all to crash-test dummy.

I have said some time ago, that the Auto Makers should borrow from the Big Oil Companies. They work hand in hand with each other, Now they want the Taxpayers to bail them out. Who is going to Bail the Average American out? Losing Homes, Jobs Medical Care, etc. still no help. These guys have sucked the Public dry, by building auto's that last as long as your payments. This is the main reason that Honda and others are doing better than American Auto Makers. The Quality has been going down for the Last 15 years. Now they want Welfare, and Poor Americans can not get any help. And what is the point of bail-out? When we do not have jobs to buy new cars…….

To all those who think alternative fuels are so great, when you travel across the state or across country you are going to need a gas burning car as well as your electric car for local commuting because even the Volt can only go 370 miles at best without spending the night to recharge. Hydrogen for fuel cells has not proven to be safe enough for me to put my grandson in a car like that. solar is not reliable as I see at my job when we have a couple of cloudy days and our solar power instrumentation has no power. I wonder if the CEO's saw what a big drop in milage they got burning E85 compaired to gasoline when they drove to DC.

What they are asking for is operating capital. That will not solve anything! They will be back in 6 months asking for more. They have already stated that they need 5 billion a month to stay open.
They need to start over. We would be throwing away the money for jobs that can not ultimately be saved.
They need to file bankruptcy and reorganize.
We must let the free market dictate. Sorry folks but there are no real changes planned and it is too late for them.

I wonder how many American jobs are really involved. Are not all the steel and, most certainly, molded plastic parts are coming from suppliers in China and Korea?

So we are going to bail out the UAW because they feel they didn't create this mess. These are the exact words of the UAW president. So lets keep paying some $71.00 per hour high school drop out worker who has inherited the position from prior UAW family members.I bet they can find a $20.00 per hour college graduate that can screw the same door knob on just as good!!!!! Let them go bankrupt!!!!!!!

Like many other Americans I don't think they should be bailed out. I haven't heard one word of any other attempts on their part to seek help before coming to the Feds. I don't trust any of these CEO's to do the right thing.

Look, we have to bailout the automakers. It's bigger than the CEOs because even if they go belly up, it's the working man that will feel it the most. Kathy, you labeled this correctly, corporate welfare, but Congress must REGULATE the money. In other words, we need to treat the big 3 as if they were the poor, "Hey, you need to dance for me in order to get this money." Reid and Pelosi have already said that the bailout does not have enough votes due to a weak business plan. It is encouraging to see that the executives will not be left in the candy store unguarded yet again.

This money will only pay current bills such as Payroll, Part companies etc. They do not have any products that are ready for production, such as a electric car. Even if they had products the past history shows people do not view their products as reliable and the consumer would be very skeptical to even purchase them.
The money would be better suited to small companies that have already developed the electric car and build production facilities such as Tesla Motor Company.

I can go by emotion also and say I hate the bailout and I don't think it's fair but I still need to know if it's necessary. We all know the auto industry is hugely at fault but we have to decide based on facts and numbers. At this point, who cares if the execs were at fault. What is sad is the public is starting to sound like congress. Pity and making decisions based on emotions. Can anyone honestly say right now that they know for certain that not bailing out the auto industry will actually be a good idea?

let them sink when the ceos give up their concessions then look at saving them until then let these big wigs go broke

3-4 million jobs? we cannot afford anymore job losses.

3-4 million jobs? we cannot afford anymore job losses.

I heard that when W won, the oil companies helped KILLED a lot of policies that would have created green-energy cars. So it's not totally their faults. Fundings were cut by the big oil companies who had the ears and eyes of W and his staff. Had Gore won, we would have been light years ahead of all our competitions!!!

Give them a chance America. They just need to retool and we'd be fine. They create millions of jobs for Americans who NEED these jobs. One thing for sure, we shouldnt have bailed out Wall Street/AiG or Greed/Grunch Street…

Who can save Detroit? The consumer. PERIOD.

No amount of cash infusion from the Gubmint will entice consumers to purchase the crap, yes CRAP, Detroit is peddling.

True, Detroit sells millions of cars every year. But then again, Amway gets new customers daily too, so you figure it out.

Talk about throwing good money after bad. Unfortunatley if they don't get a bailout the only people hurt will be the little guy as usual. The safety of this industry should be considered before congress votes. A through examination of their books should be done , waste cut, and consideration given to dropping the weakest link (GM), merge the other two, retrofit plants, retrain employees to build things needed by americans, trains, buses, and fuel efficient cars rather than writing a blank check to continue business as usual when no one is looking. (Thanks AIG). Then and only then should the funds be loaned.

When I started working at GM in the 70's I made $6.36 an hour. Most of you make substantially more money now 30+ years later. Remember GM and the rest tried to make more fuel efficient cars. No one wanted them. They wanted the SUV's and Trucks. Even Toyota and the rest tried to get into the Truck market. When I hear a congressman or any politician say "the foreign automakers will pick up the slack if they go bellyup" is the most unpatriotic statement ever. They may build plants here but the profits go to Japan, Korea, etc.
Let them go bellyup and then figure out who will make our defense equipment for this country. I guess we could ask China if they will sell us equipment to protect us. The last thing is check the sales of all auto industry. Toyota and the rest are way off on sales. It is the market not the product. They would not ask for any money because they can't from the U.S.

No one can save these morons!! When you outprice yourselves, you lose. No more tax money from us regular folk, please!!

People on blogs and in the polls keep saying NO BAIL OUT…….BUT……what about the auto workers and their families? What about all the supporting companies who will also go out of business?

What about your hometown auto dealers who will lose their business and lay off thousands of employees?

What about all the people who provide services for the Auto Industry?

This is much more complicated than our anger, over the idiotic leadership at the Big Three! Sure, they have mismanaged, they have NO vision, NO ideas…… but the domino effect of their failure will touch each and every one of us!

FIRE the CEOs & CFOs of the Big Three, clean house on upper management…….. until NO ONE is left and start fresh!

We must protect the auto workers, they are our neighbors, our family members, our fellow Americans, its not their fault they work for idiots!

I can tell you who definitely won't save Detroit…the Lions! LOL!!! Na'h, I'm playing, I'm playing…

Ohhh man, Detroit has it tough that's for sure…

I cant beleive that we are putting these People thru this and we didnt even DO THAT TO THE BANKERS!!!! At least they had the guts to come forward and admit fault and then ask for a BREAK! The COWARDS of wallstreet had the president beg for them, and then even didnt admit the fault!!! AND THEY DID WAY MORE DAMAGE to the economy!!!

Local banks were having trouble 3 years ago. The fed reserve let us down by not regulating banks as large as fanny may & AIG. We should bail out auto industry more than fat cat bankers. High gas prices is what started this. Banks lent cash to people who should not have qualified then gas prices climbed causing foreclosures on those bad loans. I have more cash now with lower gas prices. If I wernt scared by media we are in another depression I would buy new car now. That's what hurt auto industry

More handouts/bailouts requested on the heels of the utter failure of the Treasury to manage the $700 billion bailout makes it even more impossible for me to embrace the Big 3's request for a bailout. When our Treasury can't audit money, which was a Congressional mandate, and can't even speculate where the money went, I'm absolutely against more bailouts. Let the Big 3 file bankruptcy and let the United States Bankruptcy Court trustees oversee and manage reorganization and handle accountings—after all that is their job and they are excellent at what they do.

The Loan they are asking for is minimal compared to the free and untethered handout given to Wall Street. I believe that the people who are so adamently against this "bailout" are just exhibiting a knee jerk backlash reaction to anger about the bank bailouts – which have been mismanaged and unaccountable. At least this would be a loan, albeit low interest and the investment is in industry – not a reward for borderline criminal activities for making money off of manipulating other peoples money. I believe that the auto makers should be made to be accountable for past mistakes by insisting that they manufacture energy efficient practical products and discontinuing those like the Hummer and concessions inexpenses from CEO down the line. I believe most people would rather take a pay /benefits cut than loose their job. This loan will be funding jobs – not greed. The million plus jobs this loan could save far exceeds the cost.

OOOWWT-SOURCE NOOOOWWWWWWW!!! NO MORE CORPORATE WELFARE ON TAXPAYERS DIME..WE ARE THE ONLY SHARE HOLDERS ON THE PLANET WHO GET NO RETURN ON THEIR INVESTMENTS!

Delphi Joe, Honda, Toyota, Suburu and others employ tens of thousands of US workers. They have 'exported' jobs from their countries to the US because it's economical to do so if you don't have to pay insane union wages and benefits. If the big 3 fired their entire union work force, cut pay and benefits to match that of US Honda plants, they could fill all the 'lost' jobs in a week with people who think $45/hr is a pretty good deal.

We loaned Chrysler cash & bailed them out before. Lee iacoco paid loans back early with interest. We helped airlines help US auto industry. I am upset more with AIG those CEO's should be jailed with such high pay and mismanagement when they knew of their troubles. The bank failures have more to blame for economy which has hurt automakers than automakers Leadership

Its so sad that these companies get special treatment, what of other ailing companies, who else needs a handout, sorry I meant a bailout….
Now bailing out the schools that I wouldn't mind….

Rules for a bailout:
1. No bonuses for anyone until the companies are profitable and the bailout loan is fully repaid.
2. All union contracts voided. Union line workers get same pay and benefit packages as their US Toyota and Honda worker counterparts, same for executive pay. If they don't like it, good luck finding another job.
3. Fuel mileage for 2010 models must average 35 MPG, going to 40 MPG by 2012. All models must have a hybrid option. A windfall profits tax on oil companies will pay for tax rebates to anyone who buys an electric or hybrid car.
4. Big 3 each have to introduce a production model electric car by 2010.
5. Companies downsize workforce to match demand. Layoff benefits made the same as the rest of US industry, no better than one week pay for each year of service maximum.

The bailout reminds me of an old Indian saying that's loosely translated means: In a crazed party whoever got to eat is the clever one…Meaning, in all the craziness of the bailout plan, whoever made out good, at the expense of others is the clever one…I am sure there are plenty of clever ones out there making out good at American tax payers' expense…

Some colleagues and I will be riding horse drawn wagons, complete with buggy whips, to the hill in search of a bailout for our troubled industry to.

Congress needs to stop picking winners and losers (since they themselves are incapable of competent management and decision making) and let these companies and industries be driven by consumer demand. The Chevy Volt will not save GM. No one will pay that price (>$40K) for a car that will only go 40 miles between 6-hour charges.

I don't think your asking the hard questions of the CEO's $1 a year salary. Like what other compensation are they coming to get after the year is completed, how much of and increase in their salary the following year or furture for this act.

You guys never question how many people are employed across the globe, when they cry out about the all the UAW retired people the US employed have to support. So if the jobs were here then we could support are retired workers.

It appears to me that slavery is alive in America, corporations are allow shop the world for the cheapest labor force and have them manufacture are goods the are sold to us todays prices. And lets not forget they same corporations are driving US workers wages down and they expect us to continue to buy.

I bet we are the only country in the world that employs world.

Ross Perol said it best the suching sound of jobs leaving America, how true that is now

thanks Joe

The best thing that could happen to the Automakers is bankruptcy. That will force them to change their ways and the only ones that would lose their jobs are the big guys.
This is NOT a necessary "bailout rescue" as it was with AIG. AIG affected the entire world. The "big 3″ will be much better off dealing with their own problems without taking MY money. Wanna make a profit? Make a better car!!!

They better not get a bailout…poor management doesnt deserve a bailout

Maybe these giant auto corporations would do better to go talk to people who DID NOT make bad choices, like Oprah, and many other successful companys, get dvice from them on how to BE successful !
Bail outs are NOT the answer..this is exactly WHY bankruptcy laws were created, to let people OR corporations be able to "restructure" and go on and BE successful..
NO BAILOUTS

We only give bail outs to people who make money out of money, the same ones that caused this whole financial mess, not people who actually make things. Our entire system and way of thinking needs to be restructured. The automakers, AIG, citibank, and the rest of the rich welfare recipients need to figure out how to save themselves, like the rest of us have to.

I wonder if they even paid for the cars the drove to Washington.

I don't think we should bail out these automakers until the following happen: first these CEO's need to reduce their salaries and eliminate their bonuses. They all need a reality check. They live in the lap of luxury, when their customers cannot afford their vehicles because many of them are not dependable and are gas guzzlers. Second they must have blueprints for economy cars that aren't going to break us trying to keep gas in them. Third, there must be accountability for this money in a detailed report to the President and American people describing where every cent of this money went.

The US automakers have made bad decisions about their finances ands about their cars. Handing them taxpayer bailout money without stipulations is like burning money.

Detroit can save themselves. All these knuckleheads need to do is start making cars that don't depend on oil. Problem solved. I'm sure President-elect Obama wouldn't mind giving the Big 3 a loan if they are making a product that is going to sell and not just sit on the showroom floor. They need to convert all of their vehicles into hybrids.

The bailout or this form of oligarchy is a shameful display of the lack of concern of what has really been happening in this country economically. Economically there are a large number of people who can't comprehend this event or even size it up in any way. If the automobile was sincerely in need they would have kept production in these urban parts of town and those people would have been able to recompense their shortfall. When you have employment in areas where there are people in need it surfaces the higher up hierarchy and supplies a base for lending. The logic of this event seems to be under control, but out of that it will play in to the wrong people's pockets (the American people). Abroad it remains to be under control in their service industries, because people (all people) are being taken care of. A bailout is no different than drilling in restricted territory for more demand in a place where people's lives are at stake.

I saw Michael Moore on MSNBC last night saying that GM stock right now is worth under $3B and they are asking for an $18B bailout. His suggestion is that the government buy up the stock – it would be cheaper for us taxpayers. Maybe it's not such a bad idea.

The plan discussed by the CEO of Ford includes building existing fuel efficient car designs built and sold in Europe. Cars with combined cycle fuel economy from 40.9 to 62.8 mpg using both gasoline and diesel engines. If the published figures are based on imperial gallons, using US gallons it would be 32.7 mpg to 50.3 mpg. Better mileage than any vehicles built or sold in the USA.

GM Opel builds cars including an SUV with combined cycle fuel economy from 37.2 to 62.8 mpg using both gasoline and diesel engines. If these figures are based on imperial gallons, using US gallons it would be 29.8 mpg to 50.2 mpg.

It will be interesting to see if Congress asks GM why they are talking about new designs when they could produce existing designs at far less cost.

I think we as Americans can't see the forrest for the trees. The money is for the industries not necessarily the CEO's. Think about the families that will be affected if these plants close. The small business's parts shops, etc. In some cities the automobile industry is what keeps the towns thriving. If the plants close there goes the livlihood of entire towns around the nation. I would not want the responsibility of that on me. Trust me I'm not for a bailout as much as I am for a loan with stipulations to be paid back with interest. Make the CEO's accept the salaries of the workers for the next 5 yrs. Make the Unions promise to forgo increases in wages and benefits for the next 10 yrs. Make them promise to make energy efficient cars. Any growth or capital should be divided between repaying the loan and adding workers. There are many things they can do to safe guard their loan to the auto industry without just a bailout!!

The government should just each American money to buy a new car. Problem solved…..

I would agree with a package if top management, CEO's, CFO's the entire executive staff were terminated without walking away with golden parachutes like very other American worker there companies employed. Why should they get to keep their jobs when they demonstrated poor management, no fore sight and self indulgence.

It's time for the main stream medias to inform Americans of the consequences of the automakers going under.

Just imagine if all three auto companies just shut their doors tomorrow and said the are out of business. America would go under completely and I mean beyond a depression.

For some reason people can't seem to grasp what will happen if no one has money to buy other goods and services of other businesses etc. not to mention the lost revenue the government would have to endure.

Time for some common sense in the public.

The TARP program was designed to stabilize the financial sector, which directly impacts every America. Now Congress wants to divert money from a system that effects everyone to 3 companies that don't effect the entire US economy.

Question for anyone, can we sue the Congress to stop this idiocy?

Those rich oil companies that cause all this with $147.00 a barrel oil would be a good place to start…

Why is it that when a corporation ask for a bailout our government turns them down and they return soon after seeking more money than they got turned down for the first time?And probably will get it.Just thought I would throw that one there

Did the CEO of Ford drive a Ford Focus?

Was he wearing a suit off the rack or one that cost more then the car he was driving?

America is not in the mood to save another failed industry!

Especially when you consider 209,000.00 folks lost their job last month!

We are running out of Tax payers!

Just say NO!

Dont "bail them out", instead if is an absolute need, LOAN them money, with same high interest payments the rest of us have to pay, and stiff penalities if they dont shape up, go green, AND pay back the money..no one bails out the people on main street, or saves us from bankruptcy, nor should those "giant" corporations be bailed out for making wrong choices either !

If they would consult with car companies like Toyota and Hyundai, perhaps they could re-learn how to build cars that actually run, spend more time on the road than in repair shops, cost a lot less filling up, they might finally "get it."

Did you know that more that 50% of the costs of American cars go to pay for retirees and their benefits?

Enough already!

When auto workers and CEO's stop being so greedy. Other auto makers are doing okay. I have not had an American car since 1972 because they are poorly made and cost too much compared to other makers. My current car is a 1991 Subaru. Just research how much CEO's and workers make compared to other makers. Greed is the "big 3″ problem. solve that problem and they may prosper again.

I find this funny.
The auto companies want a loan. A LOAN! Not a gift, not a bailout.
All the banks and insurance companies got gifts.
Someone tell me what is so srong with a loan.
You got one for your car and house didn't you?

What they're asking for is about what our geniuses in Washington spend in Iraq in 3 months time. Month after month, year after year. Where is everyone's self righteous outrage over that ?

While I'm not a big fan of Michael Moore, he makes a good point. GM is worth about 3 billion, and yet they are asking for 18 billion to bail them out. It's kind of like asking for a $600K mortgage on a $100K house.

Just say no! Let them reorganize. They are too top heavy.

No bailouts no way, take back the bailout money we have already wasted on Wall Street and the banking Industry as well.
It is not the Governemnt's job to pick the winners and the losers.
We will never come to the new emerging growth industries, if we waste our time and money trying to preserve the old.
If the present auto industry fails, whose to say that another new auto industry will not emerge anyways, we may end up with tywenty new auto makers to replace these old ones who have mis-managed themselves out of business.

Help Ford. Give the other two NOTHING! Let them fail. Their plan is to fire their workers anyway.

As soon as they get the check from congress they'll limo out to the airport to fly home in their private jets. Maybe stop and shop for a new plane while they're at it.
How about really building a quality car at an affordable price instead of talking about it? That might be an answer these guys haven't considered.

How about making a quality product first?

No Bail out.

I'll take a couple of billion too if you have room to squeeze me into the bailout. $25 billion to $34 billion doesn't seem quite ridiculous enough. Let's go ahead and make it $35 billion and put little old me on the payroll.

No, I think they're pleading for more than their own jobs.

But, it's too little, too late. How much money has the auto makers spent on Capitol Hill fighting fuel efficency standards? Even Safety requirements?

Yes, all of the auto makers are hurting. Badly. But, if they would have bucked up and led the hybrid vehicle manufacturing and just INNOVATED, they'd have the cash reserves to weather this storm: look at Toyota and Honda. (Yes, the American car manufacturers have unions to contend with, but they'd STILL have more money than they do now).

I say, let them file for Chapter 11. Yes, it's bankruptcy. But it's restructuring. They can have courts do what the courts are supposed to: help them get breathing room to weather the storm.

The taxpayers shouldn't pay for any bailout unless there is a guarantee of return of payment (which, of course, is imposible).

Hi i am from Bulgaria
Only before few hours french president in his stimulus plan say that will give 2bn for french auto industry!!! Gernany kansler Merkel also said that German auto industry will need help! Even China's Auto Industry will need from billions! Your politics always say that theis are petriots but now will stay world leadear without AMERICAN auto industry??? What world leader aro you than???

We should bail them out. It's about jobs, jobs, jobs. If we can retool them, imagine all the jobs. Recently I watched 8M by the rapper Eminen and the guy basically survived working in the auto, while he waited patiently to rap to STARDOM. People need jobs. Think of your citizens who pay taxes!!!! At least these people work hard and they're not FAT cats like Wall STreet or Greed Street or Grinch Street

The first thing we do is blame the workers. They are less able to speak for themselves. The excessive " work rules" were adopted by the management. How may members of the Executive team are a part of the legacy liability ?

we can't run fast enough to bail out every bank or insurance company no matter how much foreign ownership there is in them but we are willing to let our auto industry go in the same direction as our steel industry. We our a country of fools. Isn't our dependence on foreign oil a wakeup call to the fact that we need to take care of ourself before we are dependent on everybody else? Wake up America before we really do have to nothing of our own. Millions of Americans out of work? Yes, the labor unions have to compromise also.

I think that The Big Three should get a small bridge loan from Congress, and then let Obama when he gets in office handle them. The Federal Government could buy a good chunk of them, and control the money, and where it goes. He could use them to still make big cars, but they would be electric. I love GM cars. Foreign cars are too small. But big cars could still be energy efficient, and now is the time for us to do something different, and get us off foreign oil, without disrupting the environment and national parks, etc. They would be a major leader in their producing the car of tomorrow. We need them, and they need us. Their suppliers would even effect the airline industry, and even rail. All scope each other. If they fail, we fail, because they are a huge backbone of our economy. We don't need anymore unemployment. The banking oversight is still a work in progress, but they are doing something about it, and when Obama is in office, he will expand the micromanagement Dept for these bailouts. It is a Federal Program. Reports will be demanded, with much paperwork. We're still in transition phase right now. So, things are as they should be.

To "bail me out" – Drive or fly, unfortunately it will not be the CEO's that lose their jobs when they "cut costs". It will be the loyal workers they have now so they can hire new ones at half price.

Who was the biggest contributors to the Obama and the Democratic campaign,UNION WORKERS, and who's going to get the money from the bailout ?Same ol',same ol', NO CHANGE–This is transparent.

Let's make a change and not give it to them !!

*If the auto industry fails, experts agree unemployment will surge over 10% and many ancillary industries, like steel, will suffer, further damaging an already weak economy.

*GM and Ford are well-positioned globally, just not locally, and their failure will nix one of the few good ways we have of reclaiming some of the cash American consumers give to Chinese manufacturers.

-We should let the Big 3 go into Chapter 11, with the gov't guaranteeing loans to survive the process and guaranteeing warranties if they fail. This will protect the industry while it reorganizes into a competitive force while reducing the taxpayer burden.

@Lauren:

I wish they had demonstrated some sense, but they were just trying to be dramatic. Wagoner had his Volt shipped into DC so he could drive it from his hotel to the Capitol; he wasted more money on that stunt than he spent flying the private jet, and actually expects people to be taken by his little piece of theatre. These clowns still think they're the smartest guys in the room, and they need to be taken down a peg or three.

I bet they drove….in a Beamer, Mercedes, Rolls Royce, Bentley, Aston Martin, Maybach.
Don't bail them out. Let them duke it out amongst themselves. Instead of giving these overbloated banks/investment firms/automakers $$$ that they will AGAIN mismanage, let them be bought out by smaller American companies that have the guts to take the mess and make it work.
I am good and tired of paying for THEIR mistakes.

When someone thinks another will bail them out, they don't go into survival mode. They start to coast. Let these giants go into survival mode. You would be surprised what they can do. After the holidays, so many businesses will be in trouble. No one has the money to bail everyone out. Perhaps I would be more forgiving if regular people received a bailout. How about the federal government bail me out on my undergrad and graduate loan. That would be WONDERFUL! LET THEM FALL!!!!

Sounds like a deal. If you were one of their car salespeople, how would you handle this sale? First they would convince you that you are getting a really good deal. Yeah. Then they would begin to try to confuse you with stuff like your trade in and their car value and the window sticker price and freight from Nome, Alaska and the add ons and so forth and so on and then they would play some kind of bait and switch and before you know it, you have paid $30k for a car that probably isn't worth more than $15k and look at the margin they managed to squeeze out of you. Now, these same guys would have us believe that they are going to "change" (sound familiar) and do things more economical so we can all smile as we open our wallets to them. I say "Let them eat cake" and do it the hard way just like they have asked us to do it whenever we walked onto one of their car lots.

Only Detroit can save Detroit. However, until they stop shoving gas guzzling trucks and SUVs down our throats, stop rewarding their executives with exorbitant compensation packages, stop blaming all their economic woes on their workers, and start immediately producing hybrids and electric cars, they shouldn't get a penny. If you want any kind of bailout, you'd better prove you're getting on the right track and making big changes, Detroit!

This is small thinking. If we're going to save them, (and we need to,) we have to fix them to do it. Recapitalize them with voting shares, make them transform their products and business model, and break them up so we can turn them loose in a free market system they can't dominate.

$34 billion isn't going to be anywhere near enough for what really has to be done. Triple it, and we might actually succeed.

If some of these Media expert get a real job and become a producer of product we will be well on the road to economic recovery.

If they want bailout to save their jobs these giants should be also held accountable for major job cuts in their companies. They need to ensure the government that their workers also benifit from these bailouts.

The key to getting a bailout is to carpool to Washington in one of those new hybrid-cars.

The best thing about this article is that it's one of the few areas that Republicans, Democrats, and Independents all agree on…

NO MORE BAILOUTS!

I'm starting to lean towards letting these idiots get what they deserve and letting them go under.

I mean, they show up in private jets, and beg for billions. Then, when we call them on it, they say they will take $1 salaries – which will have no effect on anything really – and drive their "hybrid" cars to Washington (which get 4mpg more than their regular monstrosities, yet cost $4k more).

Go under. There is no reason the American people aren't driving 100mpg vehicles – if those vehicles need to use fossil fuels at all – other than your own selfish profits and the profits of those in the oil companies who you have capitulated to.

You armchair quarterbacks deserve the world we will inherit if our country loses it's largest manufacturing and engineering force. Congratulations on being spiteful and ignorant just because it's in fashion to do so.

Bankrupcy is the only responsible answer. The only possibility I would consider to avoid this is if the UAW would buy a sizable 25% or more share in the companies.
This plus the conditions we are hearing from congress concerning fuel economy and other product upgrades. Without the UAW tied into the future of companies this is simply a give away from big daddy.

This is absolutely wrong asking for free money rather than work with public boosing their confidence in their products. No matter how much money dum congress gives them, it will fail 100%. America is free country with free money, free services, free drugs, free food stamps etc. A land of opportunities is turning in to a land of abuse. We need to stop if we love America even to a little bit.

Before giving more money away AGAIN, how about they sit down with Obama's new economic team (plus maybe Warren Buffet) and explore all the options available to them–including restructuring and modified bankruptcy. I heard on the news this morning that Chrysler is doing just that. 2.5 million jobs are at stake here–that's a lot! I don't think anyone in the country wants them to fail. Sometimes taking the hard road now instead of the easy way out is best for everyone involved.

We could give them their 35 million or whatever it is…..or we could just buy them outright for 3 million, control their actions and set guidelines for them, get rid of some of the big wigs and put them on the green car time line….and then they are solvent stockholders can buy it back. Why pay 35 million when we can have the whole company for 3.

Are you kidding? These guys don't need their jobs. Every one of them could retire today and go live offshore where they stashed their millions.
Hopefully what they are interested in is the continuation of a manufacturing base here in America, here in Michigan. It's almost amusing that the financial sector got so much more money without even begging, let alone being accountable for any of it, and when the auto folks want to save jobs, help workers, and help America, they have to crawl home and drive back with their hands out and their heads bowed. Does no one see the injustice here? I don't like bailouts either, and if McCain had stood up against the first one, full of pork, I believe he would be President-elect right now. But since the money has been approved, and this is a LOAN, I say some of it should go to American workers.

Ford makes a car in europe that gets 49 mpg.

maybe they should explain why they don't make it
in the states.

could it be that they receive kick-backs from big oil?
no, surely they wouldn't do that.

let 'em swing.

I can hear their little tin cups and private jet engines all the way to Minnesota! Funny, but Honda adapted with technology, needs and wants and has never been in such a predicament as these guys. Maybe they need to get schooled by the Honda folks!

At least they were smart enough to drive this time. *rolls eyes*

Whatever they do. OR whatever congress does for them They still will not make a cheaper car that is economized. They all can't be the billionaries they are.

They should declare Chapter 11. Terminate the UAW contracts or close down their US operations and import cars from their foreign subsidiaries into the US.

The UAW got them into this mess and Congress is just to ignorant to force them to get out of it.

Chapter 11 is not "an option", it is the ONLY option.

I don't want this to happen just as much as I didn't want the other $700 bailout earlier. It is time to clean out Washington adn get real people in there.

Let them compete, live or die just like all other businesses have to. Why should they be helped when 90% of jobs in America exist because of small business and small business is not getting any help. And do you really expect us to believe that the CEOs of the big 3 are working for $1. Have you heard of deferred compensation? Just like one of them said, "I think I'm okay where I am" ($21 million a year). They weren't willing to help America while they were raking in profits from SUV sales. Where's all the profit they made for the last 20 years? They sold a lot of $50,000 trucks!

No one can save Detroit.., not as long as Americans can buy cheaper foriegn products.

But of course that won't stop the new-elected free spending liberal democrats, including Obama. No, they are obligated to wasting billions of tax dollars on them next year. Because its really all about political payback for the unions. Only morons believe this is an American auto industry thing.., which by the way, has seen countless auto companies go bankrupt over the last 50 years. Nope, there's no change here…

I believe the auto industry needs to be helped either by a loan or bankruptcy restructuring. But, the top level millionaires need to go. They still have no workable plan. What a spit in the face to suggest that they will sell their jets, drive hybrids to and from the hearing and lay off 30,000 more employees. And that $1.00 a year salary is an insult when 99% of their compensation is not salary. i.e. one of them made 28 million last year and the salary portion was only 2 million. Who do they think they are kidding. If Congress goes for this then they are in on the fraud.

Bailing out the Auto Companys is one thing. Bailing out the UAW is another. I can't afford Health Insurance – I can't afford to retire when I'm 65. Why should I pay for other people to be able to do that.

No. No. No. Taxpayers did not fail. G.M. and Chrysler failed. Free market capitalism demand they go into bankruptcy.

When the Big 3 have an estimated operating cost per employee of $70.00 plus dollars an hour vs other auto mfg. operating at about $45.00 plus per hour, then you are not being competative. Many within these companies are at fault for this and not just Unions. While others were beginning to make more efficient vehicles, the Big 3 were spending millions resisting. I do not want to see more Americans lose jobs but if a company is poorly managed then it must find it's own way out of the mess it is now in.

put them all in one of their cars and run head-on collision tests

So let me get this straight-My husband and I are retired at the age of 60. For the next 5 yrs., we must pay our federal taxes at a rate of 20% and our own health insurance to the tune of
$13,000 THIS YEAR alone. Meanwhile, our tax dollars are going to go to retired auto workers to pay for their family coverage for life? HMMM, something doesn't add up here. Someone please tell me what the average age of retired auto workers is. My neice's husband "retired" at 47 with $3,300 a month plus full family benefits for life. He has not worked since. Not bad for a high school graduate with no training of any sort. So much for our own masters+ degrees.

I'm not sure that we should bail out any one. But I don't understand why the auto industry has been questioned so much and the banks,Wall Street and insurance company gets bailed out at the drop of a hat. Some of these companies have been bailed out over a weekend.

Maybe the CEO's should walk. LOL

There are "X" number of people to buy "Y" number of cars! If 1 manufacturer fails, then the others would increase their production to make up the difference (and probably increase prices permanently due to a temporary shortage). The displaced workers will mostly be able to transfer companies for jobs. The argument that it is necessary for national security is bogus! Where was national sec. concern when they were trying to push over priced gas guzzlers on the public?

The government hands out hundreds of billions to Wall Street with absolutely no strings attached and it's not even a loan.
But the automakers ask for a loan of a fraction of that amount and they get put through the wringer.
Personally, I'd rather see my tax money loaned to the automakers than given to Wall Street.

With the number of jobs these three companies provide and the amount of tax revenue the auto industry produces, it would be pure folly to allow them to go under. That being said, there should be some severe restrictions on the bailout. Like so many other large companies, there are undoubtedly millions of dollars worth of unnecessary expenditures that could be cut back or cut out to increase profits. Private jets, for example, and ridiculously inflated executive salaries are only two areas where reforms could keep the automakers solvent. There should also be some requirement that ties in with Obama's plans to support development of alternative fuels, such as production of more flex-feul vehicles and hybrids.

CEOs are pleading for billions of dollars to save jobs.
Theirs.

Its not if the people want it done or not, it will be done. I think that with the contract negotiations some of the money needs to go to the buyers in the form of rebates or other deals to stimulate people who can buy new cars to do so.

So most Americans, who are the ones paying this mind you, don't want to bailout these automakers and instead of begging for their original amount, they have raised it by another 9 billion dollars?!? Wow, just wow.

In my humble opinion, no money should go to them and they should go bankrupt. Ohh but the ripple effect, all those lost jobs you say. It comes down to this, either you're paying for a bailout that won't work or you're paying the unemployment of these workers, who have also been making more than the average American thanks to their union! Either way you're paying.

But instead of paying for a bailout that won't work put all that money into alternative fuel. That will create far more jobs than the auto industry ever would with their unions, be competitive, and get us away from foreign oil. Oh, and if we're no longer giving the foreign nations money for oil, the money can't be turned arround to support terrorism so security for this country also goes up. Win/win all around.

Bail me out to won't you? The American people are who the government should be bailing out. NOT corporations who are about to go under because of mismanagement and greed on the parts of their CEO's. How come Toyota, Nissan, Honda and Hyundi are having these issues? I say let them go bankrupt!!!!

There are those who say let the U.S. automakers fail and go out of business without looking at the repercussions. If you think the economy is bad let them go out of business and you will see the true meaning of bad.
I would like the media or government to conduct a study to compare the support the Japanese and Korean governments give their auto industries as compared to the U.S.. It may be interesting.

this is a bridge loan with cavets tobe attained. are we as a nation now on a mean streak. the only thing that bothers me concerning the loan, is this if the parts and cars are produced in lower paid parts of the world or country why are the cars so EXSPENSIVE? I haven't been able to buy a new vehicle since I was a single person 23 yrs ago. If I could afford a new car I would have bought one, it doesn't make a logical choice to go in debt for a rolling mortgage. However, these are good auto's and peoples lives we are so vengeful towards, think about it.

The oil industry should bail out the auto industry.

With all of the UAW costs, High wages ($77/hour), paid "not to work" job banks, legacy health insurance costs for employees that no longer work there, and a ton of other legacy costs put on them by the UAW, I see no other way for them to fully recover other than filling chapter 11 bankrupsy and renegotiating everything to get costs back in order. Otherwise, with that BIG anchor around their neck, the Big 3 will never fully recover and we will see this again down the road.

After all how many years ago was it that Chrysler hadd to be bailed out????

Congress should attach a lot of strings to whatever is to the Auto industry gets. Some of that should include reducing the amount of brands that one has. Congress should also grant limit authorization to reneogiate with auto dealers to reduce costs there. The UAW seem to be willing to reduce what they and their members are getting. I, as a tax payer, would also like to get some stock in the company as a part of these loans. When they do well, we get the loans paid back and possible dividens after that.

It is the automakers on fault. The have priced themselves out of the market and not making a vehicle that the maintenance with equal there Japan automakers.

You can also lean toward a Union fallout in that they have too many concessions and benefits and priced themselves to an unrealistic downfall.

Yes I realize people will be without a job and the buck has to stop somewhere. Two weeks ago they wanted $25 billion, today they have upped the amount to $34 billion. What will it be next week?

Good up and hope the best for the auto industry.

To the Big Three! have no fear…the Messiah is here for he along with Pelosi, Reid, will generously donate our hard earn tax dollars to bail you out.

Now who do I see about bailing me out????

Congress cannot stop the destruction of the American automobile corporations unless they change the laws equalizing all requirements of all manufacturers selling cars in this country. I think that will kill the laws supporting car manufacturers' unions, which is okay by me.

I am hoping that Congress does not give the Big 3 a bailout. This "Gimme" attitude is getting outrageous and we taxpayers are on the line for more and more money. Why don't they bail us out? These automakers have no one to blame but themselves for putting out poor quality products that no one wanted and not changing their behavior and strategies until it was too late. It is also proof of how thuggish unions are. These companies are being held hostage by Union officials who refuse to adjust their demands downward even if it means that the workers whom they are supposed to represent will lose their jobs. A Toyota plant that is non-union can pay its' workers $35/hour, which is a great wage. These Big 3 have to pay their unionized workers $81/hour! That is crazy. These CEOs are inept.

these companies have no heart, they expect the taxpayers to bail them out of a situation that their own greed got them into, when we can't even afford to buy their products, NO BAILOUT.

Why is Congress so jaded with the Big 3? Why aren't they fuming pissed that AIG has wasted nearly, if not over, $1 Million they were given for their bailout? Why aren't they scrutinizing all the other companies? Why were they given a blank check with no oversight? I commend them for scrutinizing the Big 3's needs but they really need to rewind and think look back at what they have done just as diligently.

Give 'em NOTHING. Let these arrogant jerks sink. Buy a Honda!!