CNN

The party is over. America has been living beyond its means long enough. It's time to pay for our greed. Things will not get better. We have not seen anything yet. There will not be peace on Earth until the Prince of Peace returns.

america became great before cars were invented.

The Dems are trying to sell the taxpayers another package to give billions to pay for the votes in the election and the news media is doing all they can to help sell it just as they did in the $700 billion sellout.

Here we go. Billions transferred from the American Taxpayer to the United Auto Workers.

Let the Bank of America lend them the money..problem solved.

It is all going to depend on how much they contributed to Obama's election.

Oh Congress, I need a bailout too. A cool million is what I need to get myself going again. Please send me money.

Why do we reward people for being idiots by bailing them out. Im all for the workers, but they dont need 90,000 per year to turn bolts.

As a gm retiree, i'm 48 years old, i had to take a early retirement because my job was outdsoruced to mexico, the retirees deserve a govt. loan,. we are taxpayers too. think of all the taxes this corrupt govt, would lose if these jobs are lost, duuh, it's the economy stupid, and we desrerved are pensions and benefits, it's peanuts compared to what they got on the wallstreet bumout, give us our do, the workers and the retireees didn't make this mess, we just made the cars we were told to make, give the workers a break we deserve it, and we don't make 75 dollars/hour thats a darn lie, also the autoworkewrs leave there j0bs with all kinds of ailments, and illnesses,

Who would be Obama's and the Dems biggest contributor if the unions fail,it's business as usual,they will get the money,and the tax payer will get a lot deeper into the socialism experiment,what happened to common since??

First 25 billion, then 34 billion.

And we are going to GIVE money to people that aren't able to use what they had the right way? That is a bit of retarded thinking. Then again, this is the government.

But hey, I heard that a local pizza restaurant here had to close and 15 people are out of work. Maybe THEY should get a bailout. Let the Big Three file Chapter 11, stay in business, restructure and get competitive. But then again, this has all been a big dog and pony show. The government was going to bail them out from the beginning. They just wanted to look tough. Love Democrats, there as predictable as ever. Just look at the election!

Forget about it. Let them go under.

The auto industry will not vanish. Only the big three. But hey, if they had listened to George Bush and others three years ago and started developing more fuel efficient and smaller vehicles THEN, they wouldn't need to be begging from the taxpayers now.

Economic shock therapy worked so great to destroy and rob other countries, but when it comes back to us ourselves, here on edge of complete collapse, we are starting to think... (I don't mean crazy extremists like Bush/Cheney, I mean we reasonable citizens can think...)

A good book: "The Shock Doctrine. The Rise of Disaster Capitalism", by Naomi Klein. Read it.

Well what congress needs to do is study a way to prevent online sales from killing jobs can causing most business to close.

Online sales is a more dangerous venom than the big 3.

But no one sees it that way.

let them start over.

All 3 need to face bankruptcy and start over without the Unions. We work too hard for our money to throw it away on companies and CEO's who got caught up in greed and lost their way. Average Americans face bankruptcy everyday and many of them survive. They need to be taught a lesson. I'm sure BO will bail them out regardless of what the American people think, afterall the Unios supported him during his campaign, now it's payback time. Politics as usual.

December 5, 2008
President- Elect Obama:
I supported your candidacy during the Primary and General Elections. I supported you with my time, my energy and my voice. My support was based on your promise that you are for the betterment of the United States of America. You said you would listen and I am asking you to listen now. Please let Ford, GM, and Chrysler file for bankruptcy. That is the only way that you will be able to effectively rid these companies of inflated union contracts, exorbitant Executive Compensation Packages and over-exaggerated egos.
This problem does not exist only with the Big 3 it exists in government as well. You ran your campaign on the premise that government is broken and you would do your best to fix it. You understand government and its inner workings. So much so that you were able to overcome strong odds and become the leader of this country. Well, as someone who has studied and worked with some of the most successful companies in Corporate America I am asking you to ponder my request. If these contracts are not thrown out these companies must become profitable in a very short period of time, in order to sustain the commitments they have already made.
CEO’s agreeing to work for $1 per year may have no impact on their bonuses, depending on how their contracts were written. If they are forced to file bankruptcy they will finance their restructuring under the guarantee newly set in place by that $700B bailout package, only that all contracts currently in place will be void. That will be time enough for the government to step in with an emergency loan order to save jobs. While these CEO’s are pleading their case no one is minding the shop, leaving Toyota and Honda to plan for another day. Put their noses to the grindstone and force them to do what they were hired to do. Move the company ahead. That’s what all leaders are expected to do. Think one step ahead of the rest. That’s why you were elected and why they were hired.

Sian

AS much as I hate the idea of another bailout, I believe its really the only option at this point. We CANNOT just let the industry vanish, it will make the situation even worse than it is right now. At the same time, there must must MUST be oversight to this loan, otherwise it will be just like throwing money in the garbage. The big 3 need to stop making crappy cars..plain and simple. They need to be more competitive otherwise there will just be bailout after bailout. I think there should also be a stipulation. One bailout and one only. If they don't use the money wisely, then they should be left to go bankrupt.

Considering they spent the last 30 years in the Oil Industry's pocket, I say let Big Oil bail them out or let them go to Chapter 11.

Or is it just the Black Man's version opf the "Devinci Code"????
There never was a God..... Pagans had a right to life, just like anyone else... I am a Direct decendent of Pagan's.... Celt's are my past... I am a True Viking Decendant... My beliefe.. AND I LOVE IT!!!!!!!!!!!!!!

There are some things which even Harvard's Hope can't Change– an industry which has rendered itself obsolete and globally uncompetitive. Why isn't failure an option for a failed business model created by equally dumb and greedy managers and unions?

The current crop of corporate CEOs–and not just the Big 3 CEOs–are characterized by greed, a vision that only extends to the next dividend distribution, and a complete lack of ethics. They get huge salaries and bonuses even as their company goes south, then they get a golden parachute when they bail on the company. What they have done to this economy borders on treason. All of the corporate takeovers and buy-outs that have occurred over the past decade or so need to be reversed so that never again can it be said that a certain company is too big to fail. Survival of the fittest; if you can't adapt, you die.

Again we see the Democrats are a party of the people and workers. what are the Republicans doing and saying except give the money to the rich bankers and their shareholders.

I highly recommend that Obama have his team go to Ralph Nader's site and read his polices. They are exactly what we need in solving the problems that our country face now.

He lays out each remedy with step by step actions. Unfortunately, such action would require our government to think out side the box. But our legislators feel uncomfortable with people who aren't team players. They want people to go along to get along. Also, they would have to give up pork amendment and perks.

George W. Bush and the regime behind him have bankrupted the USA. The bailout money is his parting gift to the big guys. Unless major changes are made throughout all systems, (including government), we are going down.

Fellow citizens, we are watching the fall of the American Empire before most Americans knew we had one.

Don't bail them ALL out, let one fall and split the 34 billion between the two remaining standing.

Matt December 5th, 2008 4:21 pm ET

Natural selection has its place. The Big 3 failed to adapt, faught against it tooth and nail even, so they must die.

Actually they didn't "fail to adapt" that suggests that they tried to adapt, but in reality they didn't. The automakers refused to change with the times because it wasn't in the best intrest of their wallets. Now they want a bailout in hopes that they don't have to change whats making them money. What needs to happen is NO BAILOUT period. Let them go bankrupt and then rebuild from the ground up. Yeah this sucks for the people employed their but oh well, if we want our economy back as strong as ever some people will just have to suffer for the greater good of our country. And that is the biggest difference between now and back in 20's and 30's. People suffered but the endured it and look at what happend, things got better. Now people feel like they shouldn't have to suffer for this country which sickens me, suck it up and live with it.

Have a nice day

The people do NOT want a bailout of auto industry. Obama took a lot of money from big corporations. Let's see who Obama sides with.

Why consider a bailout? The answer is–wait for it–J-O-B-S. What plan does anyone have for replacing 2-3 million living wage jobs? For all of the arrogant Monday morning quarterbacking (after all, who the heck was BUYING all of those SUVs?), all the vindictive internet chest-thumping, all the newly converted capitalists, no one has suggested a SINGLE plan to replace 2-3 million jobs that can support families.

You people talk like you're punishing the executives or union heads. Do you honestly believe that either one of them is materially effected by bankruptcy? No, it's the WORKERS and their FAMILIES. If we can spend $750 Billion to support Wall Street, then I have no problem diverting 10% of that amount to directly support our workers.

If we can spend $10 Billion a month to bail out Iraq, we can sure as Hell support our own people. Bring the troops home and spend the money creating jobs and rebuilding our infrastructure. The fat cats will always get over, but proving a point is a poor trade off for a 10% unemployment rate. Let's all grow up and try to think of solutions for the country–instead of recriminations for a few idiots.

the government gave the money to the banks, gm is only asking for a loan. in world war 2 gm made our military equipment. do you think honda and toyota will convert their plants here to make our military equipment if gm dies.

I love an honest man. America, we picked a good one.

He's so cute, and he's got brains too.

A short term loan sounds good. I hope Congress doesn't let the CEO's make the decisions. They should give the money to an oversight committee, who will make sure the people have jobs. The CEO's are greedy and self serving lizards.

If the auto industry doesn't get it together and get it together fast, they are going to take a lot of businesses down with them, wiping out millions of jobs. I'm not too sure they have the time to wait for the government to bail them out...

This is no time for silence or just studying things. This is a time for immediate action and relief. I live right next to the GM Lordstown plant and our entire community in NE Ohio is threatened by this economic terrorism. Why the roaring silence?!

Let's see..............

We can save the jobs, unions, and workers so they can build expensive cars that won't sell...........

Brilliant!

Let's see..............

We can save the jobs, unions, and workers so they can build expensive cars that won't sell...........

Brilliant!

Some people underestimate American spirit nobody going hunger in this country so what a few billion for the Auto.companies it only a drop in the bucket in our over all economy.

BARACK OBAMA MUST COME THREW FOR THE AUTO MAKERS. THEY TOOK FROM HILLARY TO GIVE OBAMA A WIN.

Obama said, We can't allow the auto industry simply to vanish.

Agreed. It would badly damage the economy to double the unemployment rate in the next few months, and that would do it.

Columbia University professor Jeffrey Sachs said, We're in the steepest descent we've been in in modern times. The American people need to understand this isn't a favor for the industry. This is to brake a collapse of our economy.

Agreed again.

I disagree with a bailout: it wouldn't fix the problems that got us here.

I disagree with bankruptcy: the loans needed to survive the Chapter 11 process are unlikely, and consumers don't want to buy cars from bankrupt companies for fear that their warranties will be meaningless if the company later collapses.

The solution: the gov't should send the Big 3 to Chapter 11 so they can restructure and become competitive again, but only after guaranteeing the loans required to survive the process and promising to underwrite warranties for companies that do fail.

That would reduce the taxpayer burden and provide a safety net for these companies to undergo the process needed to become competitive again.

proudliberal- capitalism sucks when it is infected by government involvement!

WHO IS JOHN GALT?

The union gave billions of dollars to Obama's election, he can't throw them under the bus.

I certainly agree with Proudliberal, I thought we lived in a Capitolistic society. We have to treat these Carmakers like a baby learning to walk, they are going to have to fall in order to get back up.

Let them go bankrupt! They will be okay, workers are going to be let go either way..

As of right now he is president-elect – he has no job.
There is nothing he can do until he is sworn in, so, stop calling for him to do something.
Sheesh!

they need to go bankrupt and leave the taxpayers alone, we never got breaks when they over charged us all these years, why in the world should we bail them out. we can't even buy their cars, how can we pay them billions of dollars when our familes are going without their basic needs. NO BAILOUT.

CNN is always telling us that Obama is always weighing stuff and to expect the wise solution shortly,except we never get the solution. Isn't it about time CNN stop serving Obama's interests and serve the public interest?When are you going to call Obama out on his phony promises for the future?

I agree that we shouldn't allow our auto industry to just vanish. If we are to bail it out, we must have control or ownership in its operation. Big failing companies unfortunately have to be nationalized till it can stand up on its own and taxpayers receive their investment returns. The big three had too many unproductive years. We shouldn't allow them to repeat the same mistake one more time.

Funding the auto makers out of the hole into which they've dug themselves is a big mistake. The amount of money it will take to save this industry will smack of protectionism to the Japanese and defeat the purpose of free markets. It will be a fate worse than the collapse of the US auto industry if, in reaction, the Japanese retreat from this marketplace because unfair competition stifles their profitability. If Toyota and Honda disappear from this segment of their multinational marketplace, a lot of non union workers will be left out in the cold, a place justifiably reserved for GM and the UAW.

Thank God this man wanted this job when he could have made millions in almost any other industry.

Ah, go ahead and give them the money. After all, Paulson has bailed out his cronies in banking, so why shouldn't the Democrats bail out their cronies in Detroit? It would be good to have some accountability from Paulson, to find out who he bailed out and why, and it would also be good to find out how much stock Pelosi and pals have in Detroit, just to set the record straight. That this bailout will do no go and will simply be a stop gap measure is obvious. Maybe 34 billion will do it for the auto companies–and one wonders if this money is going to go to support sports, advertising, overtime, pensions, bonuses, executive vacations, and the like–but then what happens when the suppliers start saying they can't deliver the parts unless they're bailed out, and the distributors say they need a bailout to transport the parts, and the airlines want a handout to fly the parts into the country, and the shipping companies want a bailout so they can distribute the finished products, and the dealers want bailouts so they can store these useless goods on some parking lot–well, you get the picture.

he's so cute. hahaha. He's going to do a great job, probably the best we've had in decades.

Well, if the auto industry vanishes it's their own fault. We have so many foreign cars who would know the difference? They should throw all 3 of the CEO's in Jail for skimming off the top all this time and let someone else run the show that has some sense! The UAW can thank themselves for all this too.

Probably, the most important part of any potential bail-out would be a clear and detailed explanation to the American people of how it will work and ensure that the Big 3 makes short AND long term fixes to their respective companies. Most of the people who are against a bail-out, don't really know what stands to be lost or gained without one, and they don't know what concessions the industry is willing to make in return for the $34 billion. If this country wants to be independent of foreign oil within the next 20 years, the automakers have start re-tooling right now, not in the next 5 or 10 years. Detroit needs to make cars that will be popular all over the world, not just in the United States. They won't be able to do that with low mileage gas-guzzlers that end up in the shop every six months.

Obama will bail out the Big 3 for the UAW who is as much to blame as management for the problems in the auto industry. The UAW Lobbyist are in Obama's ear telling him what to do as the rest of the unions as well as the enviromentalist lobby will be during this new administration.

A Rep of Michigan said today that it wouldn't cost the taxpayers no extra money because they can use part of the money from the $700 billion that Wall Street got for emergency.The big 3 CEOs will honor a salary for $1.00 the first year while Wall Street had millions of walking money they went out with.Why not help them (big 3) because Paulson
used his mind and fingers to hand out money of some of the failed banks that will never be again.If the big 3 are gone we will go into a Depression because just to make 1 car they get their parts all over the Country along with ones that bring everything in from pensils,paper food etc then you have to think about car dealers and their business through out the Country.Who will than pay for everyone being out of work?The foreign car dealers get tax credits for having plants here in the USA.Whose to say that once we make no more cars that these foreign companies take their work back home and then will cost us more than any of us can afford.If a war would break out where would we get the trucks etc etc for war.Would it be China or Japan or from the French or Germany.It's time we stand up for the American workers because we are making less here in the USA.Wake up America because the numbers of workers out of work will not end if the Big 3 fails.

I like when people do what they say they wiil do. President-elect Obama should help the autor industries. They are part of the American pride. They build army cars and help us remain competitive in the world. Americans like goods made abroad than patronize their own people. For people who love competition they've given up on their own.

The banks don't produce as much as the autor makers but had easy access to the bail out money . Now the autor makers have to sweat so hard to get theirs. Does any one even care that every year we lose jobs to the rest of the world, we've lost our competitive edge and now we want the only remaining manufacturing companies we have to fail and people to lose their jobs. If this happens, no matter who is running for office the next time, will surely lose Michigan and Ohio. People ought to make a political statement on this issue the next four years.

Please, allow the shrub to declare your suggestions are his, so, MAYBE he will institute them and get something done.

Yeah, and Santa is leaving a Lexus with a bow in my driveway.

Obama and his cronies have no idea what to do. LOL the headline "Obama works quietly behind the scenes" cracks me up. How are you doing something quietly if what you are doing is being screamed from a headline? LOL.

The government threw hundreds of billions of dollars at the banking industry with no oversight and there's no end in sight to that mess.

A 34 billion dollar bridge loan shouldn't be that big of a deal to save a couple of million jobs.

Chapter 11 is not the answer. How can offloading debt owed to suppliers help the auto industry? The suppliers are not owned by the big 3 and support all of the auto industry in the US. Why should pensions and heath care be disregarded for the retired workers? Strict oversight is the only way to help the industry as a whole. The UAW and the Big3 are willing to work with Congress on a viable plan. Did we easily forget that the last loan to Chrysler was repaid early and we made over 300 million in returns?

The auto workers are like the rest of us, trying to take care of home and their families. They do not deserve to suffer because the CEO's and Union became greedy and botched the job. If it were any other
job and the employee had botched it to this extent, THEY would be fired. Help the auto industry and get rid of the EXECs that are just getting rich and not looking back or caring about the people they are hurting . Make them give up their jobs..there are a billion MBA's in America looking for a chance to do a good job someplace.

We can sit back and do nothing...After all, what's another 2 million people unemployed. Obama is in office and everything will be wonderful while we stand in line at the soup kitchen.

capitalism sucks when its infected with greed.

I watched the live coverage today of the plea for the Big 3, and boy oh boy, the next couple of days will be interesting. They claim they will go under if they don't receive emergency funds now, definitely before the year is out. They don't deserve it, because after all these years, they suddenly want to change their failing ways. Not a good proactive response to America and her people, and how they want our money to bail them out, only asking for $38 billion. All I can say is that I would hate to be stepping into the white house with a huge mess on my hands...Obama has a long chaotic road ahead of him.

I don't think they should vanish BUT they need to start over. They can only do that if we allow them to go bankrupt!
Any money for them at this point is a fools errand. They will be back in six months with their hands out again.

Oh goody! As if His Supreme Being's team knows anything about any of this..... Will make matters worse. People, we are heading for depression because of all the egotistical wise people.

The auto industry Must be saved, period! Any company, any, who had a 33% down turn in business can not survive. The turn down in business was because of their products, people who want to buy cars simply can't auto loans. The banks who caused our economic problems get money without any problem, yet the companies that the banks caused to go under get no money. What's wrong with this picture? Unlike the banks who got a true bailout, the auto companies are asking for a LOAN. Isn't time that Congress helped blue collar America as much as they help white collar America? So wake up, the loss of jobs will be much higher than the 3 million people involved in the auto industry. When 3 million people can no longer purchase goods, it affect drugstores, bakeries, hardware stores, grocery stores, gift shops, etc. etc. The list is endless, so the true loss of jobs will be closer to 10 million! America can not afford to let the Big 3 fail!!

In nature the weak are allowed to fail for the general health of the herd. If we prop them up now, it will just be worse the next time. They need to file Chapter 11, reorganize, dump the onerous union contracts and come out stronger, ready to compete. The future of the US auto industry is the Honda and Toyota model, not the Detroit model.

More like "Bailouts we can believe in"
Where does it end?
Hillary would have solved this problem a month ago if she were President elect. Too bad Obama stole the election from her. I hope you Obama voters are happy.

Yeah right. I believe it when I see it.

Barack, chaper 11 is the best way to protect the taxpayers. A bail out is the best way to protect the UAW. Hope you will do the right thing and act like the typical democratic puppet and do the unions bidding.

i don't know how much the auto bail out will cost each tax payer, but perhaps the goverment needs to figure this out and give each tax payer a check for this amount that can only be cashed at a big three auto store, only on the purchase of a car or truck.

Natural selection has its place. The Big 3 failed to adapt, faught against it tooth and nail even, so they must die.

Think and access first, act second. Way to go Obama!

Catch 22

Obama do it on the basis of the "worker".

If it fails at least someone tried to help the workers.

Sorry to say.
All three are not likely to succeed. They are in competition with each other...
Somebody will come crashing down in less than 12 months. Hopefully not all three of them.

Where is President Bush? Someone needs to talk to him. He should do one good thing before he leaves office.

Dear Republican Party:
Oh, please please PLEASE run this pair as the 2012 ticket.
Warmest Reagrds,
The Democrats

We have to do something now. 6 million people could lose their jobs. I can't believe people let the Gov. deal out 7 billion to the banks who have given nothing back to the economy but they want to gripe about giving the lifeblood that our economy was built on a loan. Congress needs to consider their own pensions and insurance that we the people pay for before going after the Union workers pensions and insurance. Who is going to pay for Congresses pensions when all of us are without a job. They need to get rid of the CEO's of these companies and leave the people that actually pay taxes under Bush's Plan alone or the U.S. is going to be in real trouble.

let them go under…if they are as strapped as they say they are then this will be a drop in the bucket…how about merge all three into one…
or better yet give us , the taxpayers a one time check and let us stimulate the economy. We would pay bills, save, invest, and buy cars, and from that letting the market work it owuld become apparent that the Big 3 do not ahve the vehicels that we want,,,,,or need…they got themselves into this ..let them get out themselves.

Polls show over 60% of Americans say no. So why is Obama looking for a way to say yes?????

Perfect picture. You can see both his faces!!!!

He's so good looking.

I wouldn't weigh it too long it might get too heavy. They need bailing out. BUT YOU MUST DO SOMETHING TO THESE INSURANCE COMPANIES. THOUGH I KNOW YOU WON'T BECAUSE THAT'S WHERE ALL YOU MONEY MEN VEST YOUR MONEY, RIGHT? That's the reason they don't pay off like they're supposed to do and then in turn raise their premiums so high you can't afford the car payments. You talk about having their cake and eating the plate also. These two companies take it all. At the same time people are losing their homes and retired people checks cost of living raises are a joke. The U.S. GOVERNMENT IS THE WROST OF THE LOT IN KEEPING UP WITH LIVING EXPENSES.

I feel more confident about them getting 34B than those bankers (Wallstreet) getting money that no one can account for. At least this is more tangible.