CNN

It seems the idea is to get autoworkers to accept lower wages along with retirees who are likely receiving pensions well below the poverty line.

I can't help but think if you keep lowering wages of people who are currently making around 50K a year it will eventually put a lot more people out of work as they simply won't be able to buy goods and services a lot of other small businesses have to offer.

End result more small businesses will go under and less money will come into the government coffers and into the economy. Kinda dumb.

DON'T DO IT!!!

Tell the 'auto makers' to STOP making 100s of models of cars. Stick with the basics....1 sports car, 1 truck, 1 sedan and 1 station wagon/mini van. AND THAT'S IT.

CUT DOWN on your AUTOMOBILES NOT your EMPLOYEES. RETRAIN THEM in HYBRID and other OIL FREE technologies.

!!!!!!!!!!!!!!!!!!DON'T GIVE THEM ANY MORE MONEY UNTIL YOU HELP THE HOMEOWNER!!!!!!!!!!!!!!!!

europeans drive small cars. americans don't get it do they ?

Let's see if they can build a few more Edsels!

I predict they will want billions more from the taxpayers, by the end of March, because they are already fighting with the U.A.W.
the u.a.w. wants to continue to give money to their retirees, and everyone else that is related to them, with health benefits to them, til they die

Controled Bank-O is the only real solution at this point.

Is it the stake (stock) holder or the workers that we are going forward to help these compaines with?

Im sorry but....Let these auto makers go straight to HELL..... They have had how many years to straighten their companies out????? HOW MANY? They just sit there in there big officers flying about on their private jets. Thats their lives. Well, excuse me THIS IS MY LIFE.....Yeah see I lost my job mr hot shots....Its not my fault either, ITS CEOS like you guys...I balme all of you. And Barney Frank, Clinton and Dodd. While this economy was taking it huge nosedive, you all sat there and watched, Even whle people were telling you mopes that something was wrong VERY WRONG..... As far as you auto makers go, Maybe its time to get rid of the UNIONS? See I made a vow, NEVER TO BY AMERICAN AGAIN..You took away my hubby's job back in 1987....a job he had at that time for 17 yrs,,,YOU SOLD OUT TO MEXICO...Thats where a big chuck of EMD went too. CHEAPER LABOR...Well yeah know what....you can now MOVE ALL YOUR CRAP COMPANIES TO MEXICO...You have lost companies long ago. You never quite goit the concept of INNOVATION...CHANGE...UPBEAT..and NEW....And now you want more money...NO! I say NO! you have let the UNIONS run your companies...They tell you what to do rather then you tell them....The Unin has done your employess NO FAVORS...Other then to line their own pockets....I say the big THREE need to fend for themselves....After all, you cold never really compete with Honda or most overseas cars.....They are made better cost less and have kept up over the years..UNLIKE YOU AMERICAN CARS BULDERS.
RIP FORD-CHRYSLER-GENERAL MOTORS

I wish these guys luck. It is essential that we find alternative solutions towards saving our auto industry. We don't want to lose that.

"Bracing?" for what? To give them more of our tax dollars...oh, I forgot. Once Obama gives them the money, they are indebted to him....."power," is the name of his game. The democrats plan to move the country toward a "saviour state," of socialism is moving along nicely. Only one hitch. When they keep breaking the bank, and printing more money won't work...what then? All you Bush haters were so blind to elect this radical; but in less than 4 yrs when he's ousted, he'll leave with a pension for life, security for life, memoirs for a 3rd autobiography....and you libs, along with the rest of the country, will be in far worse condition than before...good job idiots!

Mr President We have a free market and we need to let it fix the auto problem. We have safeguards for businesses that get into TEMPORARY trouble and need time to restructure – it is called bankruptcy protection. Let GM seek protectionl see if they can reorganizel and then they can come back. Continual bailouts is a form of corporate welfare, and this will not fix the ills of the likes of GM – it is a bandaid and a temporary fix. GM need to completely retool itself, both on the shop floor, as well as in the executive offices, and also needs to eliminate entitlements (pensions) and unfair competition (unions). The only way for them to do this is to file backruptcy. Only the threat of everyone losing their jobs forever, will the union, middle managers, and executives, make the hard but necessary choices. And do not use jobs as an excuse to bail out GM and Chrysler – If these two giants fail, other companies will step in and fill the void and jobs will go elsewhere.

NO MORE CORPORATE WELFARE. IT IS A DRUG WORSE THAN HEROIN.

'Geithner will oversee the loan agreements with the automakers.'
This guy can't even fix his own taxes and he's overseeing the automakers? What a joke!

The notion of an entity being "too big to fail" after that entity has requested a crunch is absurd.

What would happen if small/midsize banks were giving priority to the TARP funds?

From my perspective, These large entities which are holding these toxic assets, paying their CEO's, laying off employees, stubborn on lending, are a liability to taxpayers.

Giving priority to small/midsize banks would give them the power to extend credit, focus on expansion which simultaneously would create jobs in the financial sector, subsequently forcing large banks to compete, merge, or file bankruptcy. The bankruptcy becomes a choice, then small banks could negotiate for the assets of the larger banks, but which wouldn't be a problem for those funds to sit on the books of smaller/midsize banks after an infusion of TARP funds.

Those funds would go to those banks that are willing to go public so that taxpayers can periodically check the financials of the company.

"Too Big to fail" vs "Too small to fail"

common sense tells us that bigger may be better, but smaller is a more prudent route.

"There's a way to do it better. Find it." — Thomas Alva Edison

wah, wah, wah

I would not give these people another nickle!! Let them all go down the tubes for bad judgement, overpriced cars, built OK, NOT GREAT, and refusing to build more fuel efficient cars, until NOW, that they are broke. And even if they do, they will be overpriced!!!

The Unions have to hold out for better benefits.., don't let those Chicago style politics fool you guys!!

Keep propping up those failing companies!
"They took our jobs!!!"

Reward industries that fail that most.
Atlas shrugs.

So is Obama taking over the auto industry or not? I couldn't really tell by reading this article. The reporting on CNN has really gotten ambiguous and sort of shady ever since Obama came on the scene.

The government should put a freeze on future bailouts until the economy starts rebounding. That is the responsible thing to do. If we keep on this path of printing trillions of dollars, you may as well not buy toliet paper any more.

U.S Auto industries need to eliminate UAW for this to be sucessful for the long run.

If nothing can be worked out.....I guess the "new" car company combo could be called U.S. Cars then number the different models ,be they solar ex:solar 1,2, elctric 1,2, battery 1,2 ,etc.

31 days in February this year? I don't think so.

Am I the only one finding it hard to trust Tim Geithner?

I always wondered why the auto and banking industries are all up in arms about OUR government wanting to place restrictions and conditions on the loans they receive from the tax payers. After all, if anyone of us received a loan from their financial institutions they ALWAYS make us use the money for ONLY the purposes that we received the loan. When banks start allowing us to barrow money for homes, but permit us to spend the cash anyway we choose is the time when we should allow them to use OUR bailout money anyway they choose after receiving the money.

Why is it that this basic set of protocols is good enough for us, but not good enough for them?

Hi GM and Chrysler-

Do not even think about flying in jets, which I am sure you won't. Come up with good spending numbers and try to woo us, the customers, with quality cars that can match or beat BMW, Mercedes, Porche, Maseratti, Lomborgini, Audi, Infiniti, and Lexus. Make car buying a pleasure. America can and should beat European cars, neck and crop.

They should simply shift to producing zero-emission fuel cell autos and install hydrogen fueling stations at all dealerships and be done with it. We must advance now to maintain our status as a world leader. Gasoline must become extinct like the dinosaurs!!!

And the relevance of this story is? Just cuz this guy is young does not mean that the Republicans now have new views. YES WE CAN! Stay on the train or get off at the next stop.

While Law makers are raising cain with the Automakers for the 14 billion repay............how about the Billions AIG and the others squandered..............and refuse to be transparent............who it going after them for immediate payback of those Billions...........at least 180 billion...........or is the math backwards that they think 14 billion is more that 180 billion??????

I have an idea: Make getting rid of the UAW mandatory before getting any taxpayer money. The UAW has to go in order for the US auto industry to be competitive.

I see there will be an Auto Industry Task force. This is great news, I can't wait to see how the largest screwed up organizationin the US – the federal government fixes the third largest screwed up industry. (They already failed at #2 The Financial Industry).

Let them fail and restructure. Then maybe the unions will be forced to negotiate something reasonable.

SPENDING PACKAGE # 2 AUTOMAKERS ANOTHER TRILLION$$$
SPENDING PACKAGE #3 HOUSING MARKET ANOTHER TRILLION$
SPENDING PACKAGE #4 CONGRESS RAISES ANOTHER TRILLION$
SPENDING PACKAGE #5,6,7 ?????$$$$$$

ALL IN HE'S FIRST 100 DAYS-–WHAT A CHANGE!!!!!

Sorry, that should say Yugo.

Let them go under?? Are you out of your FREAKIN' MINDS, REPUBLICANS???

Who's going to build planes, tanks, armored vehicles and personnel carriers in a time of WAR, IF NOT THE U.S. AUTOMAKERS? Maybe we should let Toyota or Subaru build them?? How about Audi or KIA???

Have you all forgotten what the big 3 did for our nation during WWII?? Remember they built 100,000 airplanes in a year in order to beat the Luftwaffe?? Hello???? McFly????

And Republicans have the GALL to call themselves patriots!!!!

Perhaps we could outsource CEO and lesser executive jobs in the auto industry to qualified business school graduates in India or China? They would certainly work cheaper and they would probably do a better job.

I just don't know about all this – I don't know if more money will help the auto industry or not. I'm an accountant but have no idea what their books show or just how bad their situation really is.
One thing i know is this: the republican party has become Obstructionist...they have turned into a bunch of big mouthed thugs that have no intention of helping Obama clean up the mess they created. Read my lips...the past 8 years of republican rule has all but destroyed our country and now they go about as if they know whats best for our country, and the truth is they know nothing. Lowering taxes is NOT the answer – if anything, taxes should be raised. Our states are broke, and so is our government – and we can thank the republicans for that. Hear that John McShame???

Conventional restructuring is not the solution. Automotive Research and prototype development needs to be set up as separate independent operating corporations to keep federal money where it will profit everyone. Otherwise it will get wasted the same way it always has: pampering both executives and unions while large changes in business are rejected.

The idea would be that the research companies produce basic car designs for the future without traditional car company prejudice and interference - energy efficient, safe and meeting basic customer needs. Manufacturers would be left with first option to purchase limited time exclusive designs from their offspring. Otherwise new designs and patents would be offered to American companies first then world wide if there were no takers. Only American deals could be exclusive for any time; otherwise there would just be standard royalties to any purchaser. Luxury and style design consideration would still be left to the end manufacturing companies.

Federal funds will be used to purchase all research assets from the mother companies giving them some liquid cash for the near future. Automotive companies should be required to make all existing patents and research available to these new research spinoffs as wells as existing research facilities at market price.

The remain funds would provide 3-5 years operating capital to the research companies weighted toward the first 2 years then tapering off rapidly later. While working researchers would come over to the new research company, all upper management must come from outside the commercial automotive industry and have some scientific research credentials as well as relevant business management experience or training.

When did February get 31 days. Will all are cars now look like a Hugo or other socialist made "cars"?

China dumps cheap steel here to kill jobs.

The government could bail out the big 3 all day long and I still wouldn't slow down while driving past any of their dealerships in any future search for a new car or truck. I absolutely would not have a new GM, Ford or Dodge vehicle. Why? Because I've already had one in the past. I've already had that sick feeling you get when you still owe payments on the car and you have to repeatedly return it to the shop to get this and that fixed. Because I know just how much in the car's value drops when you drive them off the lot. Because I know how dadgum ugly they all are especially the Chevy and Fords.

I say they should not get another penny, and if they do, I will certainally remember those in Washington who give it to them next time I vote!

NO MORE MONEY to automobile manufacturers and unions to reward bad business decisions and greed.

I wonder if there is a way to have GM to reoganize without declaring bankrupcy. It would help them a long way.

FRESHMAN LOSER.

If no written promises of where the money is going no money to the auto makers.

We need a Task Force to investigate every Congress person and Senator that voted for the “Porkulus” Spending bill. This was gross negligence. Not one dime should go to the auto companies until it’s determine if Congress was negligent in their duties of their office.

What a joke !This administration is going to give them what ever they want as the Unions claim the Democrats owe them for their contributions. Just continuing to throw taxpayers money at everything seems to be the plan of this administartion. Without REAL restructuring or a managed Bankruptcy, this is a waste of taxpayers money. This must be the second leg of the STOOL, the third leg will be billions more for the Banks. Wake Up America before it's to late, if it ise'nt already ! We are going to be wallowing in this STOOL for Generations to come !GOD Help Us ALL !!!

"Geithner will oversee the loan agreements with the automakers." Great were going to T-R-U-S-T Turbo Tax Tim with Americian Tax payer's money?

IDIOTS! Who are they going to sell cars to? Bailout is doing nothing for the regular middle class consumer other than saving of 15 dollars a paycheck. Can I buy a car and pay 30 dollars a month?

Our Government needs to be get with it, like going into the 21st Century, not locked into the 20th century. Our Cars needs to be green and energy efficent. With Bush he was stuck in that century and so has our Auto industry.

Remember back in the early 70's when we had an oil embargo and the Auto industry came up for smaller cars and not gas guzzlers and muscle cars, but who blocked that was the big oil companies, and once again came the gas guzzlers. So I think that someone must take on the responsiblities of overseeing the big three and making them come into the 21st century.

American auto makers need to decide if thier best interests lay with the american people or the petroleum industry that's raping them...

Why not have some of us regular people on the committee in an unpaid but advisory capacity? In this day of near-instant telecommunication it would be workable, and sometimes Washington insiders lose sight of the big picture.

I am sick of hearing from the negatavism of the Republicans. The main stream media continues to perpetuate this obstructionist, racist, propaganda!

If the unions weren't rewarding incompetence these companies might have a fighting chance!!

Wise saying: Help a man when he is in trouble and he will remember you when he is in another trouble.

Again!!! Why don't they cut the wages slightly,cut back on some benefits,no more bonuses, the ceo's should take a huge pay cut for now till the companies get their head above water ( they have had huge bonuses that they never deserved, so #1 give some back #2 pay cuts for now or #3 fire them.When will this ever end?

Automakers want a bailout now?

Well, why the hell not?

Gains privatized.
Liabilities socialized.

"From February 17 to 31"

Say what? February has only 28 days this year.

don't give it to them, we need to change, mass transit is the only way to solve these problems. It will never be the same. Take those workers and put them in a different industry that makes sense for the future. Stop spending money on things that are failing, the auto industry is not working and it will never work.