And when they go to Washington to discuss a bailout, they all flew on private jets.
Looks like a couple of jets are on the chopping blocks. :roll:
http://abcnews.go.com/Blotter/WallStreet/story?id=6307092&page=1
Automotive bailout- will it be a Big 3 Christmas present?
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Looks like a couple of jets are on the chopping blocks. :roll:
http://abcnews.go.com/Blotter/WallStreet/story?id=6307092&page=1
We bailed out AIG, then they spent $400K on a golf/spa vacation and $503 million on bonuses for executives.
The automakers have been operating at losses for years, yet their CEO's saw no reason NOT to spend $20K apiece just to fly to Washington to ask for a handout.
There's plenty of money available to these companies, they're just spending it on the wrong stuff and like it's going out of style. They don't need a bailout, they need a reality check - and all their bonuses, perks, and executive privleges taken away!
The automakers have been operating at losses for years, yet their CEO's saw no reason NOT to spend $20K apiece just to fly to Washington to ask for a handout.
There's plenty of money available to these companies, they're just spending it on the wrong stuff and like it's going out of style. They don't need a bailout, they need a reality check - and all their bonuses, perks, and executive privleges taken away!
Despite voter oppositon, it appears that the Congress and the President-elect will loan(read: give, waste, squander, pick one...) money to the Big Three. In doing so, Congress will create some kind of oversight board to ensure the success of the automakers, cough cough. Detroit automakers are in a bind for several reasons and one is the federal government. As Milton Friedman said: put the federal government in charge of the Sahara Desert and in five years there would be no sand left. Can we go ahead and have a requiem for the Big Three?
There is no stopping big gov't. It grows like a ball rolling downhill with a never-ending supply of super glue being sprayed with every revolution.
We all know what will happen. There is no question here. Politicians will have to pretend to play hard against the BIG 3, so they can get re-elected, but the lobbyists have already placed their Christmas ornaments, at the top of the trees, on display in the Russell, Dirksen, Hart, Cannon, Longworth, and Rayburn Buildings.
Speaking of ornaments, Beach Si02, are your ornaments hanging high enough?
We all know what will happen. There is no question here. Politicians will have to pretend to play hard against the BIG 3, so they can get re-elected, but the lobbyists have already placed their Christmas ornaments, at the top of the trees, on display in the Russell, Dirksen, Hart, Cannon, Longworth, and Rayburn Buildings.
Speaking of ornaments, Beach Si02, are your ornaments hanging high enough?
The perfect time for my 2000th post. As of last check, it is fairly well placed; however, the scuttlebutt is that they are going to go the Omnibus route for the 9 remaining appropriation bills (they only passed three so far and they were due by September 30th :roll
. This means they will be rolling them all into one bill so the tree will have to be quite large but we are cutiously optimistic. As for timing, staff in the House and Senate appropriations committees are busily trying to wrap it up so that it can be passed in January and signed quickly. Also, the new, big stimulus (100+billion) bill should be ready in late January or February for Obama to sign. Then Obama will release his budget the first week of February. So with all the rest of the spending bills moving and Obama's FY 2010 proposal on the table, it will allow for the new Congress to move quickly on their wants and desires in the approps bills in March, and try to pass them by September.
It should be interesting to see if any of this gets bogged down in the Senate, but we should hear some very animated discussions about federal spending in the first three-four months of the year (and Obama's first 100 days).
I wouldn't say so quite yet. The House Republicans are not yet sold on it and even with the House majority being Dems, Pelosi has demonstrated in the past that she does not like to bring controversial financial issues to the floor without some republican support for political cover in case it backfires. She was not happy on the results of the first vote for the financial industry and she will likely not make the same mistake twice. Case in point, notice how it is Barney Frank beating the drum and NOT Pelosi or Reid.
since there is no formal decision yet as to current homeowners being able to refinance in what appears to be the mortgage Christmas present, if the $34B made it possible for you to refi, would you cut off the automakers?
I believe it is all window dressing. Pelosi, for her part, is preoccupied with Nobel Krugman's public works program and her own stimulus package. Much bigger price tags which demand the Speaker's attention, cough cough. Labor is a huge constituent of the Dems and they are not going to turn their backs on the UAW. Neither will the Pubs in union states and districts IMHO.