Too little too late & why did it take so long? Bush continues GOP-led path down socialism, saying he may not oppose bailout for G.M. et al. after all.
From The New York Times:
G.M., the world’s largest automaker for decades, said Tuesday that it was in such dire straits that it would deeply cut jobs, factories, brands and executive pay as part of its plea to get $12 billion in federal loans and an additional $6 billion line of credit. G.M. also promised that it could be competitive on labor costs with Toyota by 2012.
G.M.’s president, Frederick A. Henderson, said the company would be insolvent if it did not receive federal assistance, including an infusion of $4 billion in cash before the end of the year.
The White House so far has resisted calls for any new taxpayer aid for the automobile industry but instead has pushed for Congressional action to speed up $25 billion in federally subsidized loans that were authorized in an energy bill last year to encourage advanced fuel efficiency.
But in an apparent hint of flexibility in the Bush administration’s stance, Tony Fratto, the deputy White House press secretary, said on Tuesday that the White House would examine the proposals from the automakers.
“We’ll want to take a look at their plans in detail and see if they meet a credible test for viability,” Mr. Fratto said. “We’re pleased to see that everyone is now on board with what we’ve been saying for some time — that a credible plan for financial viability is necessary if we’re even to consider taxpayer assistance.”
[G.M. Chairman] Mr. Wagoner is scheduled to drive to Washington in a Chevrolet Malibu hybrid vehicle, a concession to criticism from lawmakers who chided the Detroit executives for flying on private aircraft to last month’s hearings.
[Ford C.E.O.] Mr. Mulally was en route to Washington on Tuesday in a Ford Escape hybrid, and [Chrysler Chairman] Mr. Nardelli was set to leave drive in one of Chrysler’s hybrid S.U.V.’s.
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Although I used to think it was un-American not to buy from one of the now Detroit Three -- formerly the Big Three -- I gave up in disgust on Detroit and the U.A.W. several years ago and haven't bought an "American" car since then. Frankly and regretably I must admit, I can't see what could be done to get me to go back. This notwithstanding, I sure hope none of the executives encounter car trouble in route to the nation's capital. This would be a disaster.
G.M., the world’s largest automaker for decades, said Tuesday that it was in such dire straits that it would deeply cut jobs, factories, brands and executive pay as part of its plea to get $12 billion in federal loans and an additional $6 billion line of credit. G.M. also promised that it could be competitive on labor costs with Toyota by 2012.
G.M.’s president, Frederick A. Henderson, said the company would be insolvent if it did not receive federal assistance, including an infusion of $4 billion in cash before the end of the year.
The White House so far has resisted calls for any new taxpayer aid for the automobile industry but instead has pushed for Congressional action to speed up $25 billion in federally subsidized loans that were authorized in an energy bill last year to encourage advanced fuel efficiency.
But in an apparent hint of flexibility in the Bush administration’s stance, Tony Fratto, the deputy White House press secretary, said on Tuesday that the White House would examine the proposals from the automakers.
“We’ll want to take a look at their plans in detail and see if they meet a credible test for viability,” Mr. Fratto said. “We’re pleased to see that everyone is now on board with what we’ve been saying for some time — that a credible plan for financial viability is necessary if we’re even to consider taxpayer assistance.”
[G.M. Chairman] Mr. Wagoner is scheduled to drive to Washington in a Chevrolet Malibu hybrid vehicle, a concession to criticism from lawmakers who chided the Detroit executives for flying on private aircraft to last month’s hearings.
[Ford C.E.O.] Mr. Mulally was en route to Washington on Tuesday in a Ford Escape hybrid, and [Chrysler Chairman] Mr. Nardelli was set to leave drive in one of Chrysler’s hybrid S.U.V.’s.
_______________
Although I used to think it was un-American not to buy from one of the now Detroit Three -- formerly the Big Three -- I gave up in disgust on Detroit and the U.A.W. several years ago and haven't bought an "American" car since then. Frankly and regretably I must admit, I can't see what could be done to get me to go back. This notwithstanding, I sure hope none of the executives encounter car trouble in route to the nation's capital. This would be a disaster.
posted by Sid Cottingham | 7:25 AM
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