forwarding.... ---------- Forwarded message ---------- From: Dave Pearson <[EMAIL PROTECTED]> Date: Thu, Sep 18, 2008 at 3:25 PM Subject: [Out_Of_The_Frying_Pan] Federal Aid to Detroit Seems Likely To:
(Will American People be bailing out all corporations? -dp) Federal Aid to Detroit Seems Likely *http://tinyurl.com/Car-Bailout* ** By DAVID M. HERSZENHORN<http://topics.nytimes.com/top/reference/timestopics/people/h/david_m_herszenhorn/index.html?inline=nyt-per> Published: September 17, 2008 WASHINGTON — After a series of government interventions in the private markets, one seemingly more astonishing than the next, lawmakers found themselves confronted on Wednesday with the question of when and where to draw the line on future aid. Skip to next paragraph<http://www.nytimes.com/2008/09/18/business/18auto.html?_r=5&oref=slogin&oref=slogin&oref=slogin&oref=slogin&oref=login#secondParagraph> Rebecca Cook/Reuters Alan R. Mulally of Ford called Wednesday "a great day." Add to Portfolio - General Motors Corp<http://www.nytimes.com/2008/09/18/business/18auto.html?_r=5&oref=slogin&oref=slogin&oref=slogin&oref=slogin&oref=login#> - Ford Motor Co<http://www.nytimes.com/2008/09/18/business/18auto.html?_r=5&oref=slogin&oref=slogin&oref=slogin&oref=slogin&oref=login#> Go to your Portfolio »<http://markets.on.nytimes.com/research/portfolio/view/view.asp#sda> Chip East/Reuters Robert L. Nardelli of Chrysler said he was encouraged. But with billions of dollars in financial backing already authorized for Wall Street, and with Election Day fast approaching, Congressional leaders seemed uninterested in denying help to large employers of blue-collar Americans. Even as lawmakers in both parties unleashed a barrage of questions about the wisdom of a government rescue for the American International Group<http://topics.nytimes.com/top/news/business/companies/american_international_group/index.html?inline=nyt-org>, support seemed to be growing quickly on Capitol Hill for $25 billion in loan guarantees to assist the ailing auto industry. Both presidential candidates, Senator John McCain<http://topics.nytimes.com/top/reference/timestopics/people/m/john_mccain/index.html?inline=nyt-per>of Arizona and Senator Barack Obama<http://topics.nytimes.com/top/reference/timestopics/people/o/barack_obama/index.html?inline=nyt-per>of Illinois, have voiced support for the loan guarantees — an unsurprising stance given the critical importance of the main auto-producing states, Michigan and Ohio, to the electoral map this fall. The chief executives of the three big American automakers — General Motors<http://topics.nytimes.com/top/news/business/companies/general_motors_corporation/index.html?inline=nyt-org>, Ford<http://topics.nytimes.com/top/news/business/companies/ford_motor_company/index.html?inline=nyt-org>and Chrysler<http://topics.nytimes.com/top/news/business/companies/chrysler_llc/index.html?inline=nyt-org>— met on Wednesday afternoon with House Speaker Nancy Pelosi<http://topics.nytimes.com/top/reference/timestopics/people/p/nancy_pelosi/index.html?inline=nyt-per>. When they emerged, they expressed optimism that the loan guarantees would be included as part of a budget resolution that is needed to finance government operations through the end of the year. "The support that we got was again very encouraging," said Robert L. Nardelli<http://topics.nytimes.com/top/reference/timestopics/people/n/robert_l_nardelli/index.html?inline=nyt-per>, the chairman of Chrysler. "The conversations I have had all day on the Hill have been very encouraging, very candid, very straightforward and so as we conclude the day, I would say it was successful." Alan R. Mulally<http://topics.nytimes.com/top/reference/timestopics/people/m/alan_r_mulally/index.html?inline=nyt-per>, the chief executive of Ford, was even more upbeat. "It was a great day," he said. When a reporter asked what Mr. Mulally might say to people who viewed the loan guarantees as a bailout, he replied in a chipper voice, "I would characterize it as an enabler." Ms. Pelosi sharply criticized the Bush administration on Wednesday over the $85 billion bailout of A.I.G., saying it was evidence of mismanagement by President Bush. But she expressed strong support for the automakers' loan guarantees, which would be used to help the companies meet new fuel efficiency<http://topics.nytimes.com/top/reference/timestopics/subjects/f/fuel_efficiency/index.html?inline=nyt-classifier>standards that Congress adopted last year. "We see that as a way to rebuild and strengthen the technological base of America," Ms. Pelosi said at a news conference in the Capitol. "It would certainly help people in the auto industry, but it's not only about the auto industry, it's about the auto industry, it's about our economy, it's about America's work force." She added: "We consider this a major investment in innovation." Republican Congressional leaders, too, said they were in favor of helping the automakers. Representative Adam Putnam of Florida, the third-ranking House Republican, said at a news conference that it was up to auto executives to convince lawmakers of the need for government assistance. "It's incumbent on them to make the case to Congress that it is a loan guarantee, that it is a wise investment of taxpayer dollars, and I think that they are on the Hill this week making that case," Mr. Putnam said. "The reports that I have heard from my colleagues is that they have been fairly persuasive." The Senate majority leader, Harry Reid<http://topics.nytimes.com/top/reference/timestopics/people/r/harry_reid/index.html?inline=nyt-per>of Nevada, expressed his own support for aid to the automakers at a news conference on Wednesday morning. Mr. Reid said the loan guarantees, which would cost taxpayers $7.5 billion, were needed. "I think it's extremely important that we try to do something," he said. "These are jobs. These are cars that we should be selling — or manufacturing in America, not someplace else." Still, some fiscal conservatives reacted angrily to the prospect of more taxpayer money being used to prop up private companies. "The federal government's propensity to bail out failing companies in struggling industries ought to be troubling to all taxpayers," said Representative Jeff Flake, Republican of Arizona. "Aside from the fiscal impact of spending money that the federal government doesn't have, these bailouts will likely have the opposite of their intended effect." Mr. Flake added: "Federal bailouts may stave off short-term economic damage, but the long-term economic outlook will be much worse if the market is not allowed to make its own adjustments. While the Bush administration certainly shares blame for these bailouts, this Congress may designate itself as the 'Bailout Congress' if we follow through on a rumored bailout of the auto industry." But such skepticism was likely to be overshadowed by the huge stakes in the presidential race. Mr. McCain, the Republican nominee, had seemed cool to the idea of loans for the auto industry last month, but at a campaign stop on Wednesday at an auto plant in Orion, Mich., he sounded like a staunch supporter. "It's great to be here today with the assembly workers of this G.M.<http://topics.nytimes.com/top/news/business/companies/general_motors_corporation/index.html?inline=nyt-org>plant," he said. "I'm here to send a message to Washington and Wall Street: We are not going to leave the workers here in Michigan hung out to dry while we give billions in taxpayer dollars to Wall Street. It is time to get our auto industry back on its feet. It's time for a new generation of cars and for loans to build the facilities that will make them." Bill Vlasic contributed reporting from Detroit and Michael Cooper from Orion, Mich. -- David Pearson __._,_.___ Messages in this topic <http://groups.yahoo.com/group/Out_Of_The_Frying_Pan/message/92716;_ylc=X3oDMTM3MG4xMDhmBF9TAzk3MzU5NzE0BGdycElkAzE5NDkyOTI2BGdycHNwSWQDMTcwNTY3Njk2NARtc2dJZAM5MjcxNgRzZWMDZnRyBHNsawN2dHBjBHN0aW1lAzEyMjE3NjU5MzMEdHBjSWQDOTI3MTY-> (1) Reply (via web post) <http://groups.yahoo.com/group/Out_Of_The_Frying_Pan/post;_ylc=X3oDMTJyYXEyZnZmBF9TAzk3MzU5NzE0BGdycElkAzE5NDkyOTI2BGdycHNwSWQDMTcwNTY3Njk2NARtc2dJZAM5MjcxNgRzZWMDZnRyBHNsawNycGx5BHN0aW1lAzEyMjE3NjU5MzM-?act=reply&messageNum=92716>| Start a new topic <http://groups.yahoo.com/group/Out_Of_The_Frying_Pan/post;_ylc=X3oDMTJmOWlpYmtjBF9TAzk3MzU5NzE0BGdycElkAzE5NDkyOTI2BGdycHNwSWQDMTcwNTY3Njk2NARzZWMDZnRyBHNsawNudHBjBHN0aW1lAzEyMjE3NjU5MzM-> Messages<http://groups.yahoo.com/group/Out_Of_The_Frying_Pan/messages;_ylc=X3oDMTJmaGZmOWNrBF9TAzk3MzU5NzE0BGdycElkAzE5NDkyOTI2BGdycHNwSWQDMTcwNTY3Njk2NARzZWMDZnRyBHNsawNtc2dzBHN0aW1lAzEyMjE3NjU5MzM->| Files<http://groups.yahoo.com/group/Out_Of_The_Frying_Pan/files;_ylc=X3oDMTJnanRkZWhtBF9TAzk3MzU5NzE0BGdycElkAzE5NDkyOTI2BGdycHNwSWQDMTcwNTY3Njk2NARzZWMDZnRyBHNsawNmaWxlcwRzdGltZQMxMjIxNzY1OTMz>| Photos<http://groups.yahoo.com/group/Out_Of_The_Frying_Pan/photos;_ylc=X3oDMTJmY20wc2NmBF9TAzk3MzU5NzE0BGdycElkAzE5NDkyOTI2BGdycHNwSWQDMTcwNTY3Njk2NARzZWMDZnRyBHNsawNwaG90BHN0aW1lAzEyMjE3NjU5MzM->| Links<http://groups.yahoo.com/group/Out_Of_The_Frying_Pan/links;_ylc=X3oDMTJnNG90bGplBF9TAzk3MzU5NzE0BGdycElkAzE5NDkyOTI2BGdycHNwSWQDMTcwNTY3Njk2NARzZWMDZnRyBHNsawNsaW5rcwRzdGltZQMxMjIxNzY1OTMz>| Database<http://groups.yahoo.com/group/Out_Of_The_Frying_Pan/database;_ylc=X3oDMTJkbnJwb2tqBF9TAzk3MzU5NzE0BGdycElkAzE5NDkyOTI2BGdycHNwSWQDMTcwNTY3Njk2NARzZWMDZnRyBHNsawNkYgRzdGltZQMxMjIxNzY1OTMz>| Polls<http://groups.yahoo.com/group/Out_Of_The_Frying_Pan/polls;_ylc=X3oDMTJnaHRxY3RkBF9TAzk3MzU5NzE0BGdycElkAzE5NDkyOTI2BGdycHNwSWQDMTcwNTY3Njk2NARzZWMDZnRyBHNsawNwb2xscwRzdGltZQMxMjIxNzY1OTMz>| Members<http://groups.yahoo.com/group/Out_Of_The_Frying_Pan/members;_ylc=X3oDMTJmMzFvYTIyBF9TAzk3MzU5NzE0BGdycElkAzE5NDkyOTI2BGdycHNwSWQDMTcwNTY3Njk2NARzZWMDZnRyBHNsawNtYnJzBHN0aW1lAzEyMjE3NjU5MzM->| Calendar<http://groups.yahoo.com/group/Out_Of_The_Frying_Pan/calendar;_ylc=X3oDMTJlNWc2MjFzBF9TAzk3MzU5NzE0BGdycElkAzE5NDkyOTI2BGdycHNwSWQDMTcwNTY3Njk2NARzZWMDZnRyBHNsawNjYWwEc3RpbWUDMTIyMTc2NTkzMw--> [image: Yahoo! 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