Let’s see after the last bailout Lee Iaccoca invented minivans and SUVs. Now they want to take the money dedicated to the creation of efficient engines and throw it down a rat hole. We loan 15billion$$ to companies worth 10billion$$ and they will still build cars that suck. Great News.
Analysis: Labor-green rift clouds auto aid chances
WASHINGTON (AP) — Watch out for family fights, Mr. President-elect. Though Democrats will control both the new Congress and White House, the battle over a multibillion-dollar auto industry bailout already is pitting two major party constituencies against each other: big labor and environmentalists.
The United Auto Workers, along with Detroit’s Big Three, are pushing for an infusion of emergency loans for the carmakers’ immediate needs – even if that means diverting $25 billion that had been set aside for creating cleaner vehicles. Environmentalists balk at that notion, saying the money is sacrosanct and insisting that any new help be tied to strict requirements for greener cars.
The intramural fight helps explain why President-elect Barack Obama has stayed vague on his views on the details of the bailout and Democratic leaders have seemed uncertain about whether to push one through. It’s also at the heart of the disagreement between Democrats and the Bush administration over how to structure any carmaker rescue.
After rushing Congress back into session last month to consider an emergency auto aid plan, House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., abruptly reversed course and called off the debate.
They ordered the Big Three to submit elaborate loan applications to Congress before they would even schedule votes on a rescue. The separate blueprints submitted Tuesday by Chrysler LLC, Ford Motor Co. and General Motors Corp. called for up to $34 billion in government aid.