Thursday, September 18, 2008

Now You Can Underwrite GM/FoMoCo/Chrysler!

I told you so. Look at the bottom of the post.

Here's today's press-retelling:

Even as lawmakers in both parties unleashed a barrage of questions about the wisdom of a government rescue for the American International Group, 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 of Arizona and Senator Barack Obama 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, Ford and Chrysler — met on Wednesday afternoon with House Speaker Nancy Pelosi.

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, 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, 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.”

(A VERY unfortunate choice of terms, Mr. Mulally. Ask Bill...)

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 standards that Congress adopted last year.

At least she's somewhat honest. Congress created the problem. YOU will pay for the solution.

HT: The Agitator


Larry Denninger said...

So since my wife is a GM engineer, I can finally say with authority that she'll be working for me!

Dad29 said...

Do NOT try that at home, LarryD!

Larry Denninger said...

Believe me, I won't! At least, not without my tongue firmly planted in my cheek - otherwise, her foot will be firmly planted in my butt.

Joe of St. Thérèse said...

sweet, we own GM, so does that mean we can start firing everyone left and right?...i'm feeling a power craving, LOL!