bevyboop
12-17-2008, 12:36 AM
When the Senate voted down the bill for a bridge LOAN to GM and Chrysler they knew the following:
They knew: "According to CBS news: "Administration officials have been warning for weeks that failure to pass the bill could lead to an even deeper recession. That was the message Vice President Dick Cheney brought to a closed-door Senate GOP lunch Wednesday, reportedly warning that it’ll be “Herbert Hoover” time if aid to the industry was rejected, according to a senator familiar with the remarks."
Thery knew that White House Press Secretary Dana Perino told reporters: "The current weakened state of the economy is such that it could not withstand a body blow like a disorderly bankruptcy in the auto industry."
They knew that the CEO of Nissan said he thought the American manufacturers should be assisted. In fact ALL the Japanese companies know the government should OK the loan. They know that even just one filing bankrupcy would know out a strong of suppliers that they depend on, doing great damage to their businesses for many years to come.
They knew GM and Chrysler were asking for a bridge LOAN, to be paid back JUST LIKE 1979 WHEN CHRYSLER BORROWED $1.3 BILLION AND REPAID IT ON TIME AND WITH INTEREST - over $300,000,000 in interest.
The senators knew that if the Big 3 file for bankrupcy, they wouldn't have to repay the $1 trillion they owe to the banks....the same banks that just received $800 billion bailout, without having to give wage or health care concessions. The senators also knew that if the banks lose that $1 trillion they would go belly-up and taxpayers would lose the $800 billion forever. WHAT WERE THESE SENATORS THINKING?
They knew that Lehman Brothers, Merrill Lynch, Bear Stearns are gone and they were non-union. The senators know that Citibank and AIG were on the brink, and only still in business due to bailouts, and they are non-union. Ergo, the problem is NOT union related.
The senators knew that American sales of Japanese autos is down about 37% JUST LIKE AMERICAN PRODUCTS. They knew the problem is the credit crunch...eople are not buying cars either because they can't get the loan they could have gotten a year ago, or because they are afraid of losing their jobs and don't want to take a chance. So the problem is not union related OR American quality.
The senators knew that retirees are insured for 65% of their pensions are insured by the Federal government; the senators knew if the Big 3 file bankrupcy, the federal government would have to pay those pension checks to hundreds of thousands of retired TAXPAYERS for the next 30 or 40 or 50 years. They should have known that the Federal pension fund is close to needing a bailout of its own, and that's WITHOUT having to cover any auto pensions. WHAT WERE THESE SENATORS THINKING?
They know that if one of the Big 3 files for bankrupcy, they don't have to pay any outstanding bills to their suppliers. They should have know that 35% of those suppliers are themselves on the verge of going under. They should have been able to infer that if a shaky supplier does not get paid, that would push them over the edge. If a supplier goes under, their product will no longer be available to other auto manufacturers, including Honda, Nissan, Toyota, Volkswagen, et al. So those remaining manufacturers would get their parts from.....where? Companies like Bosch, Goodyear, Lear, Siemens, Delphi, Visteon, and hundreds of smaller ones all over the country....TAXPAYERS losing jobs, not paying taxes, drawing unemployment. The senators knew that on top of the manufacturers and all their vendors, there are thousands of dealerships all over the country...IN EVERY STATE, that would close. Thousands more AMERICAN, TAXPAYING EX-EMPLOYEES of dealerships....small business owners, salespeople, clerical staff, service technicians.
They senators knew that the TAX-PAYING employees of the companies would become EX-TAX-PAYERS. So they would stop paying millions of dollars of federal income tax, state income tax, and social security tax. Also, since they have no job, they would stop buying things, so add in all the sales tax they won't be paying either. Instead, they would be collecting unemployment, costing the system money, instead of contributing. WHAT WERE THESE SENATORS THINKING?
The senators knew that cities and towns that are home to GM and Chrysler factories and offices rely heavily on the property taxes of those facilities. They knew that these cities and towns stand to lose millions and millions in local property taxes. If those municipalities lose that tax base, they will need more aid from Washington. WHAT WERE THESE SENATORS THINKING?
The senators knew that our trade agreements with Japan, Korea, Germany are written to favor those countries. They know that foreign based companied can price their products here competitively, but American products overseas are priced 10% to 100% over what they would cost here. A $25,000 mini-van would have to have so much in Japanese tariffs that it would cost over $50,000 to buy in Tokyo. They know that Korea can sell 70,000 cars here, but American cars sold in Korea is capped at 5,000 Ask yourselves, Why do Republican senators, elected to protect the interest of Americans, maintain laws that give the edge to foreign countries? WHAT WERE THESE SENATORS THINKING?
What is the logic in protecting and working for the good of companies that are run by the grandchildren of the men who bombed Pearl Harbor, murdered and tortured American soldiers, and yet holding in such disdain the companies that produced the tanks and parts that won the war, and the grandchildren of the Greatest Generation. My father was in the US Army in Europe in World War 2, and my uncle was in the US Navy fighting the Japanese in the Pacific. They must be turning in their graves!! WHAT WERE THESE SENATORS THINKING?
The banks were given over $800 billion; in fact, almost immediately after the senators sent the auto moguls back to Detroit to come up with viability plans, Citibank waltzed into Washington, requested and received $20 billion.....with virtually no questions asked, no requirement to show a plan proving future viability, no wage concessions demanded, no talk of any bank employees giving up their pensions or health care. IF THEY CANNOT SEE THEIR OWN HYPOCRICY AND DOUBLE STANDARD, MANY OF US CERTAINLY CAN.
The senators knew that their states gave lots of money in tax incentives to get Honda, Nissan, Toyota, Kia, Hyundai, et al to come to their states.... Millions and millions and millions of dollars to benefit foreign-controlled companies. And then they sat and declared on TV for the world to hear, that it's not the government's place to financially aid private enterprises. IF THEY CANNOT SEE THEIR OWN HYPOCRICY AND DOUBLE STANDARD, MANY OF US CERTAINLY CAN.
The senators knew that Japan, Germany (and every other industrialized country for that matter) know that ALL their citizens deserve health insurance. So instead of taking health care away from AMERICAN TAXPAYERS, the senators' time would be better spent devising a workable plan that would offer health care to ALL Americans.
The banks and their fancy double dealing and Ponzi schemes caused the credit crunch (and therefore the deep decline in ALL auto sales), and Congress changed the laws so they could do it. And Congress is responsible for the 40 year lack of equitable trade rules and tariff/import laws. Perhaps the banks, investment firms, congressmen and senators are the ones who should give up salaries, health insurance, and pensions.
What are people saying who can see the big picture?.... "A small minority of Republican senators put the entire American economy in danger in an attempt to bust a union contract and drive down workers’ wages."
They knew: "According to CBS news: "Administration officials have been warning for weeks that failure to pass the bill could lead to an even deeper recession. That was the message Vice President Dick Cheney brought to a closed-door Senate GOP lunch Wednesday, reportedly warning that it’ll be “Herbert Hoover” time if aid to the industry was rejected, according to a senator familiar with the remarks."
Thery knew that White House Press Secretary Dana Perino told reporters: "The current weakened state of the economy is such that it could not withstand a body blow like a disorderly bankruptcy in the auto industry."
They knew that the CEO of Nissan said he thought the American manufacturers should be assisted. In fact ALL the Japanese companies know the government should OK the loan. They know that even just one filing bankrupcy would know out a strong of suppliers that they depend on, doing great damage to their businesses for many years to come.
They knew GM and Chrysler were asking for a bridge LOAN, to be paid back JUST LIKE 1979 WHEN CHRYSLER BORROWED $1.3 BILLION AND REPAID IT ON TIME AND WITH INTEREST - over $300,000,000 in interest.
The senators knew that if the Big 3 file for bankrupcy, they wouldn't have to repay the $1 trillion they owe to the banks....the same banks that just received $800 billion bailout, without having to give wage or health care concessions. The senators also knew that if the banks lose that $1 trillion they would go belly-up and taxpayers would lose the $800 billion forever. WHAT WERE THESE SENATORS THINKING?
They knew that Lehman Brothers, Merrill Lynch, Bear Stearns are gone and they were non-union. The senators know that Citibank and AIG were on the brink, and only still in business due to bailouts, and they are non-union. Ergo, the problem is NOT union related.
The senators knew that American sales of Japanese autos is down about 37% JUST LIKE AMERICAN PRODUCTS. They knew the problem is the credit crunch...eople are not buying cars either because they can't get the loan they could have gotten a year ago, or because they are afraid of losing their jobs and don't want to take a chance. So the problem is not union related OR American quality.
The senators knew that retirees are insured for 65% of their pensions are insured by the Federal government; the senators knew if the Big 3 file bankrupcy, the federal government would have to pay those pension checks to hundreds of thousands of retired TAXPAYERS for the next 30 or 40 or 50 years. They should have known that the Federal pension fund is close to needing a bailout of its own, and that's WITHOUT having to cover any auto pensions. WHAT WERE THESE SENATORS THINKING?
They know that if one of the Big 3 files for bankrupcy, they don't have to pay any outstanding bills to their suppliers. They should have know that 35% of those suppliers are themselves on the verge of going under. They should have been able to infer that if a shaky supplier does not get paid, that would push them over the edge. If a supplier goes under, their product will no longer be available to other auto manufacturers, including Honda, Nissan, Toyota, Volkswagen, et al. So those remaining manufacturers would get their parts from.....where? Companies like Bosch, Goodyear, Lear, Siemens, Delphi, Visteon, and hundreds of smaller ones all over the country....TAXPAYERS losing jobs, not paying taxes, drawing unemployment. The senators knew that on top of the manufacturers and all their vendors, there are thousands of dealerships all over the country...IN EVERY STATE, that would close. Thousands more AMERICAN, TAXPAYING EX-EMPLOYEES of dealerships....small business owners, salespeople, clerical staff, service technicians.
They senators knew that the TAX-PAYING employees of the companies would become EX-TAX-PAYERS. So they would stop paying millions of dollars of federal income tax, state income tax, and social security tax. Also, since they have no job, they would stop buying things, so add in all the sales tax they won't be paying either. Instead, they would be collecting unemployment, costing the system money, instead of contributing. WHAT WERE THESE SENATORS THINKING?
The senators knew that cities and towns that are home to GM and Chrysler factories and offices rely heavily on the property taxes of those facilities. They knew that these cities and towns stand to lose millions and millions in local property taxes. If those municipalities lose that tax base, they will need more aid from Washington. WHAT WERE THESE SENATORS THINKING?
The senators knew that our trade agreements with Japan, Korea, Germany are written to favor those countries. They know that foreign based companied can price their products here competitively, but American products overseas are priced 10% to 100% over what they would cost here. A $25,000 mini-van would have to have so much in Japanese tariffs that it would cost over $50,000 to buy in Tokyo. They know that Korea can sell 70,000 cars here, but American cars sold in Korea is capped at 5,000 Ask yourselves, Why do Republican senators, elected to protect the interest of Americans, maintain laws that give the edge to foreign countries? WHAT WERE THESE SENATORS THINKING?
What is the logic in protecting and working for the good of companies that are run by the grandchildren of the men who bombed Pearl Harbor, murdered and tortured American soldiers, and yet holding in such disdain the companies that produced the tanks and parts that won the war, and the grandchildren of the Greatest Generation. My father was in the US Army in Europe in World War 2, and my uncle was in the US Navy fighting the Japanese in the Pacific. They must be turning in their graves!! WHAT WERE THESE SENATORS THINKING?
The banks were given over $800 billion; in fact, almost immediately after the senators sent the auto moguls back to Detroit to come up with viability plans, Citibank waltzed into Washington, requested and received $20 billion.....with virtually no questions asked, no requirement to show a plan proving future viability, no wage concessions demanded, no talk of any bank employees giving up their pensions or health care. IF THEY CANNOT SEE THEIR OWN HYPOCRICY AND DOUBLE STANDARD, MANY OF US CERTAINLY CAN.
The senators knew that their states gave lots of money in tax incentives to get Honda, Nissan, Toyota, Kia, Hyundai, et al to come to their states.... Millions and millions and millions of dollars to benefit foreign-controlled companies. And then they sat and declared on TV for the world to hear, that it's not the government's place to financially aid private enterprises. IF THEY CANNOT SEE THEIR OWN HYPOCRICY AND DOUBLE STANDARD, MANY OF US CERTAINLY CAN.
The senators knew that Japan, Germany (and every other industrialized country for that matter) know that ALL their citizens deserve health insurance. So instead of taking health care away from AMERICAN TAXPAYERS, the senators' time would be better spent devising a workable plan that would offer health care to ALL Americans.
The banks and their fancy double dealing and Ponzi schemes caused the credit crunch (and therefore the deep decline in ALL auto sales), and Congress changed the laws so they could do it. And Congress is responsible for the 40 year lack of equitable trade rules and tariff/import laws. Perhaps the banks, investment firms, congressmen and senators are the ones who should give up salaries, health insurance, and pensions.
What are people saying who can see the big picture?.... "A small minority of Republican senators put the entire American economy in danger in an attempt to bust a union contract and drive down workers’ wages."