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Old 11-20-2008, 11:39 AM   #1
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COMPROMISE REACHED FOR BIG 3

I'm taking this from another forum;

http://freep.com/article/20081120/BUSINESS01/81120050

WASHINGTON – Key senators reached a compromise today on a $25-billion bailout of Detroit's automakers, but questions remained as to whether there was enough votes or time to pass the bill today.

Details were not immediately available.

A draft of the compromise being worked on by Michigan Sen. Carl Levin and Sen. Christopher Bond, R-Mo., would have used the $25 billion set aside by Congress in September for retooling auto plants over the next several years and lend it to automakers immediately.

Automakers would face strict conditions on using the money, similar to what financial firms faced under their bailout, and as they repaid the loans, the money would go back into the retooling fund.

The compromise comes after supporters could not garner enough support to use $25 billion from the $700-billion financial industry bailout, even after two days of testimony by Detroit auto executives warning of their industry’s imminent collapse.

Senate Majority Leader Harry Reid raised the prospect of calling the Senate back into session in December. House Majority Leader Steny Hoyer, D-Md., said earlier this week it was possible that the House could come back in December as well. General Motors Corp. and Chrysler LLC could run short of cash by the end of the year.

Before the Senate can consider an auto bailout, it will have to close debate on an extension of unemployment insurance, a move that requires 60 votes. If that succeeds, the industry aid could be offered as an amendment to the bill. Even if approved, it would still need to be passed by the House, which is scheduled to depart today.

“It may be necessary to come back after Thanksgiving,” Reid said this morning. “Everyone just stay tuned and we’ll do the best we can.”

Democrats have been opposed to using the retooling money, saying it was needed to speed the development of fuel-efficient vehicles under tougher mileage standards. A couple of senators have suggested delaying the mileage standards to give Detroit automakers a break, but no bill proposing that has been presented so far.
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Old 11-20-2008, 11:42 AM   #2
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Old 11-20-2008, 11:49 AM   #3
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I think They have a deal

Fox news just reported a deal or agreement has been reached for a bailout of the big three! Hopefully this will help them out.
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Old 11-20-2008, 11:50 AM   #4
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Mods, I found another merge for you guys.
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Old 11-20-2008, 11:53 AM   #5
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Mods, I found another merge for you guys.
Thanks. Taken care of.
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Old 11-20-2008, 11:53 AM   #6
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*relief*

But... as usual, I'm a little late to the party... so much for my pretty letter.
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Old 11-20-2008, 11:54 AM   #7
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*relief*

But... as usual, I'm a little late to the party... so much for my pretty letter.
Call anyway. We need to make it clear that we support this deal and would support more money. More calls mean more impact on this situation.
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Old 11-20-2008, 11:57 AM   #8
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Call anyway. We need to make it clear that we support this deal and would support more money. More calls mean more impact on this situation.
I really hate the phone... but I sent a nice long letter this morning.
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Old 11-20-2008, 12:01 PM   #9
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I really hate the phone... but I sent a nice long letter this morning.
It'll only take a second. Just call the legislator's office. A secretary will pick up. Say that you live in the Senator's or Representative's district and that you expect that they vote for the auto industry. Tell them that you believe in American products and jobs, and the auto industry is extremely important to you. It won't take long. I promise.
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Old 11-20-2008, 12:09 PM   #10
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Is the news conference 2:30 EST?
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Old 11-20-2008, 12:27 PM   #11
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Is the news conference 2:30 EST?
Yes, that is what they're reporting here. All local stations will be airing it at 2:30. They are also scrolling information at the bottom.
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Old 11-20-2008, 12:37 PM   #12
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Auto bailout agreement reached!

This just in:

WASHINGTON (Reuters) – Senators Levin, Bond, Voinovich, Stabenow reached an agreement on bipartisan auto aid agreement a senate democratic aide said on Thursday.

The senators plan a news conference for 2.30 p.m., the aide said


The Camaro Cometh.
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Old 11-20-2008, 12:44 PM   #13
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I guess this is good news, did the big 3 get what they wanted,or did the gov't throw in a bunch of regulations with it. for example 50mpg's by 2020.
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Old 11-20-2008, 12:45 PM   #14
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YES! CHALK ONE UP FOR AMERICA!
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Old 11-20-2008, 12:47 PM   #15
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did the gov't throw in a bunch of regulations with it
It's about guaranteed they did. Also, the Senate will not agree to this plan until they get the supposed spending plan for the Big Three. I too wonder how and where they will all cut costs.
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Old 11-20-2008, 12:50 PM   #16
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From a WSJ article posted a few minutes ago:

Even if it passed, it would face tough odds in the House. With the House set to adjourn Thursday, there is scant time to negotiate.

Ms. Pelosi on Wednesday batted down talk of a December session, saying that Congress could next consider auto-rescue legislation in January if they don't take it up this week.

The bill, crafted by Sens. Carl Levin (D., Mich.) and George Voinovich (R., Ohio.), includes several safeguards meant to protect taxpayers and hold the industry accountable, said aides familiar with the measure. Also supporting the bill are Sens. Christopher "Kit" Bond (R., Mo.) and Debbie Stabenow (D., Mich.).

Earlier Thursday, House Financial Services Committee Chairman Barney Frank told reporters "nothing's going to happen legislatively" this week. Mr. Frank said he sees no chances of an aid package being passed by the Senate and, therefore, no action will take place in the House of Representatives before House lawmakers leave town on Thursday.

"The Senate's not going to act, so nothing will happen," Frank told reporters Thursday. "Nothing's going to happen legislatively."

There are conflicting signals being sent so don't get your hopes up.
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Old 11-20-2008, 12:56 PM   #17
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This is not through, yet. If you haven't called or contacted your senators -- MAKE SURE YOU DO.

It comes down to today. Keep your fingers crossed, guys. This stands a decent chance at going through. Using the money twice? Nobody really looses.

*fingers crossed; and for my part, prayers said*

Don't let us down...again...congress.
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Old 11-20-2008, 12:57 PM   #18
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It's about guaranteed they did. Also, the Senate will not agree to this plan until they get the supposed spending plan for the Big Three. I too wonder how and where they will all cut costs.
I hope it more like a "cut the fat" type regulations. I hype it's not a let them make ricers type agreement. In other words. The would want a tighter budget over a skinnier car.
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Old 11-20-2008, 01:13 PM   #19
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With the turn around in design it will be several years before there is a major change in the cars we have today, I expect that some models will be going away, maybe some divisions, but the actual redesign of GM will take several years.
Expect low volume expensive to produce models to be gone first.
Low performing models next.
then quick redesign of remaining models to be more economical to produce.

I hear alot that GM does not build the vehicles people want... well I don;t think it is the Vehicles but all the negative things said about GM for the last 20 years. Many people in thir 20's and 30's have never owned a GM car or truck, all they know is what their parents have told them and what they read in consumer reports about how great Japanese cars have been and are.

GM builds every style car any foreign maker makes, From Sub Compacts to large trucks, Nobody makes a style that they don't make. feature wise they are right there, on many models they even include many features that are options or unavailable on the foreign makes.
For a company that starts out with a $2,000 per car deficit over their competition I think they provide more value for the money.

If we want the Camaro to still be around in 5 years, it better sell as fas as they can make them. I know I have decided as soon as I can either sell My wife's Jeep or pay it off I will be ordering a new Camaro...
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Old 11-20-2008, 01:14 PM   #20
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As long as they throw in a Can-build-Z/28 clause in that package I'm good.
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Old 11-20-2008, 01:24 PM   #21
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Don't jump the gun just yet. All they are saying is that one branch of congress has a bi-partisan proposal. That same branch would need to vote on it still. And the chances of it passing are low. Even if it did pass, it would have to then go to the other branch of congress and pass there. Then the President would have to sign off on it.

Plus, congress goes on break after today. I don't see any solid resolution to this until December at the soonest.

Washington, prove me wrong!!!
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Old 11-20-2008, 01:26 PM   #22
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The bring is on right now on CNN.
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Old 11-20-2008, 01:45 PM   #23
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I just finished watching the new conference...

There will be nothing for the automakers at this point.

They have been given until Dec. 2nd to come up with a plan that can be approved.

Congress needs a long term plan outlined by the automakers, they are incredibly irritated with the CEO's at this point. The fact that each CEO took a different corporate jet to the hearings, and that only one of the three would be in favor of accepting the Lee Iacocca $1, did not help at all.

As much as it pains me to say this... I agree with Congress completely. There needs to be a plan, and this needs to be taken more seriously by the heads of these companies.
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Old 11-20-2008, 01:53 PM   #24
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Old 11-20-2008, 02:23 PM   #25
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Just finished watching the conference, too. I am encrouraged by the plan they have ready. The money's already there...they just need convincing to approve its use for other purposes than fuel economy improvements. And this being bipartisan lifts my hopes for its passing December 8th.

Put very simply for those who don't understand, or haven't read anything yet; This legislation would give the automakers a chance to apply for a loan. The money would come from an already-appropriated $25 billion pool destined to retool plants for fuel efficient vehicles. The catch, is that this money will be put BACK into the pool for its original use as it gets paid back by the Big Three.

Now GM...Ford, Chrysler.....give them their business plan...get this money...get to 2010, and do us proud!

EDIT: I was also pleased to hear that guy rant a little bit about American vehicles quality compared to imports...at least somebody with a "loud voice" gets it.
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