More Movement Towards Filibustering a Bailout of the Big Three? Not Likely
Via Hot Air, we learn that at the same time that Republicans are continuing to make noises about filibustering an auto industry bailout, public opinion seems to be shifting to favor one. A plurality favors a bailout by a margin of 46 to 42. Allahpundit:
Aren’t we just going to end up with the same song and dance that we went through when the House initially voted down TARP? Let’s say they filibuster it. The market will immediately tank, throwing everyone into a panic at the prospect of cascading unemployment and generating a million soundbites about how Republicans don’t care about American workers. Then they’ll go back into conference and one of two things will happen. Either they’ll table a comprehensive bailout and agree on a short-term bridge loan to get GM through the next few months so that the new Democratic Senate can revisit the issue in January, or they’ll extract some sort of mostly cosmetic concession to give McConnell cover on “avoiding in the future the same mistakes.” Tying the funds to evidence that the companies are restructuring towards long-term viability has been the White House’s sticking point all along; they’ll figure out a way to make that element of it more robust (which, to be sure, will be all to the good) and then they’ll pass it, with the GOP voting against but eschewing the filibuster this time.
Right? Does anyone seriously see Republicans rolling the dice on letting the auto industry fail in the current economic climate?
Nope. A bailout is going to happen.
No, they’ll let something pass, quite possibly just a stop-gap measure, and pass the buck onto the next administration.
The rational Dana (which doesn't imply that the adjectiveless Dana is irrational!) (3e4784) — 12/10/2008 @ 8:28 amWorse, if they need votes, they’ll carve out a few billion in local graft and pass it the secnod time. The TARP bill was not improved on the second go-round — they just added some graft to get the holdouts.
Kevin Murphy (0b2493) — 12/10/2008 @ 9:04 amShelby is anti-American. He’s been bought by foreign auto companies. Republicans bailed out the financial industry. But not the auto industry.
DCSCA (d8da01) — 12/10/2008 @ 9:23 ameverything you need to know about the proposed bailout:
December 10, 2008 Stat of the Day
In 2007, Toyota sold 9.37 million vehicles.
In 2007, General Motors sold 9.37 million vehicles.
In 2007, Toyota made $17.1 billion.
In 2007, General Motors lost $38.7 billion.
better we just take $15 billion and burn it. at least we’d generate some heat. the only thing that might save Detroit is Chapter 11.
from: http://www.crossingwallstreet.com/archives/2008/12/stat_of_the_day_1.html
redc1c4 (27fd3e) — 12/10/2008 @ 9:51 amIf they want an “auto-czar”, wouldn’t it be cheaper to just buy the stock on the open market
Another Drew (cba5f8) — 12/10/2008 @ 10:12 am(current market-cap of GM & Ford is less than $5B IIRC),
and appoint a federal receiver to run a consolidated industry as a sub-department of the DoT?
The Intellectual and Media Right is learning a valuable lesson from this bailout of the Detroit 3: Never underestimate the power of lobbying and public relations.
Unless the Right is willing to admit that it, too, engages in class warfare when it suits its purposes, it will continue to get its head handed to them by those with prettier PR women.
Brad S (9f6740) — 12/10/2008 @ 11:52 amI say we keep them hanging on ’til after 1/20/09. Then, when they fail (as they inevitably will), everyone will blame O!. As they should.
ginsocal (e79c16) — 12/10/2008 @ 2:02 pm“In 2007, General Motors lost $38.7 billion.”
In 2007, GM had to restate previously listed capital assess as funded obligations due to Sarbanes-Oxley. No money actually went anywhere.
jpm100 (b48b29) — 12/10/2008 @ 4:49 pm