I don't actually want to be first, but here I am. :-)

damn well better have some strings attached.

NO MORE BLANK CHECKS!

it probably sucks. where are the details?
where are the mandates for improved mileage and green technology?

I guess hairy reed is in on this, too.

I'm going to another site because I'm going to get angrier and angrier at why they rush to pour the treasury into billionaires pockets and businesses.

if there is a single worker's job preserved. gorge boosh will veto it.

Well, hard to believe that she thinks the Bush Admin will approve of this when she states that the 19 Billion will probably run out before March.

Just how many "too big to fail" industries we have in this country? I'm wondering how big this bank run on the treasury is going to be.

Barney Frank or the auto bailout?

When are we going to hear Senator Dodd demand some resignations on Wall Street? When are we going to here Senator Dodd and others demand the "restructuring" of Wall Street? Why are the demands different for the auto industry all of these Corporate welfare kings are asking hell Wall Street demanded the taxpayers money. WTF is with Dodd? Why not make the same demands?

RALPH NADER: Well, Juan, first of all, it needs to be made clear that the workers and the UAW have given up far more than what the government subsidy will come down to in dollars, if what the auto companies are asking for is accepted by Congress. They gave up huge—billions of dollars in 2007, and they’re giving up more in 2008.

And what this whole debate is lacking is any concept of numbers. For example, if this is a $34 billion so-called bailout, what is it really? Well, it’s subsidized loans, or maybe they’ll turn it into loan guarantees. And depending on what the government gets in return, that is a fraction of what—as Amy said, of what Citibank and the financial industries have gotten in New York.

The reason why there’s so much focus on the auto companies is not just its role in the American economy, but it’s public, and there are congressional hearings, where the wave of the gigantic bailout after bailout of Wall Street occurred largely on weekends in secret meetings between the Federal Reserve, the Treasury Department, and the goliaths on Wall Street. And these were sweetheart deals. Citibank got a huge sweetheart deal with very, very little reciprocity.

Now, if the Congress is going to move to save the domestic auto industry, they’re going to do it as taxpayers, as shareholders, as creditors, and they will drive a hard bargain. And as a result, the taxpayer can get preferred shares, they can get warrants, so that if the companies recover, the taxpayer gets not just the money back, but a huge surplus. I mean, Ford Motor Company stock now is around $2.60. If Ford modestly recovers, it could go to $20. And, of course, those Treasury warrants and preferred shares would come out very, very handsomely, as they did in the Chrysler bailout when Iacocca turned it around in 1980 and ’81.

So, what I think should be done is for the government to say, “OK, you want our help. We are going to own a part of you. We are going to be creditors and restructure you; remove the board of directors and the executives that are deemed not to be performing over the years; put people who know how to produce fuel-efficient, emission-controlled safe motor vehicles in place; and reform the whole area of shareholder rights,” because the government will be a shareholder. And since the government is effectively an insurer, they can move to apply the principle of insurance and loss prevention and produce motor vehicles and alternative transit, mass transit, that will damage less people on the highway and the environment. So, I call it government capitalism, where the government plays the role of a shareholder, the role of a creditor, the role of an insurer, and restructures the entire industry.

I must say, on the UAW, though, the biggest mistake the UAW ever made in this area was to support for thirty years, against consumer and environmental groups on Capitol Hill, a freeze on fuel efficiency. And because the government could not upgrade its fuel efficiency for over thirty years, from the 1975 standards, the Japanese and other foreign competitors were able to eat a larger—eat into the market share of the domestic industry. And I’m glad to hear Wendy say that it seems like some workers, at least, understand that that’s got to change.

http://www.democracynow.org/2008/12/5/ceos_of...
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Emptywheel over at Firedoglake has this up about the auto "bailout rescue, investment recovery" "restructuring" plan
http://emptywheel.firedoglake.com/2008/12/08/...
Here's a copy of the draft plan. It closely resembles what we've been hearing: the designation of an "auto czar" (AC--though it is called a President's Designee) who will dispense funds to those auto companies that need it, with the requirement that by March 31, the companies restructure with the oversight of the AC. The AC is empowered to assist in negotiations with retirees, unions, dealers, and creditors right now, but can come back to Congress and ask for more authority if need be (presumably, in case this person had to make bankruptcy court type decisions). The taxpayers get warrants and or a piece of Cerberus in exchange for their trouble.

Note, the AC must be picked by the first of the year. In other words, George Bush, not Barack Obama, will get to choose the AC.

Here are the other interesting details:

There's one clause which I've dubbed the "Nancy Pelosi clause" requiring the car companies to drop their suits against increased emissions standards in CA and other states:

(g) WITHDRAWAL FROM CERTAIN ACTIONS.—The terms of any financial assistance under this Act shall prohibit the eligible automobile manufacturer from participating in, pursuing, funding, or supporting in any way, any legal challenge (existing or contemplated) to State laws concerning greenhouse gas emission standards.

And there's a clause which I've dubbed the "Atrios clause" requiring car companies to consider moving some of their SUV capacity into producing transit vehicles:

(a) IN GENERAL.—Each eligible automobile manufacturer which receives financial assistance under this Act shall conduct an analysis of potential uses of any excess production capacity (especially those of former sport utility vehicle producers) to make vehicles for sale to public transit agencies, including—

(1) the current and projected demand for bus and rail cars by American public transit agencies;

(2) the potential growth for both sales and supplies to such agencies in the short, medium, and long term;

(3) a description of existing ''Buy America'' provisions, and data provided by the Federal Transit Administration regarding the use or request of waivers from such provisions; and

And there's a provision I'll call the "Delta/Northwest clause" which requires the car makers to get rid of their corporate planes:

WHY IS CONGRESS REQUIRING THE FAT CATS IN THE AUTO INDUSTRY GIVE UP THEIR PLANES NOT NOT THE WALL STREET FAT CATS?

Ok, I'm as liberal as the rest of you guys but why the heck does the auto industry get a bailout when I know for sure that my small company (which has been managed very well and is in no danger of bankruptcy) would never get a bailout?

I guess it's because I don't have a lobbyist working full time on capital hill...sigh...

Throwing money at it just gives the greedy more time and money to get away. The same goes for the Bankers. See Penn Central RR history, they just want to compensate "Big Interest" as the others take their cash out of the game, waiting to see who will be left standing. The greedy are backing Americans into a corner, what happens then???

I have to give credit to Peter B Collins.
I was listening to his show on the way home, and he came up with an idea I thought was pretty damn smart.
Instead of just giving them the money,order electric vehicles.
The gov't can order 600,000 electric vehicles for the post office and pretty much all gov't vehicles. They can also supply vehicles for, say, Meals on Wheels and the like.
The first 100,000 vehicles should be made and delivered in one year.
Then they get more money.
It's either that or the gov't should just buy GM and Chrysler out rite. It would be cheaper. That way, all the auto workers keep their jobs. The tax payer saves money. The gov't can turn a profit.
This idea struck me as a good alternative to just giving the fat cats free money. I know that there is some kinks in it that will need to be ironed out. But it's a start. What this situation does need is ideas.

From what I've been seeing yesterday and today the bailout as it stands would allow the automakers to take this money and dump it into their overseas manufacturing so I'd have to say it's already blown without any help at all from bush.

pelosi, YOU are a BITCH! YOU are the one who let bush off the hook. 2 years ago YOU took impeachment off the table. YOU let bush keep fucking things up. Even when there people who said out mortgages were going to go under. bush giving big tax cuts to the RICH, tax cuts to American bussness when they moved to mexaco. You knew bush and blackwater were in bed. You knew, in 2006 the American people wanted out og Iraq. pelosi, you and your fellow Dems just sat there and DID NOTHING. There were a few Dems that wanted to STOP bush and YOU did NOTHING. You knew about blackwater 3 years ago and DID NOTHING. You gave Billions of dollars to bankers. I see just wher you sit. not on the side of the American worker, but in bed with the rich just like bush.

I read about these homwowners who sign on to contracts with interest only loans. There were some bad loans, some people were told that that was the only loan they could get, also the 5 year fixed then a new rate. Most of them are going to go down the drain. WHAT ABOUT THE PEOPLE WHO HAVE PAYED THERE MORTGAGE, HAVE NOT BEEN LATE. DO WE GET A BREAK. They are now giving loans for "FIRST TIME BUYERS" at 4.5%. this is bullshit. We should get to re-do our loans toooo.
THE ONE THING BOYS AND GIRLS, THE MORTGAGE LOAN IS THE BIGGEST BULLSHIT AMERICAN DREAM THEY HAVE COME UP WITH. YOU PAY THE "BANK" FIRST. I HAVE SEEN A MORTGAGE PAYMENT BROKEN DOWN.$1430 A MONTH, OUT OF THIS OVER $900 IS GOING TO THE BANK AS INTREST "FIRST" YOUR LOAN GETS LESS THAN $200. AT THIS RATE YOUPAY THE "BANKS" FOR THE FIRST 15 YEARS. YOU WILL PAY OVER TWICE WHAT TOUR HOME IS EVEN WORTH. Think about it. you get a 30 year loan, most people retire after 20 years, ant the US goes throught one of these "slow downs" about every 10 to 15 years.
Reasons why, the rich will not let the workers own there homes, the rich will fuck with wallstreet to make sure the working class loose any gains they have made with there 401 or other stock. the rich have been buying up the famly banks startingback in the 30's with lies of bank runs. look at all the banks back in the 30's. now look at the banks left. the same names are the winers, JP Morgain,Chace just to name a few. when you buy a house for $175,000 and pay the bank $514,918.80 for that house, who wins, the bank made $339,918.
Watch the movie ZEITGEIST. The United States Made there own MONEY. HYY the hell would we want to turn over our CONTROL of our money to "BANKS"