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Paulson, Bernanke defend $700 billion bailout

Barney Frank and his ilk are going to do exactly what the criminal element that runs the unions of this country want them to do. If you thought corporate america did damage wait until you see what horrific damage the unions will do as the Democrats bow down to their every wish. This is what the argument is all about. Financial institutions vs the criminal unions.

Here's a thought - why don't the automakers go to the oil companies that have made billions in profit every quarter this year and ask them for a loan? They are the reason for the trouble in the auto industry.

The"big three"need to clean up their own act.a bail out would only put a band-aid on a broken leg.

Am I the only person who suddenly feels anxious when someone uses to phrase, "turned a corner?"

Perhaps it was overused by the current administration, but that still worries me.

Personally, I don't believe we should be bailing out banks, let alone anyone else, however, if we're going to bail out the banks we should evaluate some of the other major companies as well.

Who are the oil companies that we should get to bail out the Auto Industry - - Hopw about the regular folks who have 401k's and other investment accounts that are already loosing money. Why don't we rob from the rich and give to the poor and nationalize all industry too. Oh yea, that didn't work out in the old Soviet Union either.

When workers, execs, engineers, dealers, salesmen and suppliers are all factored in, the Big Three employ 3 million people who contribute $21 billion a year to Social Security and Medicare, and $25 billion in federal income taxes. Add in all the businesses that depend on the auto industry, and we are talking about one-tenth of the U.S. labor force. 850,000 retirees, and their families, depend for pensions and health care on the Big Three. If they go under, the burden falls on us. And to let the auto industry die is to write America out of much of the economic future of the planet. Who cares? comes the free-traders reply. Japanese and Koreans are setting up factories here. They can pick up the slack. But that means Americans will work for and depend on foreign companies for a necessity of our national life as vital as the imported oil and gas on which our cars and trucks operate. All the profits of the mighty automobile industry in America will be sent abroad. As GM Goes, So Goes the GOP. are victims of the biggest bait-and-switch liberal plan in political history.

Bush and Obama are both DOLTS.....Frank the gay Senator from MASS would bailout the UAW if he could!

Democrats Lack Courage of their Convictions: Chapter 227. If They Wanted to Bail Out the Big 3, Why Didn't They?. Democrats have been trying to shuffle money to Detroit since summer, but their timing has been off. The Michigan delegation's big push for auto funds coincided with September's financial crisis. With Washington in a panic, voters howling over $700 billion for banks, and an election in the offing, the leadership decided a Detroit bailout was one hot potato too many. The plan? Make it the Bush administration's responsibility to give Detroit cash namely by claiming after the event that the $700 billion rescue package for financial institutions was in fact a rescue package for auto makers. This was attempted with several hilarious colloquys" pre-scripted dialogues between members that were quietly inserted into the Congressional Record after the vote, all aimed at rewriting the "intent" of the law. Democrats feared that a Big 3 bailout would alter the political status quo in Washington -- one that saw them on their way to a win in the presidential race and a sweep in Congress.

What would have happened if they ( the liberal House and Senate plus Obamacon) had given John McCain, the chance to thunder against a union bailout, just a few months before election day?. McCain & Palin would of won this election, and now are, along with the GOP their selfmade victims, of the biggest bait-and-switch liberal plan in political history. Thay you have to now pay for, out of your poor pocket's, as YOU YOUNG PEOPLE put more of those liberal's in Office, because, all you voted for was a icon, a rock star, your idol, a color, and a do nothing for anybody, but himself, and was trained to be a good O-bot, through lies, fraud, and a host of other socialist utopian ill's, all in the name of, "get out the vote", for a better socialist country. Now, arn't you real proud of yourself?. I am sure you are. Seeing your still living at home with your parent. And, don't work for a living.

All of the comments here are very thought provoking. I would just like to make the point that once we start bailing out these co.s where does it stop. When the airlines see the auto industry get help, shouldn't they also? How about all the HMO's that claim all the free health care they give to people who can't (or won't) pay.
Another point is that the auto industry (including the workers) knew this was coming for at least the last 25 years that I know of and did NOTHING to stop it. The UAW is very powerful, the question is, can it EVER be in the best interests of a nation to reward them for their bad behavior. UAW workers STILL make at least 80k per year, along with their lucrative benefits and retirement package(which is what I understand got them so financialy messed up).
Its hard for most Utahns and the rest of the nation for that matter to feel very sorry for them!

There's an awful lot of blame to go around regarding the auto industry:VERY highly paid co. execs.,boards of directors that don't really direct anything, unions that can't face reality.

One group thats not to blame is ALL THE REST OF THE COUNTRY for not buying their cars, so don't make us pay for their mistakes!

the companies making over 100k per year to take a 50% pay cut. Tell workers making less than 100k per year to take a 10% pay cut and start making cars that REALLY compete with imports and their problem would be solved!

How will an antilabor appproach help the nation's economy.

We cannot hold the top man to his commitment to use the 700 Billion Dollars as we wanted. That is a clear indication that no regulations are going to prevent further abuses in the financial system.

Debt, credit, insurance and most interest is against God's guidance. These middlemen add to the cost and confusion of purchases.

Restoring our wrong financial system will continue our polluting lifestyle that enslaves people one to another. It is easier to turn to a Victory Garden lifestyle. If we begin to plant fruit trees and other food bearing plants and select pets that give milk or eggs,there will be food for those people who lose their jobs.

It would be a retirement lifestyle where our time is our own to help our neighbors to restore our neighborhoods and our sense of community.

We are going in an unsustainable direction. With money going to the non-essentials, there will not be money for fuel to transport foods or care for the sick. Victory Gardens give us good health, security and food to care for rich and poor alike. They are a safety-net in disasters and end poverty.

The flu and cold is catching, other thing's are catching, but this, I would say, take these 2 pills and come see me some other time on. All these states and entities are now in desperate need for money federal bailout money. Jennifer Granholm wants a bailout (state of Michigan). Folks, they're lining up. You put a pile of money in front of people and call it a bailout or whatever and you're going to have these people lining up at the trough like you've never seen before. It's what is happening now, and even cities like Philadelphia are currently asking for bailout money. Sigh.

Hey, bail me out to, I need a few million dollar$ to, to get by on, for a couple of weeks to.


OH PLEASE OBAMA and his liberal socialist utopian Congress, demand that the Fed's print out an extra Trillion $$$$$$$$$$$$$$$$$ for me to, I could sure use this FREE MONEY.

HURRY NOW - I need it like yesterday ok?.

Anonymous | 9:31 a.m.: "Here's a thought - why don't the automakers go to the oil companies that have made billions in profit every quarter this year and ask them for a loan? They are the reason for the trouble in the auto industry."

Do you think the oil companies are crazy? The know better. They know they would never get their money back.

Taxpayers won't either. Politicians love to give money away. Money that's not theirs.

Bro Chuck's Rant & Rave | 11:49 a.m.: "All the profits of the mighty automobile industry in America will be sent abroad."

Much of the money goes abroad anyway... in the form of auto parts, including motors.

Lewt has it right. I watched that Pied Piper lead our young Leftist liberals right down the primrose path into a briar patch. Our DO GOODER YOUNGER GENERATION has shot themselves in the foot I fear.

BAIL OUT DETROIT AND THE UNIONS!!!!I have watched for years how auto management caved to the unions and gave them promises that would not get them half way to heaven. Why Not! Like the Polticians, former auto exec's. have long since pulled the rip cords on their "golden parachutes" and are watching the carnage from their hilltop mansions. Unions and careless management have ruined Detroit forever. I would not give them a plug nickel. let them suffer it out like everyone else has to when they make gargantuion mistakes. And, whatever happened to the belts and suspenders bank executives used to wear..the younger generation of bank people have given the farm away. Watch for the Credit Card shoe to drop..there will be hexx to pay on that one too.