Auto Task Force says no more money for auto bailouts... probably
To date, the U.S. government has reportedly given General Motors, Chrysler, their financial institutions and various industry suppliers about $80 billion in taxpayer money, and Congress wants to know when we're going to get that money back. The Senate Banking, Housing and Urban Affairs Committee held a hearing with the Auto Task Force for the first time to discuss the state of the government loans, as well as whether or not taxpayers will ever be paid back.
According to task force senior adviser Ron Bloom, there is "a reasonable probability" that some or all of the money will be paid back, but he was by no means "highly confident" that the money would be returned to taxpayers. He does, though, see "reasonable scenarios where taxpayers get their money back."
Bloom was a bit more certain, however, about the prospects of the auto industry receiving still more money from the government. Bloom said that it was the Obama administration's "absolute intent" not to provide future funding to the bailed out automakers, but he followed that with "never say never." That's far from a guarantee, but it would appear that more money doesn't seem to be in the plans.
During his testimony, Bloom also reiterated that the administration was a "reluctant shareholder" in the automakers, and that the government intends to get out the car business as soon as possible. When Alabama senator Richard Shelby (R) pressed for a timeline for the government to exit GM ownership, Bloom admitted that there was "no specific target" set.
[Source: The Associated Press via MSNBC | Image: Chip Somodevilla/Getty]
Reader Comments (Page 1 of 2)
Sea Urchin 7:08PM (6/11/2009)
No more auto bailouts?????
Please read this article, it was written today by a Democrat and a Republican about what auto lobbyists are up to
http://online.wsj.com/article/SB124467696781404127.html
This is just the beginning.
By DIANNE FEINSTEIN and SUSAN COLLINS
It's amazing how quickly a good idea can go bad in Washington. In January, we joined with Sen. Charles Schumer to introduce a bill that would allow Americans to trade in gas-guzzling cars in exchange for vouchers worth up to $4,500 toward the purchase of vehicles with greatly improved fuel economy. This legislation was modeled after programs in California and Texas that improved fuel efficiency, reduced pollution, and stimulated auto sales.
Our "Cash for Clunkers" proposal was a win-win for the environment and the economy. Then Detroit auto industry lobbyists got involved. Soon a rival bill emerged in the House, tailored perfectly to the auto industry's specifications.
The House bill was written so quickly that one of its main components -- a provision that would have excluded any vehicle manufactured overseas -- had to be removed because it violated trade laws. But the worst item on the auto industry's wish list is still at the heart of the bill -- a provision that undermines fuel-efficiency standards.
On Tuesday, the House approved this legislation, which would subsidize the purchase of a new Hummer H3T (16 mpg) or a new Dodge Ram 1500 4x4 truck (15 mpg), but not a two-year-old Ford Focus (27 mpg) or used Chevy Colorado (20 mpg). A companion bill is pending in the Senate.
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Sea Urchin 7:09PM (6/11/2009)
Same old GM, sale old Ford, Same old Chrysler, same old D3 at their best.
some1 7:29PM (6/11/2009)
"When Alabama senator Richard Shelby (R) pressed for a timeline for the government to exit GM ownership, Bloom admitted that there was "no specific target" set."
Why does this remind me of the Dems vs. Bush on the Iraq war? the irony...
and Sea Urchin, not sure why you stuck Ford in your post, considering Ford doesn't have much to do with this...
jpm100 10:10PM (6/11/2009)
When introduced in Europe and here they were sold both on stimulating new car sales as well as getting clunkers off the road. So this is news?
Jon 8:21PM (6/11/2009)
Oh how cute! The flunkies in the background are gazing adoringly at Mr. Obama. While he gazes adoringly at the teleprompter, mouthing the words someone else wrote for him to repeat.
You won't see this on NBC news tonight, but I caught this live on C-SPAN and he closed with:
"Goodnight, America. I'm ... Barack Obama?!?
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Saxxon 9:37PM (6/11/2009)
Yell, "who here paid their taxes?" and watch them scatter. LOL!!!
Max 1:43AM (6/12/2009)
Jon, so, what's the meat about the teleprompter?
Like that would be something bad you mean?
http://www.youtube.com/watch?v=D-ZlXHCCzaE
http://www.youtube.com/watch?v=9GhPDL3VSo4&feature=related
jimmy glick 7:48PM (6/11/2009)
some1: Yeah, I too saw the irony. It's a two way street, I guess.
It's incomprehensible that the Obama administration could have invaded GM, kicked out it's leader and assumed control without an exit strategy! I say give us an exact pullout date, damn it! This whole operation has been unconstitutional at best and criminal and worst!
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Rich 7:52PM (6/11/2009)
Just let us know when the first bodybags start arriving at Arlington, would ya?
kthx.
BoxerFanatic 9:22PM (6/11/2009)
How about a body bag big enough for the principles of freedom and private enterprise...
At least the Iraqis are MORE free than they were. Can we say the same now?
jimmy glick 9:23PM (6/11/2009)
Lives will not be lost but this process won't end without producing it's share of casualties.
Saxxon 7:52PM (6/11/2009)
Why is this even a headline? This idiot Bloom has answered nothing. He talks about "reasonable scenarios" where us tax payers will finally get our money back.
Is this like the "reasonable scenarios" where GM and Chrysler said they had for restructuring. Yeah, that worked out great, didn't it?! Then he couldn't say if they would give extra money to the automakers or future auto companies.
And then, the AP added "but it would appear that more money doesn't seem to be in the plans." Where does one get that idea from anything this Bloom guy has said!? Is the AP on the auto task force? Because it sounds like they answer questions the same way. Its bad enough I'm getting unsubstantiated guesses from Bloom, I don't need it from the people who report the news.
Face it everyone, its just more proof that Obama and his administration have no clue what they are doing, at all! These morons have no right running private business or the automotive sector. Pretty soon the same idiots will be controlling health care. This country is going straight down the toilet, and we have the mindless zombie idiots who voted this incompetent fool into office to blame for it.
I can hear their whiny voices now "what about what Bush did?" I've got news for ya, Bush isn't in charge anymore, Obama is. Bush didn't push for an enormous waste of money called a stimulus bill, Obama did. Bush didn't loose 16,000 jobs a DAY after said bill was passed, Obama did. And Bush didn't unconstitutionally take control of private business, Obama did.
Can't wait till 2010/2012 elections so us intelligent, free-thinking proud Americans can get rid of these numb skulls, and take OUR country back!!!!
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Rich 7:53PM (6/11/2009)
Yeah, Bush didn't stimulate the economy when it needed it. He left it to the poor schmuck who took over.
Rich 7:54PM (6/11/2009)
and it's "lose", not "loose".
Can't you wankers get your own language instead of ruining ours?
tuxchown 8:53PM (6/11/2009)
It's just one of those English grammar crimes like the misuse of "your and you're" and "their, there and they're". By now it's so common the offenders want it to be legal.
Saxxon 9:03PM (6/11/2009)
Yeah, Bush didn't stimulate the economy when it needed it. He left it to the poor schmuck who took over.
Yeah, he also didn't RUIN the economy like the poor schmuck who took over.
Sorry about the misspelled word. Maybe you bozos can pay less attention to it and more attention to the TRUTH that I printed.
Then again, its Liberal idiots that get side-tracked by things that make no sense, than pay attention to the things that really matter. So, good for you.
Maybe you can post a comment with some substance than play school teacher and point out grammatical errors next time.
Tony 10:51PM (6/11/2009)
By the time 2012 comes around America will be owned by the Chinese, and they will not let you have it back.
Zanardi1782 9:10AM (6/12/2009)
Well, actually, former President W. Bush did initiate a bailout of the banks, and he did consult with Mr. Obama on the current Administration's stimulus package. He did initiate military action in two foreign countries (I have nothing against that) while promising tax breaks (I have a big problem against that: something about having your cake and eating it too). So no, Mr. W. Bush was no more fiscally responsible than Mr. Obama.
This isn't about Right Vs. Left, Reps Vs. Dems, or whatever. This is about a fundamental flaw in the way our government does business. Do you think that Mr. McCain would not have passed a Stimulus package if elected? Do you think that the American auto giants have not made campaign contributions to BOTH political parties to ensure goodwill from both of them?
We are all to blame. Lashing out along party lines does nothing to help the problem, which you clearly pointed out but then resorted to "which of course would mean you have intelligence to start with. Which you don't, because you're a liberal." Which seems like lashing out to me.
It's truly sad, because so much of what you say makes sense. I truly hope a "free thinker" does come into power in 2012, and I hope that he or she will not be blinded by party lines.
tuxchown 2:11PM (6/12/2009)
The economy was ruined well before Obama took over. I bet you people who are complaining that Obama ruined the economy IN JUST FIVE MONTHS OR LESS are the same people who said that the economy was failing before Bush took office. Anything to blame the "goddamned liberals". How about this for you: THEY'RE ALL TO BLAME! Republican, Democrat, it makes no difference. Nixon was the biggest liar in political history. Ford was a bungling idiot. Carter ruined the economy, then we got Reaganomics and nobody could get a job. Then we got Bush Sr and his "New World Order" and after that we got Clinton's NAFTA. Then we got Dubya and his multi-billion dollar wars and now Obama. At least give Obama enough time to actually have something to blame him for instead of spinning your goddamned politics to fit your own agenda.
Saxxon 9:06PM (6/11/2009)
Every President in recent History has been using teleprompters, now how is that an argument for or against someone?
Yeah but Bush was an Idiot because he couldn't speak well, even though he didn't use a teleprompter.
How easy you forget.
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