4 ms·
I think this is a done deal since Obama and Pelosi have already agreed to prevent bankruptcy of the automakers.
by larryfreeman 18y ago
I think this is a done deal since Obama and Pelosi have already agreed to prevent bankruptcy of the automakers.
- sethg 18y agoHere's the lead of a just-posted NYT article on the state of the negotiations (http://www.nytimes.com/2008/11/21/business/21auto.html?hp http://www.nytimes.com/2008/11/21/business/21auto.html?hp): "Democratic Congressional leaders on Thursday said that the executives of America’s foundering automakers had failed miserably in persuading Congress or the public that $25 billion in aid from the government would be well-spent and they gave industry leaders 12 days to come back with a plan showing otherwise." Also note that Rep. Dingell of Michigan has been unseated as chair of the House Energy and Commerce Committee, and replaced by Rep. Waxman of California. In other words, one of the auto industry's best friends in Congress is no longer the gatekeeper for a key committee. I assume some kind of bailout is inevitable, but I'm hoping that it will have significant strings attached.
- jerf 18y agoI'm hoping Congress pulls a switcho-change-o where they call it a bailout, but it is merely a large-scale bankruptcy proceeding with a different name and some token capital. I'm not stupid enough to hope for this very hard, but I'm hoping.
- ojbyrne 18y agoI could definitely see them doing something like - you declare bankruptcy, we'll backstop credit so that you don't have to liquidate.