America is pushing to save its auto industry today.
Congress continues to work on a proposal giving the big three Detroit automakers 15 billion dollars in emergency loans.
American politicians and analysts have mixed thoughts on the bailout.
Democratic Senator Chris Dodd supported it Friday, stressing that a collapse would affect virtually every sector of the economy.
“...we need to act. Not for the purpose of protecting a handful of companies. If that were the extent of the issue, I would let them fail. I acknowledge that those who advocate such a course, on the assumption that pressure from the outside will produce the desired results. My concern is that it plays Russian Roulette with the entire economy of the United States.” (MSNBC)
We’re monitoring coverage of the bailout talks from MSNBC, CNN, CBS and the Grand Junction Sentinel.
On CNN, filmmaker Michael Moore was quick to assign responsibility for the auto failures, offering his perspective on Larry King Live.
“I think what happened here is that the wealthy in this country saw the Democrats and Obama coming, talking about giving, you know, there’s going to be a tax increase for the rich. And they thought, ‘You know what? The party’s gonna end soon. We’d better collect as much silverware as possible before the party ends. And I think that there’s a looting of our treasury going on right now.” (CNN)
In an interview on CBS’ Face the Nation – economist Tom Friedman from the New York Times says automakers simply didn’t adapt to the times.
“Remember a couple of years ago as gasoline prices rose. What was their response? Was it to move immediately to electric cars or more efficient cars? They came out with a program...99 a gallon gas for a year if you bought a hummer or a suburban. It was like a crack dealer saying, Bob, I’m going to guarantee you free crack or reduced crack for a year. It wasn’t going to get you off your addiction. They created a universe, and then they tried to protect it.” (CBS)
The GJ Sentinel newspaper from Grand Junction, Colorado ran an editorial urging Washington to “lock the brakes” on the auto bailout. It took the viewpoint that unless the big three are willing to rewrite their business plans and clean house, tax dollars shouldn’t be used.
“Any money that Congress gives the Big Three will be akin to giving painkillers to dying patients. It won’t provide a real cure.” (Grand Junction Sentinel)
Politico’s Martin Cady had the perspective Congress was avoiding a decision on the bailout and wouldn’t be surprised if politicians waited until January to make their final call.
“Here’s what’s really going on. This is really the last game of chicken between the democratic congress and the republican president. Nancy Pelosi and the leaders over in the senate, they really don’t want to call another vote on another bailout during a lame duck session unless they have the votes lined up and right now it’s not 100 percent clear that they have the votes.” (CNN)
Should the automakers be bailed out? Do you think Congress will reach a decision this week, or will they hold out until January? Please leave your thoughts on Newsy.com and check out our sources.
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