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November 19th, 2008 (Modified on November 20th, 2008)

LIVE (11/19): Auto Industry Bailout Hearing

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Click here to view the hearing between auto industry executives and the House Financial Services Panel. This could be one of the last remaining chances for Big Three executives to convince lawmakers that a multi-billion dollar loan is needed and worthwhile to save their industry.

Many lawmakers feel the American auto industry has yet to define the root cause of their failures, or specifically explain how they will spend government funds. If funding is granted, we can be assured major changes in management and production will be demanded from the Big Three.

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2 Responses to “LIVE (11/19): Auto Industry Bailout Hearing”

  1. shep greene Says: December 3rd, 2008 at 8:39 pm

    If taxpayer dollars are used to fund the bailout (duh!), then every taxpayer should receive a voucher for a new Big 3 car purchase. To determine the amount of the voucher, compute the size of the bailout ($35-50B) divide by the number of taxpayers, there’s the voucher amount per capita.

    Escalades for everyone!!!

    The math makes it simple to understand that the auto industry, incompetent as it is, wants you and me to fund their past mistakes and, most likely, their future ones.

    Which means the Big 3 gets a free ride (Chrysler’s 2nd one) and taxpayers get zip.

    So why bail out companies that have had 30 yrs. to become viable enterprises?? And have failed to deliver changes (like fuel efficient vehicles people want to buy) they now say they need the bailout money to retool to create?

    Why bailout companies that pay UAW workers who get 95% of their pay each week even though they do not work?

    Somewhere in this mess is a single car company that might survive. Without a bailout.

  2. Tim Manni Says: December 4th, 2008 at 2:23 pm

    Shep,

    Thanks for your comment, we hope you have found the blog interesting and useful. You’ve made some really great points — “So why bail out companies that have had 30 yrs. to become viable enterprises?? And have failed to deliver changes (like fuel efficient vehicles people want to buy) they now say they need the bailout money to retool to create?”

    It’s infuriating, yet almost humorous that tax payers will likely see little benefit from any of these bailouts. If these automakers survive and begin to turn a profit in the coming years, do you really think they’ll offer consumer incentives as a thank you for all their financial support? — def. not.

    The gov. should subsidize the prices for the Big Three’s vehicles so consumers can buy fuel-efficient cars for cheap.

    Thanks again for your comment!

    -Tim (HSH)

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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