Pages

 

Flawed Auto Plan Makes Way Through Congress

0 comments
It will be interesting to see if Shelby carries out his threat to filibuster the flawed auto plan that is making its way through Congress.

Senate majority leader Harry Reid says Automaker Bailout Plan May Be Completed By Tonight.
Congress may complete work on a $15 billion automaker aid package tonight or tomorrow, Senate Majority Leader Harry Reid said, while the chamber’s top Republican called the plan “deeply flawed.”

Reid and House Speaker Nancy Pelosi said remaining disagreements could be resolved in the next few hours. White House spokeswoman Dana Perino told reporters that negotiators are making “good progress” though “we are still working through a number of issues.”

General Motors Corp. and Chrysler LLC say they need at least $14 billion in combined aid to keep from running out of cash by early next year. Ford Motor Co., which would be eligible to apply for the loans, said again yesterday it doesn’t expect to.

The Democratic proposal would let the president appoint a so-called car czar to oversee industry restructuring, and give taxpayers stock warrants equal to 20 percent of the loans. It would prohibit the automakers from paying dividends and owning or leasing corporate jets, and pay and bonuses would be limited.

The legislation needs 60 votes to overcome a Republican threat in the Senate to stall the measure in endless debate using a parliamentary maneuver called a filibuster.

Senate Republican leader Mitch McConnell said the plan is flawed because it fails to ensure that taxpayers won’t be forced to provide additional aid in coming months and years.
I am hoping Shelby will indeed Filibuster this mess and I encourage everyone to Email, Fax, or phone the senator asking him to do so. Without a Filibuster, it is likely a very flawed bill passes. If you wish to do something, concentrate on calling senators known to be wavering or against the plan and ask them to join Shelby in a filibuster of this madness. Please call Shelby even if he is not your senator.

Congressional Phone And Fax Numbers

Click Here For Congressional Phone And Fax Numbers

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

0 comments:

Post a Comment

Subscribe to: Post Comments (Atom)
  • Greenspan's Cult of Personality... Review topics and articles of economics: Alan Greenspan was a legend in his time and there was no shortage of praise for him back then. For example, who can forget Bob Woodow's 2000 book Maestro: Greenspan's...
  • Yes Tyler, Low Interest Rates Matte... Tyler Cowen is wondering whether the Fed's low interest rates in the early-to-mid 2000s really were that important to the credit and housing boom of the early-to-mid...
  • The Eurozone Crisis: Deja Vu... Review topics and articles of economics: Randal Forsyth sees similarities between the current unfolding of the Eurozone crisis and that of the U.S. financial crisis a few years back:Just as the problem on this...
  • Charles Plosser and the Burden of F... The Economist's Free Exchange blog is shocked to hear this from Federal Reserve Bank of Philadelphia President Charles Plosser:"Since expectations play an important role...
  • Arnold Kling and Expected Inflation... Review topics and articles of economics: What do we know about expected inflation? According to Arnold Kling not much if we look to financial markets:I'm also not convinced that we can read expected inflation...
  • A Paper on Stabilizing Nominal Spen... Given the recent discussion on stabilizing nominal spending as a policy goal I found this article by Evan F. Koenig of the Dallas Fed to be interesting: The article...
  • Why The Low Interest Rates Mattered... Review topics and articles of economics: This is the second of two posts detailing why the Fed's low interest rate policies in the early-to-mid 2000s was one of the more important contributors to the credit and...
  • Why The Low Interest Rates Mattered... This is the first of a two-part follow up to my previous post, where I argued that the Fed's low interest rate policy was a key contributor to the credit and housing...
  • The Stance of Monetary Policy Via t... Review topics and articles of economics: There has been some interesting conversations on the stance of monetary policy in the past few days between Arnold Kling, Scott Sumner, and Josh Hendrickson. Part of...
  • Scott Sumner's New Best Friend:... Joseph Gagnon is calling for $6 trillion more in global monetary easing. This should not be too hard to implement since the Fed is a monetary superpower.Update: The...
 
Review topics and articles of economics © 2011 Flawed Auto Plan Makes Way Through Congress