Tue Jan 24, 2012, 09:21 PM
malaise (121,573 posts)
12 replies, 1169 views
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Some said let the auto industry die (Original post)
Response to malaise (Original post)
Tue Jan 24, 2012, 09:30 PM
bhikkhu (8,923 posts)
9. An interesting article from back then:
House Republicans swiftly voiced their opposition and called for a plan that would instead provide government insurance to subsidize new private investment in the Big Three automakers, demand major labor givebacks and debt restructuring at the companies, and encourage them to declare bankruptcy.
Rep. John A. Boehner, R-Ohio, the minority leader, said the legislation "asks taxpayers to further subsidize a business model that is failing to meet the needs of American workers and consumers."
...by and large, great skepticism that the automakers were worth saving, or that the industry would do anything but fail. Interesting that the repugs would have preferred the hands-off "loan guarantee" to Obama's more involved (and ultimately very effective) approach. Someone might remind them of that as they talk about Solyndra...