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Leaders in Congress Agree on Auto Bailout Plan

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Bigmack Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:03 PM
Original message
Leaders in Congress Agree on Auto Bailout Plan
Source: NYTimes

Leaders in Congress Agree on Auto Bailout Plan
By DAVID M. HERSZENHORN 2 minutes ago
Details were not immediately available but senior aides said that the bailout would include billions in short-term loans

Read more: http://www.nytimes.com/?emc=na



Nothing more than this, but.....
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marketcrazy1 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:05 PM
Response to Original message
1. market rally monday
this should be good for 500 points on the dow!
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Bigmack Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:30 PM
Response to Reply #1
5. Marketcrazy1...can you explain...
why the market went up 259 today?

Bad employment news, all the qualified talking heads on TV are talking gloom and doom.. and the market goes up?


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TWiley Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 06:03 AM
Response to Reply #5
13. bad news is not the worst news
If nearly 3 million people lost their jobs at the same time, it would throw us into a Depression which is far worse than a recession. Likely, impending news of a Government loan to the automobile industry helped. The "bad" news can be seen as a bottom if the worst news can be avoided.
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onehandle Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:05 PM
Response to Original message
2. Breaking on MSNBC (Rachel) Democrats agree on auto bailout.
Source: MSNBC

to come

No link yet.
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polichick Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:05 PM
Response to Reply #2
3. Barney Frank will be on shortly to talk about it.
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blue_onyx Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:10 PM
Response to Original message
4. Well, it's a short term loan
which I guess means they just want to get the companies through the next few months so Obama can deal with the longer term issues. I had a feeling something like this would happen.
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backscatter712 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 12:50 AM
Response to Reply #4
7. Works for me!
Edited on Sat Dec-06-08 12:51 AM by backscatter712
It's something that'll lurch us along until Obama can take charge. I'm sick of being shock-doctrined by the Bushies - WE HAVE A CRISIS!!! WE MUST ACT NOW!!! WE MUST TAKE DRASTIC ACTION!!!!!!11one

Maybe with the auto companies holding off their self-destruction for a few months, long enough for some of the assclowns in the Beltway to get the fuck out, so the adults can take charge, Obama and co. can actually sit down and think and plan on how to clean up this mess, and we can put together a solution that doesn't involve corporatist psychopaths bleeding us dry.
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Nightflurry Donating Member (132 posts) Send PM | Profile | Ignore Sat Dec-06-08 12:55 AM
Response to Reply #7
8. Yep
As much as I want an auto company loan/bailout I think this is great. Just keep the Big 3 alive until Obama and company can take charge. Keep the UAW alive.

After January we can work out some real solutions, but we have got to get that far at least. If the Big 3 fall before Obama takes office I don't care how amazing a president he is, we're screwed.
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prostock69 Donating Member (365 posts) Send PM | Profile | Ignore Sat Dec-06-08 07:09 AM
Response to Reply #7
15. I totally agree.
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Truth Teller Donating Member (479 posts) Send PM | Profile | Ignore Fri Dec-05-08 08:56 PM
Response to Original message
6. At least they could survive until we have a President
off to the Greatest.
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Divine Discontent Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 02:31 AM
Response to Original message
9. excellent news!
tired of the right wingers screaming to shut down the big 3 so that the UNIONS DIE... you know that's their only reason for screaming that the car manufacturers mismanagement should keep them from having the bailout. fat cat banks? no prob!

These designs on dozens of different shirts, button, stickers, mugs & more! http://www.cafepress.com/warisprofitable/1434671
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Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 04:11 AM
Response to Original message
10. Thank you, Bigmack. Good news. K & R.
:kick: :kick: :kick: :kick:
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machI Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 05:11 AM
Response to Original message
11. This is good news for the assembly line workers
I am now waiting to see if the top management votes themselves a big bonus (paid out of the bailout money) for 'saving' their companies.
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BlueManDude Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 05:34 AM
Response to Original message
12. Not so fast - they should wait for new congress and new administration
this thing still needs W's signatute and who knows what crap he will want and or nix.

If they're going to do this they should do it right.
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ohio2007 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 01:13 PM
Response to Reply #12
16. They'll need the "finger point" option on the table when they adjourn
If or when this latest batch of congresional approved bailouts lead to more

and more
and more

bail out corporate welfare demands.
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northernlights Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 06:10 AM
Response to Original message
14. short term loan better be as much as those thugican thieves get
and once Obama is in, they should throw out the management hogs and assign somebody decent to run the companies and hopefully turn them around.

Those corporate bastards spent $50B in the last year alone lobbying congress to ruin the environment and fatten them up. And now they expect us to provide them $50B in cheap loans so they can destroy whatever slim chance we have left of surviving as a species.

Fuck'em. Fuck'em all.

I saw a decent looking idea somewhere the other day. Retool them, just like in WWII. But instead retooling them to build tanks, retool them to build high speed rail cars, electric trains for the cities, and ultimately electric cars.

And every dime of profit better come back to the US citizens that are bailing them out, with decent interest on our investment.
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bottomtheweaver Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 05:53 PM
Response to Original message
17. Man they really had to grovel for whatever they got.
How come AIG doesn't have to grovel for their billions?
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