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Tag Archives: congress

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Cash for Clunkers is a GO!

As of Friday Jun 19, 2009 5:00pm, the controversial Cash for Clunkers has just passed Congress and is now heading to President Barack Obama for signature as a piece of legislation meant to help get gas guzzlers off U.S. roads and replace them with new, more efficient vehicles. Many say the act is too lenient and is merely being pushed through as a measure to help get Detroit’s unsold inventory off dealer lots. Read More »

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Bailout Blues: The Big 3’s Shock Therapy

With the recent approval of a House bill to provide $14 billion, the Senate remains in question as to whether the American auto makers will get their BAILOUT anytime this week. With this money comes the inevitability of Federal oversight in the guise of a “car czar” that would handle how the money is spent. Another possible action is the immediate removal of the Big 3 CEOs to introduce some fresh blood. Despite the constant reinforcement of many car people like Lee Iaccoca, I have come to the conclusion that infusion of new CEOs into the American auto industry is probably the best thing that could happen. This conclusion hasn’t been rash as I’m completely against the bailout. Why should the Federal government pick winners and losers? Adam Smiths “Invisible Hand” has worked pretty well in cleaning out the failures of inept (ex. Enron, Delta, Adelphia and others) and despite the inevitable financial pain, the economic principals of “shock therapy” have proven themselves time and time again to be true. Suffer in the short term instead of languishing for the next 10-15 years with constant pain. Simply put, the quicker you get to the bottom, the sooner you’ll start to see growth again. So, with my complete support of letting the Big 3 suffer, how can I be for ousting Wagoner, Nardelli and Mulally? Read More »

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Automotive Crisis? A Tale Of Four Companies

Breaking news has Congress creating a┬átentative agreement between the US Government and the “Big 3” that allows $15 billion of available loans. An agreement reached between the White House and Congress posed┬áthat the money should come from $25 billion in loans previously approved to help the automakers retool for energy fuel efficient vehicles, rather than drawing the aid from the $700 billion Troubled Asset Relief Fund for struggling financial institutions. Does this mean at some future time the US Government will be asked for yet another $25 billion for the retooling? The Senate and House of Representatives have confirmed they will be meeting on Tuesday to vote on the deal and finalize the appropriation of money. In addition, this is only part of the money that has been asked for. In March, after President Elect Obama takes office, a meeting to determine if additional money will be granted will take place. Read More »