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The Auto Industry's 15 Billion Point Turn
Below is a guest blog entry by Nomi Prins:
Perhaps jarred by the November unemployment report, Congress offered a $15 billion olive branch to the Detroit Three Friday night. (Note: You can keep calling them the Big Three if you want, but it's a bit of a misnomer these days, isn't it?)
The loan, stressed House Leader Nancy Pelosi (D-CA), will provide "short-term and limited assistance" to the D-3, though there is some ambiguity about what she meant. She also promised the money would be repaid "within a matter of weeks." But given the absence of inventory movement, and lack of cash flowing through the D-3's books, it's not clear exactly how that's going to happen.
Nonetheless, this loan will allegedly keep the auto industry on a ventilator until March, when the Obama administration and new Congress can take another pass at determining what to do. Until that point, the auto-execs will supposedly go about executing their multi-hundred page restructuring plans. Will they address the core problems that plague the auto industry? Let's hope.
—Nomi Prins
Nomi Prins is a former Wall Streeter and frequent contributor to Mother Jones.
Michael Moore made a good point on "Countdown" last Thursday. Why are we lending 34 billion to an industry worth about 3 billion?
ok, as I'm getting ready to write this blog I'm looking at the pics on the left of photo essays and what a mix... phone sex operators to children in the XXX garbs. Wow.
OKAY, Then, lets get to the point of the Auto Industry...the big three. Lets see 30 years ago please correct me if I'm wrong but I'd like someone to look into this. 30 years ago our USA Government/tax dollars bailed out the big three and the funds then that was used was the funds of Grants that were supposed to go for environmentally friendly automobile development and production. So magically the economy turned then to supposedly force the Auto industry into a slump needing a magical bailout who really needed control of that grant money to maintain their force on the American Economy and supposed American no-how/ingenuity. Yet if they truly believe they are the designers of such a claim they would have been pro-active since their construct and especially for the last 30 years they could've had cleaner and stronger cars with gas mileages over 80mpg. But they slumped off and decided to play the control re-active game and due to the new bail out also coming from the new Grant designed for automobile friendly environment production we will lose another shot of being at the forefront of our ability as designers, proactive humans responsible not just to this planet, and creatures but to each other as individuals.
Finally, since the grant money Bush is declaring for the Automobile big three is for new eco-friendly automobiles to be developed we the Americans will lose new industry and will lose the ability of the Grand ol' American know how just like we did 30 years ago. Money, control, power, and the claim of American Ingenuity...It is a game to them the Financial Market Holders and yet we all want money to move our world because its all we know. England and Europe never left America after the Revolution... They slowly planted their spies and financial interests into America to cause chaos and turmoil on American Soil... their new American Vested interests...financial political and industrial to protect their interests and survival...American Soil is no different than what they are still causing in Africa to control their gems, and precious metals trade. Time for change for all of us.
*What* are you on about? You were making pretty good sense until halfway through your last paragraph then.... "spies", etc? When are you as a nation going to take responsibility for supremely messing up this planet, on a number of levels. America is undeniably the best and worst of what we're capable of, but lately it's been a lot more of the latter. Wake up and stop blaming others.
I think we could all pull together, America has a lot to be proud of as the elder state of the world.