COMPROMISE REACHED FOR BIG 3

[StoutFiles]

did the gov't throw in a bunch of regulations with it

It's about guaranteed they did. Also, the Senate will not agree to this plan until they get the supposed spending plan for the Big Three. I too wonder how and where they will all cut costs.

[TomServo]

From a WSJ article posted a few minutes ago:

Even if it passed, it would face tough odds in the House. With the House set to adjourn Thursday, there is scant time to negotiate.

Ms. Pelosi on Wednesday batted down talk of a December session, saying that Congress could next consider auto-rescue legislation in January if they don't take it up this week.

The bill, crafted by Sens. Carl Levin (D., Mich.) and George Voinovich (R., Ohio.), includes several safeguards meant to protect taxpayers and hold the industry accountable, said aides familiar with the measure. Also supporting the bill are Sens. Christopher "Kit" Bond (R., Mo.) and Debbie Stabenow (D., Mich.).

Earlier Thursday, House Financial Services Committee Chairman Barney Frank told reporters "nothing's going to happen legislatively" this week. Mr. Frank said he sees no chances of an aid package being passed by the Senate and, therefore, no action will take place in the House of Representatives before House lawmakers leave town on Thursday.

"The Senate's not going to act, so nothing will happen," Frank told reporters Thursday. "Nothing's going to happen legislatively."

There are conflicting signals being sent so don't get your hopes up.

[Mr. Wyndham]

This is not through, yet. If you haven't called or contacted your senators -- MAKE SURE YOU DO.

It comes down to today. Keep your fingers crossed, guys. This stands a decent chance at going through. Using the money twice? Nobody really looses.

*fingers crossed; and for my part, prayers said*

Don't let us down...again...congress.

[Fandango]

Originally Posted by StoutFiles

It's about guaranteed they did. Also, the Senate will not agree to this plan until they get the supposed spending plan for the Big Three. I too wonder how and where they will all cut costs.

I hope it more like a "cut the fat" type regulations. I hype it's not a let them make ricers type agreement. In other words. The would want a tighter budget over a skinnier car.

[Angrybird 12]

With the turn around in design it will be several years before there is a major change in the cars we have today, I expect that some models will be going away, maybe some divisions, but the actual redesign of GM will take several years.
Expect low volume expensive to produce models to be gone first.
Low performing models next.
then quick redesign of remaining models to be more economical to produce.

I hear alot that GM does not build the vehicles people want... well I don;t think it is the Vehicles but all the negative things said about GM for the last 20 years. Many people in thir 20's and 30's have never owned a GM car or truck, all they know is what their parents have told them and what they read in consumer reports about how great Japanese cars have been and are.

GM builds every style car any foreign maker makes, From Sub Compacts to large trucks, Nobody makes a style that they don't make. feature wise they are right there, on many models they even include many features that are options or unavailable on the foreign makes.
For a company that starts out with a $2,000 per car deficit over their competition I think they provide more value for the money.

If we want the Camaro to still be around in 5 years, it better sell as fas as they can make them. I know I have decided as soon as I can either sell My wife's Jeep or pay it off I will be ordering a new Camaro...

[Fandango]

As long as they throw in a Can-build-Z/28 clause in that package I'm good.

[Primus]

Don't jump the gun just yet. All they are saying is that one branch of congress has a bi-partisan proposal. That same branch would need to vote on it still. And the chances of it passing are low. Even if it did pass, it would have to then go to the other branch of congress and pass there. Then the President would have to sign off on it.

Plus, congress goes on break after today. I don't see any solid resolution to this until December at the soonest.

Washington, prove me wrong!!!

[bigralph]

The bring is on right now on CNN.

[Evotion]

I just finished watching the new conference...

There will be nothing for the automakers at this point.

They have been given until Dec. 2nd to come up with a plan that can be approved.

Congress needs a long term plan outlined by the automakers, they are incredibly irritated with the CEO's at this point. The fact that each CEO took a different corporate jet to the hearings, and that only one of the three would be in favor of accepting the Lee Iacocca $1, did not help at all.

As much as it pains me to say this... I agree with Congress completely. There needs to be a plan, and this needs to be taken more seriously by the heads of these companies.

[Badger]

[Mr. Wyndham]

Just finished watching the conference, too. I am encrouraged by the plan they have ready. The money's already there...they just need convincing to approve its use for other purposes than fuel economy improvements. And this being bipartisan lifts my hopes for its passing December 8th.

Put very simply for those who don't understand, or haven't read anything yet; This legislation would give the automakers a chance to apply for a loan. The money would come from an already-appropriated $25 billion pool destined to retool plants for fuel efficient vehicles. The catch, is that this money will be put BACK into the pool for its original use as it gets paid back by the Big Three.

Now GM...Ford, Chrysler.....give them their business plan...get this money...get to 2010, and do us proud!

EDIT: I was also pleased to hear that guy rant a little bit about American vehicles quality compared to imports...at least somebody with a "loud voice" gets it.

[JaysonAych]

Originally Posted by Evotion

Congress needs a long term plan outlined by the automakers, they are incredibly irritated with the CEO's at this point. The fact that each CEO took a different corporate jet to the hearings, and that only one of the three would be in favor of accepting the Lee Iacocca $1, did not help at all.

As much as it pains me to say this... I agree with Congress completely. There needs to be a plan, and this needs to be taken more seriously by the heads of these companies.

I agree that there needs to be plans and conditions associated with any loan that's given. And I think Congress needs to really put their efforts in fixing some major problems that are crippling the entire manufacturing sector, not just Detroit (such as healthcare costs, insurance companies, drug companies, trade imbalances, etc). But I do find it hilarious that they shoveled $700 billion to Henry Paulson without hardly thinking about it or being concerned with conditions (and those institutions getting the money are still going on lavish junkets, paying out big CEO bonuses for ruining their companies and the economy, etc...), and there's been hundreds of billions shoveled out for Iraq....but $25 billion, a drop in the bucket compared to everything else money has been thrown at, and something that's so vital to a huge chunk of this country's blue collar workforce, they're being oh so careful with it.

[carfansince73]

It seems this money is going to be used to pay the big 3 UAW employees making a LOT more than their competitors' workers from Toyota, Honda, etc. If GM, Ford, and Chrysler, don't address this, they will be back begging again very soon. I don't want my tax dollars supporting this if that's what's going to happen. Going bankrupt next month or a year from now means the same to me because I plan to keep my car for a long time, and I want to make sure I can get warranty work and service from GM.

Also, those 3 CEO's should be slapped for being so stupid as to fly their corporate jets to this meeting in light of their financial woes. It certainly didn't help their case any.

[Mr. Wyndham]

Originally Posted by carfansince73

It seems this money is going to be used to pay the big 3 UAW employees making a LOT more than their competitors' workers from Toyota, Honda, etc. If GM, Ford, and Chrysler, don't address this, they will be back begging again very soon. I don't want my tax dollars supporting this if that's what's going to happen.

It's already been addressed. The cost differences in terms of operation and worker pay are all but gone thanks to new contracts and restructuring. Their viability plans/reports they submit to congress in the coming week(s) will show that.