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bloomberg.com - 12/3/2008

Pelosi Says Bankruptcy by Automakers ‘Not an Option’ (Update2)

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Dec. 2 (Bloomberg) -- U.S. House Speaker Nancy Pelosi said she believes either Congress or the Bush administration will step in to aid domestic automakers because bankruptcy is “not an option.” “I believe that an intervention will happen,” Pelosi said at a briefing in Washington. “Everybody is ...

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"Everybody is disadvantaged by bankruptcy, including our economy, so that’s not an option."
Althouse — Says Nancy Pelosi. So bankruptcy is an unthinkably bad process -- yet it is the process that Congress designed. blog advertising blog advertising

Domestic Automakers Go Hat In Hand For Bailout
A Blog For All — ... . It's funny, but the automakers know that it's going to work. Nancy Pelosi and her fellow Democrats are already putting out feelers that a bailout is in the works . Not for $25 billion, but for at least $34 billion . It's for the union jobs, you see. They'll claim that 10% of the American workforce relies in some fashion on automaker jobs. Let's just ignore the part about the competitive imbalance between GM, Ford and Chrysler and how Honda, BMW, Toyota, and other foreign automakers are able to produce high quality vehicles at a fraction of the cost of the smallish three ...

Why is a Detroit Three bankruptcy "not an option"?
TigerHawk — I did not watch the hearings or read the presentations because I have a day job, but I note that lots of people -- or at least Nancy Pelosi and various gum-flappers on NPR this morning -- are now saying that it would be catastrophic if the Detroit Three reorganized under Chapter 11. This is obviously disappointing to those of us who believe that any taxpayer dollars thrown at these companies in advance of a reorganization will only postpone their inevitable failure. Chapter 11 at least allows the Detroit Three to reject executory contracts, whether with unions, retirees, or ...

Auto Bailout Appears More Likely
PoliGazette — Congressional leaders are signaling that some form of bailout for the struggling auto industry is likely to be approved quickly.  In a turnaround from their dismal public relations efforts in November, auto industry executives are offering to make some symbolic sacrifices of their own in order to gain approval for the plan: Ford’s proposal said it hopes to avoid using the credit and doesn’t anticipate a 2009 “liquidity crisis,” barring a competitor’s bankruptcy or more severe economic slump. Ford plans to sell five jets and would pay Chief Executive Officer Alan Mulally a $1 annual salary if the loan is ...