Senate GOP puts brakes on bailout

Sen. Shelby's state gave Mercedes over a quarter of a billion dollars and other incentives to build a plant there. It worked out to over a million dollars for every five jobs created. At issue in Detriot is 3 million jobs. At the same rate, that would be about $600 billion. Why are they opposing a fraction of that? It is to kill the unions.

Equity stakes and Democrat concessions would NATIONALIZE the U.S. auto industry and place design and production in the hands of the government. It would create a regulated market and destroy competition against Toyota and Honda. Is this the Soviet Union or the U.S. ?

To soxconn: You are absolutely correct with your assessment. I would, though, add a degree of caution to your use of the word "nationalize." Many of the people arguing for the bailout have limited intelligence, and may very well not even know what the word means. We have to go slowly when we speak with some of the "government is the answer to all problems" crowd, lest they simply glaze over and begin chanting "It's Bush's fault."

The big 3 will become the next AMTRAK if they get a bailout. I own 2 big 3 products but won't buy another if they're owned by the feds.

Can someone explain the phrase "ample protection of taxpayer dollars"? Our elected officials have been throwing taxpayer dollars around like dandelion seeds for years. Now they are showing concern?

No to the bailout. A “car czar” is not going to have the authority to force all involved to make concessions. Forcing the companies to spend their loan on green cars which may not be accepted by potential car buyers is irresponsible. Reid added a line to the bill giving federal judges a raise. This is the wrong time and place for an issue that is going to benefit a small group of people, even though I believe they deserve a raise. Why doesn’t Reid add a line which will help protect EVERY adult in the U.S.? Put a ceiling on the amount of interest credit card companies can charge its customers. 31% interest is considered usury in many states, but the credit-card industry avoids usury by issuing cards from bank-friendly states like North Dakota, Nevada and Delaware.

To b.houd: Credit card interest rate is irrelevant if you just pay it in full each month. If someone is dumb enough to pay 31% the govenment can't protect them from themselves. They simply need to live within their means.

The nation is swimming in debt. Yet, the Congress and Senate apparently believe citizens should be buying more cars/trucks. The product loses value at about 50% when you sign on the line. Why worry about homes loss of value when the government wants us to buy a new car/truck that loses value at twice that of the crash in the home market. Save something that will help people pay their bills not new ones.

To okie: The govenment seems to want us to spend more to keep the economy afloat and then it bemoans the low personal savings rate. Confusing.

Control of UAW excesses is strangely absent from the bail-out debate. Of course this is the result of union power on most members of Congress, nearly total of Democrats. Raising the question; what could a car-czar offer as some non-expert that the companies could not if their feet were held to the fire in bankruptcy, at least partially free of political meddling?

Why is our government even contemplating giving out LOANS to anyone? There's nothing in the Constitution that authorized the Government to act as a lender to private businesses. The Constitution only allows the Government to borrow money, it doesn't authorize the Government to lend money to anyone, even to itself. I consider these "loans" to be a violation of the 10th. Amendment, which states "The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people." Since the Constitution doesn't authorize (delegate power to) the Federal Government to act as a financial lender, that authorization (power) can only be given (delegated) by State governments or private businesses or persons. Yet here we have the Government, once again, attempting to act as a financial lender, once again attempting to VIOLATE the Constitution by granting themselves power that, by the Constitution, is not allowed. I'm surprised that the various Courts, and We the People ourselves, have allowed this blatant violation of the Constitution to continue.

b.houd wrote: Why doesn’t Reid add a line which will help protect EVERY adult in the U.S.? Put a ceiling on the amount of interest credit card companies can charge its customers. 31% interest is considered usury in many states, but the credit-card industry avoids usury by issuing cards from bank-friendly states like North Dakota, Nevada and Delaware. **************************************** This is part of the deregulation of the banking industry. Also known in some quarters as a license to steal. Those regulations were put in place to protect the public, in fact most government regulations were put in place to prevent the corporations from having unimpeded access to you. That is why you hear get the government out of our life, we need smaller government. This is coming from the corporate shills also known as conservative talk radio.

To Cobra: Outstanding comment! It's about time somebody shows some respect for the 10th amendment. We can thank FDR for it's current status as a quaint anachronism.

The bail out is corporate welfare plain and simple...I thought Mr. Reid and Ms. Peolosi were against corporate welfare? Mr. Reid also tacked on a little holiday cheer for federal judges on this bail out while he was at it. Socialism at it's best.