Evening Buzz: Is the auto bailout a bust?
Cate Vojdik
AC360° Writer
We’re following breaking news on the auto bailout. We’re getting reports that Senate Majority leader Harry Reid says the Big Three bailout is in jeopardy. Democrats apparently don’t have enough votes to give the Big Three the money they want from the $700 billion rescue plan pot. We’ll have more details by air time.
According to new CNN polling, the bailout is already a bust among Americans. Six in 10 oppose rescuing the Big Three with taxpayer money. In early November, nearly half the public supported federal help for Detroit. So what’s changed? We’d love to hear your take.
Some more baffling math from the poll: Three-quarters of respondents said they think they’ll personally feel the impact if the auto makers go bankrupt. We’re intrigued that so many Americans support letting the auto makers go belly up, while admitting their families will suffer from the consequences. Again, we’d love your input.
There are also new and chilling details about the Mumbai terror attacks. The sole surviving attacker is singing like a canary – and it’s a sobering tune, to say the least. We’ll also have shocking new video of the bombing to show you.
And speaking of chilling.. Some of the passengers aboard that U.S. cruise ship that narrowly escaped a pirate attack are also talking. Tonight we’ll have first-hand accounts from Americans about their terrifying encounter on the high seas.
See you at 10 pm ET.
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Filed under: Cate Vojdik • Economy • India • India Attacked • Pirates • The Buzz |
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I can't believe 6 out of 10 Americans are against an auto industry loan per se. Any government assistance should only be made: (1) to maintain or increase jobs, wages, and benefits for blue and lower level white collar workers, (2) after rescinding all corporate tax breaks at federal, state, and city levels, (3) eliminate paid lobbyist and political contributions, and (4) require corporate taxes be paid on overseas operations that produce goods and/or services utilized and sold in the United States.
I am a small business owner, with substancial assets & an excellent credit rating, who can't get a business loan to continue my business. I may loose my business therefore loosing my home economy. The thought that the 700 billion $ that congress authorized, has not been safeguarded & no tracking in force, leads me to one action that will get immediate attention by our governments. I believe that if we create a grass roots movement, in protest of the way our tax dollars are & have been spent, we stop paying our federal & state income taxes. it will get the attention that we the taxpayers deserve. If enough of us do this as a petition of protest, we will be able to make a the difference to change the way government spending is done. I think if this idea is shared on the air, this protest will start. What do you think? RL
I am 100% againist using public money for an auto bailout
I am concerned about giving the auto industry a blank check with no r conditions attached as to what they do with the money. They are operating as usual. They need to have conditions such as "no pay for the top 10 executives until the money is paid back to the government.
The top 10 executives in the car companies make more money in one year then most of us make in a lifetime. My tax dollars should not go to support them.
The money should not go to pay raises for the line workers or anyone else. The unions have to go along with this. Maybe they will when the top brass doesn't take a salary, a bonus and "percs" until the money is paid back. All of us need to take a pay cut for the next couple of years and tighten our belts. I know I am. I'm in a real estate broker.
Can someone tell my why the Treasury couldn't perform basic accounting? How is it possible that $350 billion gets shelled out but no one knows where it went or for what? I'm starting to feel like I'm smarter than the people controlling out taxpayer money, and I was never all that good in math!
The big 3 have been in bed with big oil for a long time, people are finally seeing that, polls says no. They get what they deserve, I think. But something needs to be done. Combine into one, 3 to 1. Think about it.
Why don't they just give me 2 billion dollars to start an american car company? I will go ahead and buy from the former car companies after they after they go bankrupt. Let someone start a new business and let the failing ones fail.
Surprise of Surprise I agree with Micheal Moore for the first time in my life. I support a loan to the automakers that is paid back with interest. All of the government bailouts should be the same.
What's stopping the government from imposing restrictions on the bailout money already handed out?
come on america get you act together so we here in Canada can get back on track with our shaky government here at home
Is there any way the Houses can require Paulson tie the next installments to corrective actions from the institutions that have failed.
AC this is a result of 6 years of blank check s presidential abuse of power The GOP pissed off the people. Keep respresenting AC.