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December 8th, 2008
09:02 PM ET

Evening Buzz: Rescue America's Automakers?

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/12/08/t1home.rally.gi.jpg caption="Autoworkers rally Monday for a bailout. "]Maureen Miller
AC360° Writer

Should the U.S. government help out America's automakers?

The White House is looking over a congressional proposal to give $15 billion dollars in federal loans as soon as next week to General Motors, Ford and Chrysler.

That's less than the $34 billion requested by the industry last week.

You may be asking: Where would the money come from? The answer: Out of funds designated by the Energy Independence and Security Act to help the auto industry produce the next generation of fuel efficient vehicles.
Whew! That's a mouth full, isn't?

House Speaker Nancy Pelosi admits it's a rough move.

"This is a bad choice," she said on Capitol Hill today. "This money is meant to be used for innovation ... but it is our hope that there will be a viable automotive industry with transparency and accountability to the taxpayer," Pelosi added.

There is some accountability in the proposal. The plan calls for the President to appoint a so-called "Car Czar" by January 1st, who would set up guidelines for the big three automakers to reorganize. Within 45 days, if the "Czar" doesn't see progress, he could recall the government loans

Should there be tougher rules for Detroit's big three automakers?

We'd love to hear your thoughts on the proposal.

We'll have this breaking story and tonight's other headlines staring at 10pm ET on AC360°.
Hope you can join us.


Filed under: Maureen Miller • The Buzz
soundoff (53 Responses)
  1. Jen

    I've seen this coming since I was 16–that was 19 years ago. If a teenager could see this coming, why couldn't the big 3 automakers? Please don't give them a single cent of my tax dollars.

    After owning a few of their products, I've started purchasing their competition, and been glad to do so. The foreign vehicles I've owned didn't flake and rust. The alternators didn't continuously fall off. They handle smoothly.

    The engine of my Honda is quiet and gets 66 miles to the gallon, something no Ford, Chevy or Chrysler can acheive, because they claim "the technology doesn't exist."

    Quality hasn't been "Job 1" for a very long time. It hasn't even been on the menu. It's been easier to advertise heavily products they don't sell–products that don't last, products that don't meet the needs of America's families. The big 3 have sold America short for decades.

    Please don't allow them to do so again.

    December 9, 2008 at 10:21 am |
  2. Wesley Harlan in Dallas Tx.

    Where is the apology,from the big shots,and from the dealers.I have nothing against anyone making 50 to 80 a year.GM said my credit was not good enough,and a Ford dealer tried to cheat me,when i was 23.But will they apologize,it's up to them,for if they do not,they will not get my dollars.

    December 9, 2008 at 10:10 am |
  3. Thomas Ayers

    The "Big Three" do not deserve the"bail-out". We should, right now, have a choice of US automobiles that get upwards of 60+ miles per gallon of gas. We should have the choice of alternate fuels and electrics as well. There should be no excuses for what "Detroit" offers us today. Bail-out the US Automobile Industry and throw-out all three CEO's!

    December 9, 2008 at 7:44 am |
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