The Congressmen Who Own Stakes in the Automakers

Watching today's story about the proposed auto maker bail out all I heard was how high the workers wage package is. How it is not competitive with the Japanese manufactures and the discrepancy needs to be addressed. How about an across the board percentage cut at GM. Everyone from the line worker, up through the entire management structure. I'm not talking down sizing etc. I am talking a compensation package cut.

How would the government like it if we who disapprove of the spending quit paying our taxes, then have them figure out where to get the money!

France, China,and Brazil all support their auto manufacturers.Germany and Japan pay for health care of auto workers.We can give money to banks,money to farmers,money to the air lines and now the Americans Fox news has a problem to keep Americans working. A the states with right work laws gave millions in tax brakes to build German and Japanese auto mobiles in their states. G.M and Ford can not build in China with out a Chinese auto partner to get part of the action.

Where was the bail out when I fell victim to a lay off?

I've read all the comments in this blog - and as most of the citizens in the USA - the majority of the bloggers oppose the bail-out of the auto industry. My heart says lend the money with accountability built in - my head says - NO - don't spend another dime on bail-outs - let the people who caused this mess suffer for their actions or in-actions. We must stop this slide towards socialism NOW! We do not need to expand the powers of the government - we need to put them in their place - and remind these congressmen and women - they work for the citizens of this country - not select groups and guidelines such as UAW; NAFTA; EPA; IMF; WALL STREET & LARGE CORPORATIONS. Does the thought of "term limits" ever cross your mind - these days???

I am frustrated the media is NOT reporting the full scope of the auto loan/bailout value. In testimony last week it was crystal clear the real number the auto makers are looking for is NOT $25B or $34B its closer to $60B. There are several request with various governmental agencies, some rejected and some pending. Those rejected are tied neatly into their current plan and if the funds do not become available they will be back at the table in 6-9 months. Why aren’t you reporting the total request in front of the government? What we see on TV is not news, its a circus concocted by the liberals to appease the American public. The fact is; the automakers will get their loan with strings attached but the American public will never really know the total bailout request due to extremely poor reporting by the media. Eric Hawaii

I agree with Diane about NAFTA and GATT. The sad part is that Americans kept buying from foreign producers and did not support our domestic manufacturers, otherwise we would not have this huge trade imballance. All we have to do is look in the mirror to figure whom is to blame.

Strange that many here feel that the Congress members could gain with securities invested in the big 3. Many people short a stock, and can benefit if the stock goes down in price per share. If you wish to speak bad of Congress ( I have no problem with it ) they can make money from day to day. Example, a company AXL was trading about 15 days ago @ 1.03. 52 week high of 25.00. Congress around noon came out that it looked like a deal was in the works for the big 3. the stock zoomed to 1.81 in a 2 hour period of time. That afternoon, Congress said," No deal, that the big 3 would have to come back to Washington,the 2nd., of December." That same day, the stock went back down, and closed at 1.09. This friday with a general feeling that the big 3 have to have some form of help, the same stock closed @ 2.82. Wish I could have bought a million shares, 15 days ago, and the stock has alot of legs yet to go.

Emac, I was in NYC on Thursday when my daughter was on a field trip to see "The Lion King". I viewed Times Square and I was stunned by a majority of Toyota taxis. One would expect that most of them should have been Crown Vics. Signs of the times. Why should the Big Three be bailed out? I worked at Hechinger's which was a major home improvement chain until 1990 when I went into government. They operated a business model similar to the Big Three in which they had no competition, but no UAW to screw up matters. Then, Home Depot and Lowe's moved into their area. By 1998, Hechinger's folded. There was no bailout. The Big Three should fail. They have a business plan that is outdated. This was geared for when there was no competition in the auto business. Overseas automobiles have been on our shores since 1960 and this is 2008. They have not "gotten it". That 25 members of Congress who have a stake in these companies show that the investment is such a loser. If they do, look at Great Britain. They had brands such as MG, Triumph, Austin Healey, Aston Martin, Leyland and Rover. When the Thatcher government divested itself from the mess, No one complained except the trade unions. Honda, Toyota, Nissan, VW, BMW and othere overseas manufacturers took over. Bob H

Wake up America. Our governement is conscribing us to financial slavery to simply to line their own silk purses.We need domestic manufacturing and a middle class that can afford to be home on Saturday with their kids instead of working a double shift to stay afloat.All week long I heard bits and pieces of how overpaid UAW workers are.How terrible it has become to have a decent paying job.Its time to start over.Everyone stop paying their taxes and their mortgage.Dont worry,the government will print more wallpaper.

I agree NAFTA was a sham, jobs are leaving the US at alarming rates, if this keeps up our children will live in a 3rd world economy, just so the richist people in our country can get even richer, and our government doesn't have a clue. Do we need to prop up our domestic car industry? I say yes. All the imports are supported by their respective counties. Our American companies can't compete on an unlevel playing field.The only people that are against helping the Domestic car companies are those people who don't think it can affect them, well sooner or latter it will, I don't care what you do for a living, or where you live.

I agree with David DuPree, the most interesting thing this shows is the lack of faith the Congress has in the big 3. I wonder how much foreign automaker stock these people hold? Honda and Toayota are a good bet these days.

Only an economic illiterate would be opposed the bridge loan for the American auto companies. I saw the list of where the Senators invest and they are all investing in American companies. That is a positive thing not negative. The American auto industry has contributed to your high standard of living. A standard of living that has been and is quickly eroding. The erosions can easily be collated to the increase in market share of foreign companies. So I salute anyone that supports any American company including the auto companies.

The automakers and the unions need to face the fact that their greed and arrogance got them where they are. Let them file bankruptcy like any other company with poor management. They have had decades to make changes but again their greed and arrogance won out. As for the unions, I wish I could get a pay check for sitting at home, and just how much do your bosses make? Go ahead and scream all you want the truth is the truth!!

This is a case of the middle-class, 401(k) retirement holder's getting burned again... Why not help out the middle class this time instead of always giving to the ones who "have not"!

This IS WHAT MAKES REAL JOURNALISM

PLEASE PROVIDE THE LISTING OF ALL OF THE CONGRESS PEOPLE WHO HAVE FOREIGN AUTO TRANSPLANTS IN THEIR STATE. ie Senator Shelby offered upwards of $2-$3 BILLION to bring 4 Foreign Auto Transplants to his state. Senatory Shelby is the biggest critic of the US auto companies.Of course this is taxspayer money that was used to do this. Did you know that Foriegn Auto Companies are partially owned by their government? The government provides employee health care, employee pension, fund R & D, provided no cost or low cost money, have protectionist laws in the home country. USA BIG 3 PAY FOR ALL OF THIS OUT OF COMPANY REVENUES SO I GUESS IT WOULD BE SAFE TO SAY THAT USA COMPANIES COMPETE WITH COUNTRIES. And I think that Congress should work for $1/year. AND HOW COME NO ONE MAKES ANY NOISE ABOUT THE NANCY PELOSI PRIVATE PLANE MANNED BY GOVERNMENT MILITARY? She is part of the current adminstration that has bankrupt the USA. Why is she different than the Big 3 CEO's or any other CEO's. They need as much personal protection as she does and quite frankly they are responsible for an entity.

With a few exceptions, these are really odd lot investments in these companies. All members of Congress with any investment should of course recuse themselves from any negotiations or votes pertaining to this issue, but for the most part: much ado about nothing!

I firmly believe that any member of Congress who owns shares in these companies, and who votes on the bailout legislation that will surely follow, should be brought up on charges and removed from office. Simple as that. Can there be any more blatant conflict of interest than a member of Congress essentially voting to enhance his own bottom line? Make no mistake, the vast majority of these members will vote on this legislation when it comes before them. And, if past performance is any indication, the majority of them will vote in favor of gambling with our money. Not because it will be in our interest, but because it will be in theirs. And absolutely nothing will be done. If anything, the Democrats will hold ethics hearings regarding the votes of a few Republicans, and will, in the end, decide that no rules were broken.

I would like to see the auto cos change their duplicitous tactics with customers re warranties, dealer games , and stop selling unreliable junk that wont last . Ive had several cars, suvs ,etc and each have had far too many problems....always not covered under the extended warranty the dealers are so anxious to push.

Paulson and Bernanke should remove the middleman and cut checks directly to the 435 Potentates of the Potomac. It will eventually get back to them some way. New members haven't been sworn in and are already hanging out on K Street like campaign junkies looking for a fix.

All of these economic problems have a root cause in the government trying to micro-manipulate every aspect of the economy, banking and business. The bailout should stop immediately. No new rules should be put in place. Everyday the playing field for business is changing. I would start by reigning in congress and the executive branch by making them live within the budget and account for all of the money they spend. They would be on much firmer ground if they could live within their own means like the families within country. Until they do that they should have no say in how the businesses and banking industries run their businesses. Members of congress and the executive branch should be made the first line of finacial responsibility for any deficits. It is time for them to face the reality that they are the root cause of the problem and to stop diverting attention and placing blame elsewhere.

Incompetent management and greedy unions have caused this problem. Congress is simply out to protect their own interest. Every knows we have "the best congress money can buy" so why should we be surprised that they are looking after their own interests. The consumer and voter can have the final voice in this case if the want to. Vote the rascals out of office who vote for the bailout and don't buy any products produced by what used to be "the big three".

Hey, were we not taught and encouraged to buy American. Especially to buy stock in a company you work for! Dingell'stock interest is not uncommon, especially since his wife works for the company. When I retired from my "American" company I had hundreds of thousands of dollars in stock in my company. The REAL question here is how much stock and interest have these Representatives and Senators have in Southern Car Company's aka Japanese, Korean, Chinese, and German to name just a few. I'd also like to see how much money was contributed to these same southern lawmakers by the above Southern Car Company's. When the Big 3 go, it won't be long before your defense plants go, your avaition industry and manufacturing as we know it goes. Who will build our planes, tanks and military hardware, the Chinese? What will your police department and your local Guard and Reserve drive, Japanese, Chinese, Korean or German vehicles when they answer the call?

IT'S TIME TO REIN IN CONGRESS. I BELIEVE THE STEAL FROM US DAILY.THIS WILL BE NO EXEPTION.