US News
Obama seeks help for automakers, homeowners; jokes family life
Nov 17, 2008, 2:04 GMT
Washington - In his first interview as president-elect, Barack Obama called for help for the ailing US auto industry and for homeowners facing foreclosure amid the ongoing financial crisis.
Obama appeared on CBS' 60 Minutes news programme on Sunday in a wide-ranging interview that covered everything from terrorist threats to his relationship with his mother-in-law.
He said he had spent the days since his election focusing on getting a national security team in place due to the heightened risk of a terrorist attack during a political transition, as well as working with advisors on the economy and long-term issues like energy and health care.
As Congress prepares to discuss a bail-out for the US auto industry, Obama, who resigned his Senate seat on Sunday, said any plan must have conditions that ensure its long-term stability.
'For the auto industry to completely collapse would be a disaster in this kind of environment,' he said. 'So it's my belief that we need to provide assistance to the auto industry. But I think that it can't be a blank check.'
He also vowed to institute a broader plan to help homeowners avoid foreclosures if one is not in place when he takes office.
When asked about developing programmes like those Franklin D Roosevelt created to jump-start the economy, Obama stressed the differences between the periods.
'For us to simply recreate what existed back in the '30s in the 21st century, I think would be missing the boat, We've gotta come up with solutions that are true to our times and true to this moment,' he said.
In a lighter moment, Obama was joined by his wife, Michelle, to discuss making their home in the White House and adjusting to the idea of being the First Family.
Both Obamas said their top goal as a family is to maintain a sense of normalcy for their daughters, Malia, 10, and Sasha, 7.
The day after the election, Michelle Obama got them back into a normal schedule.
'It's like okay, daddy's president-elect, okay, we can get to school by 10. And we got to the school and the folks at the school were excited. Some people were cheering as I walked the kids to the class. And I remember Malia saying, 'That's embarrassing.' But you know, it was a pretty normal day for us,' she said.
Part of their efforts at keeping their daughters grounded may include having Michelle Obama's mother, Marian Robinson, move with them to the White House.
When the journalist asked about whether Robinson would join them, Obama retorted, 'Well, I don't tell my mother-in-law what to do. But I'm not stupid. That's why I got elected president, man.'
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Older Talkback
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If we are going to bail out the auto industry they need to develop a car that gets good mileage within so many months and also prove that it works and also the unions need to lower wages of employees to where the car can be made competively . That is part of the reason why the country has gotten where it is at and everything got outsourced. The high priced labor has driven us out of business.
Unless the union agrees to put all the retirees onto the government part B and Part D – NO BAILOUT – I do not want to pay for their medical, paying for my own is tough enough.
If the union says no, it will get fixed in bankruptcy and the pensions will suffer also. Also in bankruptcy the high salaries, bonuses and even executive retirement can be adjusted DOWN – A WIN WIN.
Given the historic investment in infrastucture for the automobile as a means of transportation, it makes sense for the shortrun to subsidize the auto manufacturing portion of the economy. On the other hand, since cars can be imported from almost anywhere, all funding directed in this way should be strictly available for design improvment and R&D only, otherwise for the longhaul, it is just big waste.
The domestic auto industry gets all kinds of R&D related monies in the form of write-offs. If they had just used them, and had a successful business model, they would not be where they are today. Now, the dems are mouthing 'suports' and other tricks, designed to feed not the auto compainies, but the union beast itself.
The trouble is debt addiction brought on by an inflation infection. Treating the symptoms will not heal the underlying infection.
www.detnews.com/2005/autosinsider/0509/18/A01-318432.htm
Fixing the currency will fix the disease. Until that happens, we will go right on being sick.
Gloom, despair and agony on me!
Deep dark depression, excessive misery!
If it weren't for bad luck, I'd have no luck at all!
Gloom! Despair and agony on me!
www.wsws.org/articles/2005/nov2005/delp-n01.shtml
Oh, quit your bellyaching, people! For crying out loud, there ARE other carmakers in the world! You should be thankful!
www.tatamotors.com/our_world/press_releases.php?ID=340&action=Pull
a Toyota; better than Chevy, Ford, etc. of similar price range and style.
Here's what we need in the US:
en.wikipedia.org/wiki/Tata_Nano
If need be, the plant can ship you a crate of loose parts and you can assemble the vehicle yourself. At $2,300 a copy though, why not let the plant build it?
The problems of the auto industry have been coming on for the last few years - nothing unexpected in that. This entire economy mess has cropped up everywhere, and I would hate to see the industry go belly up since it would have a dire effect on thousands of car dealers in small towns further escalating the already spiraling unemployment lines. For every large company that goes under, there are all the so-called 'little guys' that are going to be hurt and left high and dry. Maybe bailouts aren't the best answers, but the trickle down effect would hurt everyone in a major way if something isn't done to keep things afloat. And for everyone who drives a foreign-made vehicle, quit your griping about the economy.
...as long as I do not pay them twice...
'car dealers being affected ?'
Why are they in the loop anyway ? Buying direct from a manufacturer would cut out this unnecessary and costly link. Why are cars not like other products which can be ordered on line for direct delivery?
Or is it because the 'image' is being sold (with all the costly advertising and gimmicks). All you need is a small, fuel efficient box on wheels to get you from A to B. The rest is just massaging the ego and pandering to the owners delusions of self importance and victims of the image culture
Then why wouldn't that same premise apply to everything else that people own or use? Drastic ideas aren't necessarily the reasonable answer, unless maybe we all move to an island somewhere and live like a native tribe.
Why should we help them? They give millions to sponsor a Nascar team, give themselves huge salaries and bonuses! Waste less before you ask for free help.
Helping with a bailout isn't about giving big bucks to the top brass. It's the thousands of people at the bottom in the plants, salesmen at small car dealerships, etc., who would all be hurting and unemployed.
...I hate to pop the bubble, but there is about one car company too many. If you dropped all the stinkers from each line, what amounts to an entire company's line up woould go away.
This isn't about cars, it's about three million employees, and the fix is already in. The new president is either going to get the present president to do it for him, or he doesit himself.
Here's the part I don't like: They will, essentially, make you and I pay what amounts to unemployment, for millions of liberal voters, who got us here in the first place.
Declaring Bankruptcy is designed to reorganize under a new debt scenario, allowing the susrvival of the entity. The unions hate this because ALL the commitments would be reorganized ie.e retirement, healthcare and basic wages. This is unthinkable to them and you will be required to pay for it.
No thanks
I still say the 'underlings' will be the ones to pay if things go belly up and that isn't good at this stage of the game. Maybe a bailout isn't the way to go, but something has to be done to save the thousands of jobs. Nothing seemed to have gotten done the right way these last 8 years, and we can't let the same policies prevail.
Yes, blame liberals again...it’s not at all the fault of who has been running the country the past 8 years. It is not at all the fault of you SUV gas guzzler driving hard core conservatives. It’s not at all the please your master, no need for conservation Christian lunatics! the times are changing...you are becoming obsolete...now go crawl under a rock with bill oreilly and the rest of fox news and wait for Jesus to return to earth to save you!
I've been sitting here this morning, 18-Nov-08, listening to our Congress, now known as the Lollipop Guild, talk to Paulson and Bernanke. Did you know that our financial wiz-kids have been ''securitizing'' consumer debt? I guess I should have guessed, but I did not know about it until this morning. What do they mean by ''securitizing''? Well, you already know about the mortgage backed securities, right? You could call those 'house backed securities.'' It turns out that we also have boat-backed securities and ATV backed securities and car backed securities and boom-box backed securities...You get the idea. What it boils down to is that the mountain of 'toxic paper' we knew about is actually much larger than we knew about.
Members of the Lollipop Guild are upset. They are upset with Henry Paulson, even though he crowned Nancy Pelosi Queen. Henry has already bailed out his buddies and now he wants to hand the remaining lollipops back to the Lollipop Guild and leave them to hand out all that sugary poison. Yesterday, one of the FBN Info-babes exclaimed that consumers ''need more credit.''
Understand what is going on here, folks. This is not a rebellion by the credit slaves. The credit slaves are literally exhausted. They can't carry any more. They're done, exhausted--bushed, if you will. The party is over.
For now we have a deflation--or seem to have deflation. It won't last. The Federal government is dumping trillions into the economy via every conduit they can find. You think things were bad under Jimmy Carter? Wait till you see what is going to happen under Barak Obama.
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SP4: Fine SentimentsNov 17th, 2008 - 02:40:08
..but the devil is in the details Mr. President. If you greenlight a blank check for your AFL-CIO constituants, there are 49 other states who become de facto financiers of a failed business model. We, in the 49 other states, have plenty of need for the $1 billion, per state, required for the precious auto workers who ignored their problems for 15 years, or more.
We do not want to be part of it, financially or otherwise, Mr. President, so go tell your masters, the AFL-CIO, the rest of us are not buying what you are selling, without some very stiff terms.
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