Watt: We Are Very Much Between A Rock And A Hard Place

On November 19,2008, the House Financial Services Committee held a legislative hearing on extending the Department of Treasurys Troubled Asset Relief Program (TARP) to the U.S. auto industry. The draft legislation will extend the recently passed TARP program to help the financial stability of the American car industry. Testifying in the second panel were Mr. G. Richard Wagoner, Jr., Chairman and Chief Executive Officer, General Motors Corporation, Mr. Robert Nardelli, Chief Executive Officer, Chrysler, LLC., Mr. Alan Mulally, President and Chief Executive Officer, Ford Motor Company, and Mr. Ron Gettelfinger, President, United Auto Workers.

For the full archived hearing video or to read prepared testimony, visit: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr111908.shtml

Rep. Watt: "We are in much the same position that we were with the original bailout. We are very much between a rock and a hard place and the hard place is coming from the public out there who has a great resistance to bailing out anybody else, as they did in the original bailout."

Category:

News & Politics

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• Watt
• Congress
• Democrats
• North
• Carolina
• Economy
• UAW
• Ford
• GM
• Chrysler
• Auto
• Industry

[konman001]

Well...problem is that the people who have the power to stop the bailouts have their hands in deep pockets.

In the old days, groups of citizens armed with hunting rifles and shotguns, torches and a piece of rope would be marching toward the White House and residences of the ultra-rich bankers by now.

[dbvalentine]

No More bailouts for these greedy a-holes. The corporate sector is so far removed from the realities of the world they have no idea what they have done wrong. These 3 turds catch their private jets to Washington (tens of thousands of dollars in cost) then ask for a handout from the taxpayers. Put them in jail for being of Machiavelian character & disgusting of nature. Make CEO SCUM history

[voyeurdug]

Amen. Oil companies have bucks for bond investment. Retirement funds (like UAW), have bucks for bond investment, and assuredly, OPEC nations have bucks for bond investment. American taxpayers wouldn't object ~much~ to matching some small percentage of that AS BOND INVESTMENTS for the long-term benefit of the economy as a whole... as long as it's not just a giveaway of untold billions... to multimillionaires. It's not rocket surgery, guys. It's BUSINESS... as unusual.

[EmelinaChaCha]

Stop the bailouts. The American public didn't want the first one. We still don't want any of them. Criminal investigations should be opened.