Thursday, December 11, 2008
Posted by: Michele Bachmann at 1:40 PM
Late Wednesday night, Congress passed the Auto Industry Financing and Restructuring Act.  Like bailouts in the past, I firmly opposed it, as it offered no assurances that it would fix the failing business models that put the Big Three in this position to begin with, while offering no protection for the taxpayer's investment.

Last night's vote proved that the Bush White House and Democratic leadership are working lockstep to put taxpayers on the line for another irresponsible bailout without making the necessary structural changes and without renegotiating labor contracts. Throwing taxpayer money at Detroit's spiraling problems will not fix their long-term management and productivity troubles and they will only be back for more time and time again.

My Republican House colleagues and I presented an alternative to help the American automakers stabilize their industry while they execute long-term restructuring and reorganization.  That alternative would set hard benchmarks for reducing their debt and renegotiating money-pit deals with Big Labor and would set up the financial assistance as interim insurance instead of a taxpayer-financed bailout.  Unlike the proposal Congressional leadership has brought before Congress, which essentially nationalizes the auto industry, this alternative would maintain an outlet for private investment in the American automakers. 

However, Democratic leadership dismissed consideration of alternative proposals that could truly restructure these companies over the long-term and help them rein in costs.                                                                  


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Theophilus writes: Thursday, December, 11, 2008 2:12 PM
Thanks and Keep Up the Good Work
Congresswoman Bachmann, thanks for your efforts.

Your work is greatly appreciated.

I never imagined that I would see our country move down the path of Socialism so quickly.

We are glad that you will be returning for another term to provide principled opposition.

foxmustang writes: Thursday, December, 11, 2008 2:21 PM
I agree
that , even with a bailout, the Big 3 will need huge concessions from the UAW, if not the total dissolution of the union in order to survive.
There have been suggestions that all 3 CEOs must be replaced or work for a dollar a year.
The 3 CEOs were also chastised for flying to the Congressional hearings in their coporate jets.
All this for, what is now, 15 billion dollars.
Fast track backwards to the Wall Street financial meltdown. Our government has given them 700+ billion dollars and another 700+ billion promised, all with basically NO restictions. How come no call for all the Wall Street CEOs to be replaced or work for a dollar a year???
Why were their CEOs not verbally punished for probably flying to their hearings in corporate jets?????
The Wall Street bailout will eventually reach about 1.5 trillion dollars. The auto bailout stands right now at 15 billion dollars.
15 BILLION is ONE PERCENT of 1.5 TRILLION.
Anybody else see the hypocrisy here??????
Recovered Lib writes: Thursday, December, 11, 2008 2:40 PM
Like some on TH suggested
Let Obama in the WH and give the people what they want - full scale unadulterated socialism, rather than the watered-down socialist-lite version from McCain.

Maybe, just maybe, the vast majority of fools who voted for this con artist will throw up and toss the "messiah" out in 2012, starting with Pelosi & Co. in 2010.

Most people need painful experience in order to learn the lesson. We are about to learn.
Recovered Lib writes: Thursday, December, 11, 2008 2:42 PM
or rather...
I should say "The people are about to experience the hard lesson." God willing, the people will actually LEARN from this lesson.

One can only "hope."
Kathy writes: Thursday, December, 11, 2008 2:47 PM
foxmustang
I agree, there should have been many strings attached to the wall street bailout (which I was against as well). Congress gave idiot Paulson a blank check to do whatever he wanted, what they should have done instead was give him his pink slip.

I am opposed to any bailout for the automakers as they refuse to get rid of the UAW that is really running the show and the companies into the ground.

I was raised in a union houeshold, and let me tell you, the union never did anything for my dad except take his money every week.

This whole bailout is absurd.
DesertDawg writes: Thursday, December, 11, 2008 2:58 PM
Stand Firm Michele!
I am one of your biggest fans. Your leadership and voice of reason in that asylum we call congress is something I cherish. Stand firm on your conservative principles and what is best for America! I have a list of politicians that I keep who espouse conservative principles that I will support financially and you are on it. Don't think for a second that nobody is paying attention to the good work you are doing. Thank you for having the moral courage to stand for what is right against the socialist winds of change. I am standing with you! As a retired Marine I can admire your grit to never back away from a fight! Fight on Michele, fight on!
Ronna writes: Thursday, December, 11, 2008 3:28 PM
The only thing that will help the US
if for us to vote evey single solitary government offical out of office. That is the only thing they would understnad. Just write in across the ballot NONE OF THE ABOVE!

The corrpution is at epedemic levels, and is only going to get worse unless we get rid of the disease that is causing the problem.

I will NEVER vote for another politician currently on any ballot.
DesertDawg writes: Thursday, December, 11, 2008 3:42 PM
Ronna and her tinfoil hat
Though their numbers are diminishing, there are still some good politicians in Washington who are looking out for the people. Michele is one of them. Marsha Blackburn, Tim Pawlenty, Steve King, Bobby Jindal, Sarah Palin, Kay Bailey Hutchinson just to name a few. Do your research, check the votes. Make intelligent decisions. Don't throw away the baby with the bath water. Here is an excellent site to research the votes.

http://clerk.house.gov/legislative/legvotes.html
William writes: Thursday, December, 11, 2008 3:43 PM
The German Answer
"The speed at which proposals are put together under pressure that don't even pass an economic test is breathtaking and depressing." This statement was made Wednesday by German finance minister Peer Steinbrück. Germany has shown great resistance to the demands that it spend more to revive the European Union's economy. Steinbrück recognizes that "bailout" policies will saddle a generation of Germans with debt. The Germans appear to be the only industrialized nation to be following a common-sense approach in the midst of the insanity that surrounds them! They should, and hopefully will, drop out of the EU. There's a lesson here.
DesertDawg writes: Thursday, December, 11, 2008 4:32 PM
Token Resistance
Whatever they can't pass through now will only be expedited through when the 111th congress takes over in January. GOP filibusters are a pipe dream, there are far too many dissenters (RINO's like McCain) that will help democrats achieve whatever end they seek. Its time to regroup and plan our counter insurgency in 2010. Conservatives might still have a voice but it will not be backed with any power or authority until we gain back some seats.
wanjiru writes: Thursday, December, 11, 2008 4:42 PM
The Business of Poverty and Bankruptcy
The federal government is now being controlled by socialist leaning people. In their world view, poverty and dependence are the principle key to power. Does anyone think they want private industry to be stronger than government? That is why all bailouts will be passed through by Obama and his buddies because they will be ensuring control for at least the next 12 years. You wanted change americans, and you got it!
heebie writes: Thursday, December, 11, 2008 4:49 PM
I WANT TO WEEP
I feel so frustrated. Thank you for all you do. I wish I could help.... I just don't know how. Thus, I want to weep.
DesertDawg writes: Thursday, December, 11, 2008 5:04 PM
Heebie
The way to help is to stay engaged in what is going on. Help spread conservativism to those around you. As Rush Limbaugh often says, "Ignorance is our most expensive commodity in America". Most of the people who just voted in this 111th congress wouldn't know the difference between civics and astrology. They don't know we have 3 branches of government and they couldn't tell you the difference between socialism and capitalism. Try to educate those around you and expose them to "truths". That is all we can do for now.
American Girl 1650 writes: Thursday, December, 11, 2008 5:36 PM
Something Wrong With This Picture
Our Constitution is being used as toilet paper by these self-serving loose cannons. Our Gov't is making a joke of it.

We the People of the United States, in Order to form a more perfect Union, establish Justice, ensure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
bryce1 writes: Thursday, December, 11, 2008 5:37 PM
Dawg
I wouldn't count on gaining in seats in pivotal swing states like Michigan or Ohio if the GOP continues down this path.

I will remind you that two thirds of GOP Senators voted in favor of a no strings attached trillion dollar giveaway to Wall Street. You can count on the Dems and the MSM painting the GOP, correctly, as the party willing to bail out bankers and give the raspberry to autoworkers.

I hope the hypocrite McConnell, the GOP point man on the bank bailout, receives particular scorn.
WindowCleaner writes: Thursday, December, 11, 2008 5:49 PM
Right, Crazy Lady
We KNOW that the GOPers in Congress got shot down by the moderates with brains, now we are stuck with the GOPers in the Senate who are taking an ideological stance that focuses solely on their southern states foreign car maker interests while dooming the US. Got that? Your GOPer weasels, who've given foreign car makers taxpayer money to keep their interests here in the US, are balking at giving an equal amount of taxpayer money to Detroit. Is that what the GOPer idea of "Patriotism" is these days?

What a shameful lot.
raj writes: Thursday, December, 11, 2008 5:54 PM
big three
for the big three to be competative you need to break the uaw if not you are p------ up a wall,the uaw has to go
DesertDawg writes: Thursday, December, 11, 2008 5:59 PM
Better have sharp elbows
When stepping up to the feeding trough for your share of the bailout money! Its an entitlement feeding frenzy and anyone brave enough to put their hands near the trough risk pulling back a nub.
ScarletPimpernel writes: Thursday, December, 11, 2008 6:00 PM
One Party Rule
I can't believe what fools we are to have voted for W twice. He's led the charge towards socialism. We can't blame the Dem/libs for it - it's in their nature but the Repubs know better.
York writes: Thursday, December, 11, 2008 6:02 PM
Boycott the bailouts
Maybe the best way to show our disgust for the auto bailouts is to boycott the big three.
DIAMOND Z writes: Thursday, December, 11, 2008 6:03 PM
all the demo-rats got free cars !
nancy polisi is buicks new rep!tiger woods had to give his new buick to nancy!
Kathryn (click for Reagan Conservative petition) writes: Thursday, December, 11, 2008 6:20 PM
Stand strong!
Rep Bachman,
Thank you for your free market solutions. Even if Dems reject them, these solutions have got to at least be discussed. We know what Reagan knew: the private sector can do most everything much better, faster, and cheaper than the government can.
Mr Bill writes: Thursday, December, 11, 2008 6:28 PM
Only shoot at the easy target!
The UAW is the most visable part of the big 3's costs, but the group between them and the CEO cost more than they do. The trickle-up effect that makes crossing over to sallaried tempting means that the whole bunch need reduced pay, not just the UAW workers.
AL (Mrs. Always Learning) writes: Thursday, December, 11, 2008 6:39 PM
Congresswoman Bachmann
Your comments are straightforward and appear sincere.

Please pardon me as I am skeptical. I will never lose respect for the Congressional office, but I have lost respect for the office holders.

It is obvious you are willing to fight for your convictions and I admire that. However, you are one of hundreds in the House. Fair or not, I judge what comes out of the House itself and hold each member accountable equally at the end of the day. You and the other posters will disagree with me I am sure, but that is the point I have come to.

Good luck and I do echo those who have encouraged you to 'keep up the good fight.'

Bob Munck writes: Thursday, December, 11, 2008 6:41 PM
DesertDawg 5:04 PM
'As Rush Limbaugh often says, "Ignorance is our most expensive commodity in America".'

He was referring to his own grossly inflated salary.

However, I think he's doing himself a disservice. He produces an ASTONISHING amount of ignorance for the money. It has been shown by scientific studies that people who listen to Limbaugh and watch Fox News have significantly less knowledge of politics and current events, more dandruff, and lower IQs and sperm counts than average.
DesertDawg writes: Thursday, December, 11, 2008 6:59 PM
Munck Spoken Like A True Shmuck
Go have yourself another tall glass of the kool-aid. "Hope & Change" Hope & Change" "Hope & Change" I feel so much smarter now. What a moron!
WindowCleaner writes: Thursday, December, 11, 2008 7:28 PM
It should be noted
That the GOP fleecers want to gut the unions, which have had no real impact on the plight of bad management, as a concession to the bailout. What utter tools. They will dole out 700B for their fellow greedmeisters on Wall Street without a hint of oversight, but screw the American workers (millions of us) for ideological, cynical ends.

Patriotism, my arse.
DesertDawg writes: Thursday, December, 11, 2008 7:51 PM
Windowcleaner
Seems that you are the tool. The bank bailout was from democrats to their buddies who helped them with the welfare mortgage giveaway. Does the CRA ring a bell? The whole banking meltdown was a failure of liberal (not conservative) socialism through government GSA's Fannie and Freddie. The same tool Barnie Frank that engineered the banking crisis has authored the bailout bill for the auto companies. Go figure. You might go join the ignorant choruses over at the DailyKos or MoveOn.org with your bank buddy conspiracies, but most on this site know whose constituents were bailed out at the banks. Nice try though.
Julie writes: Thursday, December, 11, 2008 8:04 PM
Go DesertDawg!
Good job responding to people like Windowcleaner and Munck who have no interest in rational debate!
Dusty writes: Thursday, December, 11, 2008 8:13 PM
Window Cleaner
Republicans (in the house) are the only ones that showed any hesitation to bail out their "fellow greedmeisters" on Wall Street. Are you arguing that we should send good money after? My mother taught me that was not a good idea.

As to the UAW, I do not equate the union with the workers. The hundreds of millions of dollars that the union spent electing Obama and other Democrats do not entitle it to a multi-billion dollar bail out.

Neither corporate management, the workers nor the unions deserve billions from taxpayers or (as is the case with deficit spending) our children and grandchildren.
foxmustang writes: Thursday, December, 11, 2008 8:18 PM
Munck.....The recent Zogby poll
showed it was the DEMS who were the ignorant voters. They had no idea who was in charge of Congress and either ignored or didn't know a thing about Wright, Ayers, Rezko, etc.....
bryce1 writes: Thursday, December, 11, 2008 9:00 PM
Dawg and the CRA mythology
One more time. Three quarters of subprimes were originated in the secondary market of investment banks and mortgage firms. This market has no CRA mandates. The remaining 25% were originated in the primary market which does have CRA mandates, and those subprimes have a lower foreclosure rate than the secondary.

Look at the industry. There were 5 major investment banks on Wall Street a few months ago. there is one. However, the commercial banks, which in fact have CRA mandates has survived with the exception of WaMu, whose biggest losses were in Orange County, hardly a low income area.

Lastly, I will remind of the blizzard of advertising extolling consumers to use the equity in their homes to pay off bills, take vacations, etc...all with lower and lower qualifying standards.

Does that sound like an industry being 'forced' to make bad loans?
Buckskin writes: Thursday, December, 11, 2008 9:05 PM
DesertDawg
Kay Bailout voted for the September bailout and has thus lost my vote when she runs for governor of Texas.
Tea Party writes: Thursday, December, 11, 2008 10:20 PM
Anyone for
Tea?
Julie writes: Thursday, December, 11, 2008 10:50 PM
Tea Party,
Tea? Or something else dumped in Boston Harbor this time? Pepsi just revamped their logo. It looks like Obama's. Strange.
foxmustang writes: Thursday, December, 11, 2008 11:10 PM
bryce1
spewing the Daily Kos talking points yet again.....
This is a tired act......
Go home.....Mommy Huffington's calling you....
bryce1 writes: Thursday, December, 11, 2008 11:25 PM
Talking points or facts?
Is it true or false that the secondary market generated 3/4 of subprime loans?

Is it true or false that of the subprime loans in the FM/FM portfolio only 20% come from the primary market?

Is it true or false that only one major investment bank is still standing while only one commercial bank has folded, or that the singe commercial bank suffered their worst losses in affluent Orange County?

Is it true or false that it was the secondary market practice of extending loans with borrowed money, securitizing those mortgages, then passing them on to the next buyer that allowed what would have been a US mortgage to become an international financial crisis?

One last question. Can you explain exactly how CRA mandates resulted in the collapse of the banking system in Iceland for instance?
foxmustang writes: Thursday, December, 11, 2008 11:51 PM
Bryce1
is it not true that Fannie and Freddie and the rest of the financial market collapsed while Barney Frank and Chris Dodd had the oversight responsibilities in the House & Senate respectively?????
all the while Dodd was accepting a "sweetheart mortgage" from Countrywide (one of the banks that failed) AND Barney (I like your) Frank was prancing in the cloak room at Fannie with his gay male lover (sickening)...
AND Dodd, Frank, Chuck Schumer, Maxine Waters, & many other Dems were appearing before the cameras saying there was NO PROBLEM with the financial system, saying the Republicans were "making much-a-do about nothing" and were racist for even looking into this "non-existent" problem....
Brink writes: Friday, December, 12, 2008 12:56 AM
Desert Dog wrote:
"The bank bailout was from democrats to their buddies who helped them with the welfare mortgage giveaway. Does the CRA ring a bell?"

So the subprime mess was caused by very weak lenders pushed by misguided bureaucrats into making loans to poor people and minorities who can't repay them?

Wrong.

First, subprime mortgages that are now defaulting in droves were made mostly by unregulated mortgage bankers with no CRA obligations or oversight. Second, the majority of mortgages that are a major part of the crisis were made mostly to middle-and upper-income white borrowers who didn't want to verify income or wanted a bigger loan than a prime lender would offer. Third, loans made by banks to fulfill CRA obligations, even those to very low-income home buyers, perform quite well. Fourth, the only category of mortgages in which the foreclosure and default rates are not going up is the FHA program, a program that makes loans almost exclusively to low- and moderate-income Americans, many of them African-American and Latino.
Paul writes: Friday, December, 12, 2008 3:49 AM
Fannie/Freddie Hearings
Don't let the congressional hearings get lost in the shuffle here. They're the root of much of the current mess after all, with blood all over the Dems' hands.
Salvatore writes: Friday, December, 12, 2008 8:10 AM
BACHMANN
Congresswoman Michele Bachmann, I appreciate your efforts,I wish you were in my state of Ohio, plus your a very nice looking lady.
Salvatore writes: Friday, December, 12, 2008 8:12 AM
MICHELE BACHMANN YOUR AWESOME
Congresswoman Michele Bachmann, I appreciate your efforts,I wish you were in my state of Ohio, plus your a very nice looking lady.
ColoMike writes: Friday, December, 12, 2008 11:45 AM
Thank goodness
the Senate Republicans blocked it. The UAW wasn't going to play ball on wages. They probably felt they didn't have to, since this whole bailout was aimed at helping them - not the auto industry.

I find it interesting that the Dems said "the Senate failed to act" - it did act, and quite appropriately. They said we can't stand more job losses - but we can't stand to waste tax money on businesses that will ultimately fail, either. They said we can't trust the process to a disorderly bankruptcy process - but we really can't trust it to a Congress that clearly hasn't a clue about fiscal responsibility. Bankruptcy courts handle this kind of thing all the time, and I think they may be our best option.
Mel writes: Friday, December, 12, 2008 11:56 AM
RE: KB Hutchinson
As someone else here has noted KBH voted for the initial opening of the floodgate with the $700 billion. In the past I have voted for her. No more. I have previously voted Republican, and I am a conservative, but I am not sure that there is anyone over the past 8 years who has done more damage to conservatism than some of our Repubs in Washington. That especially includes GWB. It may take years for conservatives to recover from the damage he has done.
cavalier973 writes: Friday, December, 12, 2008 12:18 PM
Bob Munck
You stated, in regard to Rush Limbaugh saying that ignorance was our most expensive commodity: "He was referring to his own grossly inflated salary."

Question: Are you paying Limbaugh's salary personally? If so, then why did you sign the contract with him?
If not, then what makes you more of an expert on what Clear Channel pays its contract workers than the officials at Clear Channel? What inside information, what expert knowledge of the radio business do you have that Clear Channel does not? Obviously, they expect to make more than $400 million in advertising dollars on Limbaugh's show, otherwise, they wouldn't have agreed to such a contract.
cleverness_of_me writes: Friday, December, 12, 2008 12:20 PM
The steam off my pee
Why should anyone have to subsidize the incomes of the highest-paid workers in the world to make a product we don't want to buy? The deserve nothing more than the steam off my pee.
William writes: Friday, December, 12, 2008 12:27 PM
Bailout Money for GM, Chrysler
"The Bush administration said Friday that it will consider using the money set aside to help banks and Wall Street to rescue the auto industry." See http://money.cnn.com/2008/12/12/news/companies/auto_future /index.htm?postversion=2008121209.
Michael writes: Friday, December, 12, 2008 12:33 PM
Selective Memory
It’s funny how people have selective memory. So many people writing here seem to have forgotten that Newt Gingrich was in control in the US House many of the Clinton years and that Republicans had complete control of the Federal government for many of the years following Clinton. If Fanny Mae and Freddie Mac were so obviously broken why did Newt and US House majority let it pass and when the GOP had complete control why didn’t they fix it.

It’s the borrow and spend practices of the GOP that are mainly responsible for our weak economy. They Pledge “no new taxes” while growing the size of government and increase spending; now we are all paying. I

By the way, what has Rep Bachmann done for her home (6th)district?

It is easy for outsiders to praise her principals but as representative she has done nothing.
Bob Munck writes: Friday, December, 12, 2008 12:46 PM
cavalier973 12:18 PM
"what makes you more of an expert on what Clear Channel pays its contract workers than the officials at Clear Channel?"

Limbaugh's salary was reported in a press release. You obviously know what it was; why shouldn't I?
carlos writes: Friday, December, 12, 2008 3:02 PM
comments by Michael
At first, I wanted to argue his point. But I recently remember Newt bailing on his opposition to the 700 Billion at the last moment. If you remember, Newt stated that this loan package was "fundamentally flawed." Why the overnight shift?
Bob Munck writes: Friday, December, 12, 2008 3:10 PM
Michael 12:33 PM
"what has Rep Bachmann done for her home (6th)district?"

Embarrassed it, repeatedly.
KYLE writes: Saturday, December, 13, 2008 4:14 PM
Boycott the UAW/Big 3 - where's Al Gore?
A Modest Proposal: IF the UAW gets its tax payer funded bailout, I am encouraging all right-minded thinking Americans (naturally that excludes you Democrats (sorry, Communists; I always get that part confused)) to go on STRIKE against the Big 3 automakers. Boycott. Bailout = Boycott.

Hey, isn't it ironic that the Leftists who have been protesting SUVs and theses 8 cyclinder gas guzzlers from Detroit all these years are NOW demanding American tax payers bail these very same companies out? I thought the Democrats were opposed to automobiles? Right? They want mass transit and bicycles. Those Michael Moore types (the radicals who want America cremated) should be jumping for joy. Correct? Certainly, the biggest proponet the Republican Party could have right now is Al Gore, yes? Mr. "Global Warming" any comments on the bailout? Silence. Amazing.
DesertDawg writes: Wednesday, December, 17, 2008 4:27 PM
Bailout Boycott
I will not buy another automobile from the big 3 until after they have filed for chapter 11. I refuse to help loser companies who need propped up by my tax dollars. Let them fail. The UAW is a dinosaur that should have gone away years ago. Are we to have sympathy for people who retired in their 50's at the expense of their industry and now whine that they might have to go back to work? No sympathy here whatsoever! Get back to work ya bunch of losers. You sapped the lifeblood out of your industry and now you want us the American taxpayer to save your butts and your cushy retirement. You are like a 50 pound tumor on the side of your industries head. I say amputation is what is needed. If you are on the bottom of the ocean with an anchor wrapped around your neck and are not smart enough to lose the anchor, you deserve to drown! Keep up the good fight Michele! You are one of my heroes!
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