This Is How You Do A Bailout

Posted on 11/15/2008 at 6:13 pm by Bob Cesca

Outstanding news on the auto industry bailout:

Speaker Nancy Pelosi (D-Calif.), in a Saturday afternoon announcement, says the House plan would require existing funds from the $700 billion financial rescue plan to be used to help the auto industry, meaning no new money would be authorized by Congress under this plan.

Pelosi said the auto industry funds would come with many strings attached, including restructuring company finances, meeting new standards for gas mileage and requiring advanced technologies “to compete in the domestic and global market.”

So far, so good. If it’s not too much to ask, let’s make those standards really, really high.

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  • Redflags

    Did she mention anything about freezing all plans to layoff waged employees?Maybe someone ought to whisper that idea into her patrician ears, no?That may not go down well with the owners of the Big Fat Three, but workers there would love Pelosi for it, Yay! Viva Pelosi!

  • http://www.osborneink.com Matt Osborne

    Never let a good crisis go to waste. As Naomi Klein might say, this is the Shock Doctrine in reverse: Congress can force needed changes on unwilling corporations to the benefit of America, American workers, and the global environment. I approve.

  • kansasdem

    Hey, at this point it all comes down to just mitigating the damage until O can get his people in place!I wouldn’t mind seeing Paulson do a little time!