Nov. 23, 2008

Pelosi: No Auto Aid Without Accountability

Says Big Three Must Come Up With Austerity Plan Before Congress Will OK Any Bailout Package

  • Play CBS Video Video Pelosi: Give Us A Reason

    Bob Schieffer spoke with Speaker of the House Nancy Pelosi about the future of the American auto industry and what the Big 3 need to do to stay afloat.

  • Video Looking For Lasting Solutions

    Bob Schieffer spoke with economist Austan Goolsbee about the current and future health of the economy and what President-elect Barack Obama's plans are for change.

  • Video Commentary: The Cabinet

    The growing list of names of the men and women who will serve in the Obama administration include rivals, friends and Washington insiders. Bob Schieffer discusses some of his choices.

  • House Speaker Nancy Pelosi on <B><I>Face The Nation</I></B>. Photo

    House Speaker Nancy Pelosi on Face The Nation.  (CBS)

(CBS)  House Speaker Nancy Pelosi said that accountability and austerity are required of the auto industry if they are to receive any public funds to help them in their time of crisis.

"The U.S. tax payer is not willing, nor are the representatives in Congress going to vote for an infusion of cash in the companies, so that these CEOs can be amply rewarded for their lack of success," said Pelosi, D-Calif., on CBS' Face The Nation.

"Senator Reid and I sent a letter at the end of this week to the CEOs, to say these are the kinds of things we'd like to see in a plan; austerity, in terms of dividends and bonuses and compensation and the rest, for sure, on the one hand; and then, also, what are you doing to innovate? What are you doing to earn this money?

"For lack of success, you get amply rewarded? Something is wrong with this picture. But what we are saying to Detroit should be very good news to them, and that is, we want to be their partners to go forward. We have to subject everything to scrutiny."

Pelosi also spoke with host Bob Schieffer about the lack of confidence in the financial markets, which has led to a lack of confidence on Capitol Hill towards the Bush administration's handling of the $700 billion bailout package.

“We thought that this money was going to circulate credit, put credit out there so many more people could function in a business sense," Pelosi said. "And that doesn't seem to be happening. They tell us it will.

"We were very concerned about the fact that the legislation called very specifically for them to help with mortgage forbearance, to help people stay in their homes. They've done nothing on that score. They testified to that effect the next day in front of all of Congress, and I think they got the word that we want to see some results from this legislation.

"I think that Congress is going to demand some real accountability, I know they will, before we can proceed with other money," she said.

Also on the program, Austan Goolsbee, senior financial advisor for Barack Obama, said that the President-elect was going to come into office "with a bang" to get a handle on the economic crisis.

He cited Obama's picks for his key economic team, and his announcement yesterday of a plan to create 2.5 million jobs over the next two years, in infrastructure rebuilding, alternative energy and other investment areas.

But what about before January 20, 2009? "Some economists say we're in a pretty dangerous time here right now," said Schieffer.

(CBS)
"I think it is a dangerous time, it's hard to deny that," said Goolsbee (left). "I mean, we're looking in the face of a serious crisis. We're coming out of a legacy of this administration that I would characterize as waiting for crises to happen, not taking action to prevent them from happening. And now you're in this awkward constitutional phase, where we obviously have one president at a time.

"Maybe he and the president, George Bush, ought to come up with some sort of a joint thing that they might do between now and then, how does that strike you?" Schieffer asked.

"Well, it strikes me that we have repeatedly called on the administration to do things like a stimulus, but the president did not appear to be interested in doing that. So I don't know; in theory it could work, but Obama has a vision that he's going to carry out. And if the current administration wants to do that, we should do it, because the economy is really hurting."

But when it comes to Detroit's dire straits, Goolsbee said that, while "the thought of trying to liquidate the entire U.S. auto industry in the middle of this deep recession is quite harrowing, really, it's like the reverse of stimulus," he said a simple handout of $25 billion would not be appropriate.

"The government is not going to get in the business of giving companies an allowance," he told Schieffer. "That's totally improper and not what we need. If the government is going to serve as bridge financing, the way an ordinarily functioning credit market would, [companies] need to have a business plan.

"It seemed like it was the first they heard of it, 'What is your plan to restructure your companies?' They said, you know, 'We'll have to get back to you' - that was crazy.

"If they need a bridge, it's got to be a bridge to somewhere, not a bridge to nowhere."


Read the full "Face the Nation" transcript here.

By CBSNews.com producer David Morgan.

© MMVIII, CBS Interactive Inc. All Rights Reserved.

Video and Galleries from Face The Nation

Add a Comment See all 306 Comments
by shanev137 November 23, 2008 3:16 PM PST
Way to go Nancy....you tell ''em.

Don''t bail out these basturds until they change their business model.
Reply to this comment
by hitoyou1 November 23, 2008 3:31 PM PST
House Speaker Nancy Pelosi: What did she do, go take a smart pill. Sone body told her what to say and she had to listen, because she had a mouth full and she could not talk back.
Reply to this comment
by antoniof123 November 23, 2008 3:35 PM PST
The one-Party duopoly is a staggering failure.
Posted by MikeTotten1 at 02:58 PM : Nov 23, 2008

Mike you and yours are what is responsible for this mess. You bought into the neo con vision of free enterprise without control so don''t and I repeat don''t go blaming the Democrats or true Republicans this mess is the fault of your one party victory at all cost neo nazi cons period.

I agree with Nancy and Harry in fact I wrote my congress reps and already received a response from two of them that they would not support this bailout without controls period. But of the third well he is a neo con and hasn''t responded yet. Want to bet it is Bush neo con line.

Of course he is in a battle ground state and up for re-election in 2 years looks like the Democrats will be getting their extra seat in two maybe even the super majority. But neo cons you go ahead and keep believing that your retoric is working on the masses right up until the Republicans become the new wigs and fade into a memory.
Reply to this comment
by es48 November 23, 2008 3:35 PM PST
You now own Fannie and Freddie and have given the banks trillions, but they are still foreclosing on your homes and charging you loan shark rates on your credit cards. By investing in an industry that has been already executing a plan and is on the verge of a turn around with more fuel efficient and environmentally friendly products, lower manufacturing costs, and labor rates on par with their foreign competitors, you will get to keep your jobs.

The men who have done this have earned rides on corporate jets.

http://ewebsmith.com/gov/autobailout.html
Reply to this comment
by geauxtigersLSU November 23, 2008 3:49 PM PST
Let''s pause a moment and get real.

There''s no nice way to say this.

If someone, some aide, told Nancy Pelosi that stripping and jumping off the Golden Gate Bridge would increase her popularity, do any of us doubt she''d do it?

People like her--on both sides of the aisle--are the problem.

Callous, smiling faces, well versed, articulate... but ultimately dumber than rocks---always with a finger to the wind.

OK. Fine. The Dems had better get it right because this is a set up for a Republican feast in four more years.

M
Reply to this comment
by mn11347 November 23, 2008 3:59 PM PST
Pelosi in an idiot, born and raised on CA economics...she give billions to banks, insurance companies without a second thought (because they are mostly democrats) ...then demands auto makers must prove they can pay back a 24B loan (because they are mostly republicans).

How did this idiot get to this high place of judgement? This is not her money. The people who pay taxes know that money given to ins. and finance companies does nothing. Only goods manufactured that have large value added margins create money in the economy..not hand outs...she has it backwards, totally backwards, but what is really hard to believe is all her democratic whimpies in congress, back her up on this.

If you doubt what I am saying here, ask her one question: How much of the msrp of an average GM car is made up of state, local, sales and use, and federal income tax? She has no idea..and don''t even ask her to calculate how many dollars of all the components of the car are made up of taxes...on suppliers from all over the US....it amounts to thousands of dollars of tax per car that she is willing to give up for the sake of punishing republican car makers. Resign Pelosi. Your idiotic understanding of things is so badly distorted you are dangerous as a public servant...your brain is simply too small to comprehend this..
ssj.
Reply to this comment
by airboatboy1 November 23, 2008 4:02 PM PST
OK. Fine. The Dems had better get it right because this is a set up for a Republican feast in four more years.

Yeah, I hope they do as good of job as Bush has in the last 8 years. Oh, I forgot, Palin''s gonna bring the Republicans around.
Reply to this comment
by whitewolf60 November 23, 2008 4:08 PM PST
GOOD!!!! I think they should be held accountable for their actions AND their stupid decisions over 2.5 decades.... and I still think they should make the CEO''s GIVE UP all their nice little bonuses and perks and "golden parachtes" what have you to start to PAY BACK the money they "borrow". Make them go out with nothing but Social Security like everyone else. Especially after they were seem coming in on their corporate jets for "security reason" PUH-LEEZE!- gimme a break once. I think it all sums up that they are afraid to have their "moneybinkey" taken away. Well, too bad. It''s time that ALL wealthy people, them included, STEPPED AWAY FROM THE MONEYTIT!

"live simply so others can simply live"
Reply to this comment
by likeitis5050 November 23, 2008 4:12 PM PST
Note the hypocrisy dripping from this b.itch.es mouth....she can ram a $700 TRILLION bank bailout through without a plan but wants the auto industry to kneel at her stinky alter and hand their ba11s over to her...THIS IS THE GOVERNMENT WE HAVE WORKING FOR US NOW. They should tell her to STFO and file bankruptcy before taking a dime of her (OUR) money. That would do more to restore the integrity to this industry than accepting a dime from her. Bankruptcy would be difficult but they would emerge with their pride and their ba11s. She needs to be imprisoned.
Reply to this comment
by onarollagain November 23, 2008 4:13 PM PST
Whitewolf60 if it wasn''t for the wealthy you wouldn''t have your social security...if it wasn''t for the wealthy you wouldn''t be alive
Reply to this comment
by mn11347 November 23, 2008 4:15 PM PST
Both parties created this mess, but mostly the democrats who demanded a politically correct economy. One of the laws of economics and mathematics is you cannot socially engineer fairness or an economy. It is not possible to give people fairness in the form of money. It must always be in the form of opportunity. Houses made available to those who could not afford them and financing tailored to support that non-affordability, is such an egregious economic viloation that those who engineered it should be sought out and sued...that will lead directly to Bill Clinton''s admin..and his idiotic supporters ..like Barney Frank who for all his academic credentials couldn''t read a balance sheet if his life depended on it (witness his audacious but idiotic pronounements about May and Mac)..just months before they collapsed. Yes both parties are to blame...but a dumbed down congress and dumbed down consumers, along with a dumbed down electorate (all educated by democratic teacher unions) must face a huge portion of the blame. I realize that placing blame fixes nothing, but it must be placed so that meaningful changes can result. ssj.
Reply to this comment
by likeitis5050 November 23, 2008 4:16 PM PST
If these auto makers are to be salvaged, then they should be nationalized, along with the oil companies, and used to promote the public good, rather than short-term cannibalistic profits.



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Posted by MikeTotten1

I thought socialism was off the table for discussion...every tme anyone mentioned it during the campaign they were shot down...interesting it''s out of the closet now.
Reply to this comment
by kurlikew November 23, 2008 4:19 PM PST
How pathetic is this? They make the auto industry account for every penny, yet the "Wallstreet Bailout" requires no such accountability. Do you know they''re spending our money for percs such as vacations, bonuses, etc? Do YOU want to pay for that??????? :o( It''s sickening to me how corrupt and greedy this country has become.
Reply to this comment
by onarollagain November 23, 2008 4:20 PM PST
"Also on the program, Austan Goolsbee, senior financial advisor for Barack Obama, said that the President-elect was going to come into office "with a bang" to get a handle on the economic crisis. " Where in the world is Monika?
Reply to this comment
by toolmangler-2009 November 23, 2008 4:26 PM PST
...if it wasn''''t for the wealthy you wouldn''''t be alive
Posted by onarollagain at 04:13 PM : Nov 23, 2008




Are you GOD????? hhhhmmmmmmmm must be...
Reply to this comment
by onarollagain November 23, 2008 4:26 PM PST
kurlikew "They make the auto industry account for every penny, yet the "Wallstreet Bailout" requires no such accountability"....Pelosi and Reid didn''t ask for their accountability because they are in bed with Barney Frank and Senator Dodd...what sleaze balls....82% of those who voted for Obama didn''t know that we had a Democratically run Congress....gonna be a down the hill four years.
Reply to this comment
by onarollagain November 23, 2008 4:38 PM PST
mn11347 I agree with you about the political correct enonomy...the root cause of today''s financial crisis is political correctness run a muck...all of which was introduced by the Clinton administration which said everyone deserves a house and gave them houses which they couldn''t afford and which now has led us to where we are today.
Reply to this comment
by onarollagain November 23, 2008 4:50 PM PST
MikeTotten1 quite simply economic policies which minimize offense to racial groups. Clinton said the blacks were not being treated equal in mortgage lending...and now you have the rest of the story...it''s in the history books you can buy at Borders if you want more information
Reply to this comment
by McHineguy November 23, 2008 4:52 PM PST
kurlikew "They make the auto industry account for every penny, yet the "Wallstreet Bailout" requires no such accountability"....Pelosi and Reid didn''''t ask for their accountability because they are in bed with Barney Frank and Senator Dodd...what sleaze balls....82% of those who voted for Obama didn''''t know that we had a Democratically run Congress....gonna be a down the hill four years.


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Posted by onarollagain at 04:26 PM : Nov 23, 2008

Its impossible for government bailouts or other support to be fair. Its like asking the fox to be fair while he raids the hen house.

If we continue with this bailout and government support mentality Nancy Pelosi and her friends will be telling us all how to do our jobs. She is such a good role model.

Ha anyone asked Nancy how she got to Detroit to talk with the automakers last month and who paid for the trip? What did she get done?
Reply to this comment
by onarollagain November 23, 2008 4:54 PM PST
machineguy how she got to detroit...guaranteed it wasn''t on her broom
Reply to this comment
by McHineguy November 23, 2008 4:55 PM PST
...it''''s in the history books you can buy at Borders if you want more information


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Posted by onarollagain at 04:50 PM : Nov 23, 2008

Not for long. The history books are being re=written to remove the parts that are not politically correct and to make sure we know what a demon society America has been. Sad, we have lost our greatness and even choose to bicker on the way down.
Reply to this comment
by McHineguy November 23, 2008 4:58 PM PST
machineguy how she got to detroit...guaranteed it wasn''''t on her broom


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Posted by onarollagain at 04:54 PM : Nov 23, 2008

On a side note: Have you wondered what she told them while she was there? They must have certainly talked about some kind of bailout. Did she tell them it was goign to be easy? I can find no other reason for otherwise adult men to come to Washington so ill prepared. I know at least one of them and he isnt stupid. Greedy, maybe, but not stupid.
Reply to this comment
by steelrider1 November 23, 2008 4:59 PM PST
Nancy Pelosi will never have credibility with me as long as she remains Al Qaeda''s best friend. I''m not saying she likes Al Qaeda, but believe me they LOVE her.
She should be censored.
Reply to this comment
by onarollagain November 23, 2008 5:01 PM PST
machineguy...yeah, you would have thunk she would have asked then for them to come with a plan....so what did she really tell them?
Reply to this comment
by dkhorse1 November 23, 2008 5:01 PM PST
%u201CWe thought that this money was going to circulate credit, put credit out there so many more people could function in a business sense," Pelosi said. "And that doesn''t seem to be happening. They tell us it will.

Perhaps it%u2019s because the financial markets are starting to look at the true picture of American consumer debt. Just Google "average American debt", "consumer debt", etc., to read up on plenty of stories of spiraling consumer debt in America, you don%u2019t have to be that smart, just smarter than a politician, to start to see the big picture.
Reply to this comment
by McHineguy November 23, 2008 5:07 PM PST
machineguy...yeah, you would have thunk she would have asked then for them to come with a plan....so what did she really tell them?


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Posted by onarollagain at 05:01 PM : Nov 23, 2008

I dont have insider information but I can put two and two together like anyone else. She obviously went there to be "the government representative" on the bailout and take credit for it. Ill bet she thought it was going to be a slam dunk and didnt prepare them at all. then, when it turned sour she is able to talk like she does in this article. Crazy, she should have said these things while she was there and it was just them.
Reply to this comment
by onarollagain November 23, 2008 5:09 PM PST
MikeTotten1...man where have you been...for years when I was in the corporate world I had to be politically correct in outward expression towards race entities, sexual orients, etc and had to pat them on the back for being poor performers...thankfully, they don''t control my thoughts....It''s wonderful for BO to say he is going to create 2 1/2 million new jobs....his next challenge will be to find people who will want to work when they can sit on their arse and get welfare. Mark my word, it will be the illegal aliens who fill these jobs. Look up the stats on how many people on unemployment actually take the time while collecting to take the courses that are offered. Sad state of affairs we are in.
Reply to this comment
by McHineguy November 23, 2008 5:11 PM PST
That does appear to be the case. If so, then the term is called fairness. There is nothing "politically correct" about it.

There is absolutely nothing that these Demopublican Fascists can do to prevent the economy from collapsing.

Looks like you are the "black" man now.

How does it feel?

How will you spend your bailout?

What? You did not get one?



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Posted by MikeTotten1 at 04:59 PM : Nov 23, 2008

Mike,

I think you miss the point. No one wants to be unfair. We just dont want to lead people into things that dont work. The government rules for mortgage lending did not work and its a matter of record if you search for them. They ended up hurting the very people we were trying to help.

As for being the black man now, your comment is off base. Our country just elected one and it took a majority of us.
Reply to this comment
by jurado November 23, 2008 5:14 PM PST
Gimme a break. Pelosi and the democrats would have given ''em the money last week, but the public outcry was so loud that they got cold feet. Now they claim the problem was with the automakers. Nice spin.
Reply to this comment
by McHineguy November 23, 2008 5:15 PM PST
Perhaps it%u2019s because the financial markets are starting to look at the true picture of American consumer debt. Just Google "average American debt", "consumer debt", etc., to read up on plenty of stories of spiraling consumer debt in America, you don%u2019t have to be that smart, just smarter than a politician, to start to see the big picture.



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Posted by dkhorse1 at 05:01 PM : Nov 23, 2008

Americas economy runs on a mixture of government loans, corporate investors and foreign investors. When the financial crisis began those foreign investors began removing their money. They dont trust us or our government policies. So our country must now run entirely on its own money and Im not sure we can do it.
Reply to this comment
by onarollagain November 23, 2008 5:20 PM PST
machineguy....what I have and am today is because of hard work....and education....I come from a family who used cow dung to put up along side the house in winter to help heat it....so I know what it is like. I sacrificed to get what I have...when we bought our first house, I had to put 30% down and to do that I sold a car...I didn''t expect any favoritism and I didn''t resent those that had more than I had. They are the ones who motivated me to get out of the lowest life possible to achieve a position where I can now be charitable. Today, it''s all about equality and hand me this and hand me that...I deserve it ...the only thing people deserve is opportunity and man it''s out there but the welfare system has demotivated people.
Reply to this comment
by McHineguy November 23, 2008 5:20 PM PST
Now, horror upon horror, imagine the next four years of this!

/


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Posted by ObamBaboon at 05:16 PM : Nov 23, 2008

I still have HOPES that Obama is smarter than this. I didnt vote for him but its obvious he is smart. Just hope his tax and spend philosophies dont overwhelm his intellect. Gyrations like we have seen this last month make it clear he isnt goign to get help from congress. remember, the American people rate it as the lowest performing congress EVER.
Reply to this comment
by McHineguy November 23, 2008 5:26 PM PST
machineguy....what I have and am today is because of hard work....and education....I come from a family who used cow dung to put up along side the house in winter to help heat it....so I know what it is like. I sacrificed to get what I have...when we bought our first house, I had to put 30% down and to do that I sold a car...I didn''''t expect any favoritism and I didn''''t resent those that had more than I had. They are the ones who motivated me to get out of the lowest life possible to achieve a position where I can now be charitable. Today, it''''s all about equality and hand me this and hand me that...I deserve it ...the only thing people deserve is opportunity and man it''''s out there but the welfare system has demotivated people.


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Posted by onarollagain at 05:20 PM : Nov 23, 2008

I have a similar story (except for the cow dung). Our parents tell the same story. I grew up poor but worked hard and am proud of my accomplishments. but our great society has robbed many of our citizens of this kind of pride. the result is bickering over scraps instead of growing a bigger supply. I hope it stops soon.
Reply to this comment
by McHineguy November 23, 2008 5:27 PM PST
machineguy....what I have and am today is because of hard work....and education....I come from a family who used cow dung to put up along side the house in winter to help heat it....so I know what it is like. I sacrificed to get what I have...when we bought our first house, I had to put 30% down and to do that I sold a car...I didn''''t expect any favoritism and I didn''''t resent those that had more than I had. They are the ones who motivated me to get out of the lowest life possible to achieve a position where I can now be charitable. Today, it''''s all about equality and hand me this and hand me that...I deserve it ...the only thing people deserve is opportunity and man it''''s out there but the welfare system has demotivated people.


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Posted by onarollagain at 05:20 PM : Nov 23, 2008

I have a similar story (except for the cow dung). Our parents tell the same story. I grew up poor but worked hard and am proud of my accomplishments. but our great society has robbed many of our citizens of this kind of pride. the result is bickering over scraps instead of growing a bigger supply. I hope it stops soon.
Reply to this comment
by onarollagain November 23, 2008 5:28 PM PST
MikeTotten1 "There were no rules" wrong...there was a rule....do not ask questions (political correctness), just give them the loan.
Reply to this comment
by lloydbest1 November 23, 2008 5:29 PM PST
The basic issue seems to be the Big 3 want some money to tide them over until things turn around. And Pelosi and Co. are looking for assurances the automakers will actually DO something to insure that things do turn around.
Wagoner, Mulally and Nardelli will have to do better that simply shrug their shoulders and look nervously at each other when they are asked,
"What''s your plan?"
Reply to this comment
by onarollagain November 23, 2008 5:29 PM PST
MikeTotten1 "There were no rules" wrong...there was a rule....do not ask questions (political correctness), just give them the loan.
Reply to this comment
by lloydbest1 November 23, 2008 5:30 PM PST
The basic issue seems to be the Big 3 want some money to tide them over until things turn around. And Pelosi and Co. are looking for assurances the automakers will actually DO something to insure that things do turn around.
Wagoner, Mulally and Nardelli will have to do better that simply shrug their shoulders and look nervously at each other when they are asked,
"What''s your plan?"
Reply to this comment
by McHineguy November 23, 2008 5:31 PM PST
That''''s the whole point. There were no rules. Now our rulers are rewarding the criminally greedy bankers (with your money) that are primarily responsible, and you are attempting to pin the blame on black people who were among the victims.

There is nothing politically correct or incorrect about denying a resource to someone based on the color of their skin. It is simply unfair and inhuman.



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Posted by MikeTotten1 at 05:24 PM : Nov 23, 2008

Mike,

You are missing my points entirely. I have no annimosity toward the black man, none. I marched to help gain equality. I stood up for equality at work. And I will stand up for your equality even now.

But equality isnt favoritism. It doesnt help if we give ANYONE a loan they cant repay. That is what those laws did. Members of my white family were also bamboozled by those laws. It aint blacks against whites anymore. Certainly not here. So dont turn political correctness into race predjudice. It divides us at a time we cant stand it.
Reply to this comment
by onarollagain November 23, 2008 5:34 PM PST
MikeTotten1 I wasn''t saying that I deserve it...I was saying that the people who got us in the financial situation we are in today said "I deserve it" which is entitlement and which I disagree with.
Reply to this comment
by McHineguy November 23, 2008 5:38 PM PST
That''''''''s the whole point. There were no rules. Now our rulers are rewarding the criminally greedy bankers (with your money) that are primarily responsible, and you are attempting to pin the blame on black people who were among the victims.

There is nothing politically correct or incorrect about denying a resource to someone based on the color of their skin. It is simply unfair and inhuman.



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Posted by MikeTotten1 at 05:24 PM : Nov 23, 2008

Sorry, my last answer was incomplete.

The problem with those rules was that they required banks to make a certain number of "sub prime" loans (skin color didnt matter). At first it was hard to do because people who couldnt afford the loans were smart enough to not get them. But, the law is the law so the banks sweetened the deals and found ways to talk people into them. Things like: "get this ARM loan now and you can refinance in two years for a better deal". House prices went up as interest rates APPEARED to go down. People bought houses the could never afford.

these were bad laws with good intentions. Unfortunately, most politicians lack the understanding to deal with such complexities.
Reply to this comment
by henius-2009 November 23, 2008 5:39 PM PST
Pelosi and Congress should be asked the same question. The reason the Detroit three can''t sell cars right now is because of the banking/mortgage industry''s melt-down. Where was Pelosi and crew on that plan? Congress and government in general is a joke.
Reply to this comment
by McHineguy November 23, 2008 5:43 PM PST
Pelosi and Congress should be asked the same question. The reason the Detroit three can''''t sell cars right now is because of the banking/mortgage industry''''s melt-down. Where was Pelosi and crew on that plan? Congress and government in general is a joke.


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Posted by Henius at 05:39 PM : Nov 23, 2008

You are absolutely right.

But how smart are we? We ask them to help us every time. And they mess it up so we ask them to help us again.
Reply to this comment
by onarollagain November 23, 2008 5:49 PM PST
MikeTotten1...I agree that it has spread amongst all colors of skin...my entire dialogue was addressing the root cause of where we are today...if you recall back in the late 1990s the liberals praised the spreading of political correctness into the financial arena. Ron Brownstein, aLos Angeles Times praised the Clinton administration%u2019s lending policies as one of the %u201Chidden success stories%u201D of the Clinton administration, and he said quote %u201Cblack and Latino homeownership has surged to the highest level ever recorded.%u201D I have no problem with anyone who is qualified regardless of race, or whatever to own a home....just let them be qualified.
Reply to this comment
by onarollagain November 23, 2008 5:51 PM PST
MikeTotten1...I agree that it has spread amongst all colors of skin...my entire dialogue was addressing the root cause of where we are today...if you recall back in the late 1990s the liberals praised the spreading of political correctness into the financial arena. Ron Brownstein, aLos Angeles Times praised the Clinton administration%u2019s lending policies as one of the %u201Chidden success stories%u201D of the Clinton administration, and he said quote %u201Cblack and Latino homeownership has surged to the highest level ever recorded.%u201D I have no problem with anyone who is qualified regardless of race, or whatever to own a home....just let them be qualified.

Reply to this comment
by whitemale08 November 23, 2008 5:55 PM PST
We tried to tell you that the private Federal Reserve System was a ''looting cartel'' and that ''globalization was a Anglo-Dutch neo-liberal idea designed to use the private central banks as an Financial Empire to loot countries and deprive them of vital industries.

After it took a 100 years to build the auto-industry we now face the real prospect of losing it. Why?

Because the British have always used ''divide and conquer'' arguments between Republicans and Democrats to deflect blame for the source of the problem....

The private Federal Reserve System has to be SHUT-DOWN immediately...before it''s too. late!!!!!
Reply to this comment
by McHineguy November 23, 2008 5:55 PM PST
The primary culprit is GREED, not "political correctness", whatever the hell that''''s supposed to mean.



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Posted by MikeTotten1 at 05:44 PM : Nov 23, 2008

"Political Correctness" may not be the precise term but it does fit the situation better than "greed".

The government wasnt greedy about it, they passed a law that said "give loans to people who might not be able to pay them back and dont ask embarrassing quesitons." (Many of us see that as politicians doing something "politically correct".)

The banks werent greedy about it, they were folowing the laws. But it did turn out better than they thought so they didnt fight back. Besides, Fannie Mae and AIG were there to protect them.

Some of the people who got loans they couldnt afford were greedy (I know one) but most werent, they thought it was what "everyone was doing".

No, this all started because politicians wanted to do the "Politically correct" thing and give loans without examining the ramifications.
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by McHineguy November 23, 2008 5:57 PM PST
Looks like CBS hired Detroit auto makers to run their Web site.



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Posted by MikeTotten1 at 05:50 PM : Nov 23, 2008

Laughing here.
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by txgrouch2007 November 23, 2008 6:00 PM PST
%u201CWe thought that this money was going to circulate credit, put credit out there so many more people could function in a business sense," Pelosi said. "And that doesn''t seem to be happening. They tell us it will.
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I''m just at a loss for words. I remember Pelosi and Frank standing there trying to look like Rice and Powell at the start of the Iraq war. They acted like they were in charge.

Now she says THIS????

This is just like Greenspan''s "I didn''t understand how the world works" speech.

I thought they were supposed to know what they were doing...
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by McHineguy November 23, 2008 6:03 PM PST
I thought they were supposed to know what they were doing...



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Posted by txgrouch2007 at 06:00 PM : Nov 23, 2008

Not very likely. they are politicians of the first order. Dont ask, dont think.

The American people are both smart and stupid. Smart enough to give these guys the lowest rating of any congress ever. But stupid enough to expect them to do somethign to help.

Not very likely.
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