Wednesday, December 10, 2008

Auto Bailout Passed in the House.. Will it Survive the Senate??

Yes, the the bailout plan for our Detroit automakers has made it through the House, yet the bill is a bit stripped down from what some legislators originally wanted. Apparently, a measure was removed from the bill which would bar the automakers from challenging state laws regulating greenhouse gas emissions, the removal of such seems absurd to me, and appears to be one provision worth keeping, since it's worthless to bailout these companies just to finance lawsuits against states. 

Furthermore, there is some conflict in the Senate, specifically with the GOP, whether this new position of "car czar", basically the person overseeing this plan, has enough power to force concessions. This seems like a legitimate worry, and such power should be ensured so that he or she is able to enforce what's necessary in order for this plan to work, especially since all of these companies already ran their companies into the ground, we don't want them doing it again on taxpayer dollars. 

No comments: