McCain Now Supports Auto Industry Bailout: I’ll ‘Do Whatever I Think Needs To Be Done’
McCain Now Supports Auto Industry Bailout: I’ll ‘Do Whatever I Think Needs To Be Done’
The government recently promised the auto industry $25 billion in loans in order to produce more fuel-efficient models. Now, as General Motors and Chrysler consider a merger, executives are hinting at another $10 billion in federal help. Earlier this week, top McCain adviser Carly Fiorina said the campaign opposes any auto bailout:
“I don’t think the government can rescue the industry,” Carly Fiorina, former chief executive of Hewlett-Packard Corp, told Reuters at an event in suburban Detroit.”Whatever the government does, it should not take away the fundamentals of risk-taking. Sometimes it leads to rewards and sometimes consequences, downside,” she said. “In other words, the auto industry cannot be saved from its own bad bets.”
Today, however, interviewed on Good Morning America, Sen. John McCain (R-AZ) expressed support for the auto industry bailouts:
Q: We’re finding out that there may be a possibility of some sort of bail-out or government assistance for the auto industry. Would that be something that you would support?
MCCAIN: Well, we’ve already done that to $25 billion, and we’ve delayed getting them the money. I would do whatever I think needs to be done to help our automotive industry. We’ve got to make this transition to flex fuel, battery powered, hydrogen automobiles. And, obviously — and, also, I would provide tax credits for people who buy these new automobiles. We’ve got to keep this industry alive. There’s no doubt about that.
Watch it:
McCain has been slowly creeping towards supporting bailouts for the auto industry. In June, he stated, “Frankly I just don’t see a scenario where the federal government would come in and bail out any industry in America today.” Earlier this week, McCain was on the fence, telling NBC, “Let’s get the $25 billion to them to start with and see how that goes.” Finally, today, he hinted at full support for more bailouts.
Fiorina has been ostracized by the campaign for repeatedly publicly contradicting campaign policy. In April, she said McCain favored “private accounts” for Social Security, while McCain was saying he opposed privatizing Social Security. She has also contradicted McCain on birth control policy.
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McTranslation: “I’ll say anything I think I need to say to get elected.”
October 31st, 2008 at 6:37 pm“McCain Now Supports Auto Industry Bailout: I’ll ‘Do Whatever I Think Needs To Be Done’”
– - Great. Buy 13 more vehicles.
October 31st, 2008 at 6:39 pmEver notice how “tool” rhymes with “fool“?
October 31st, 2008 at 6:39 pmHe’s got to save Cerberus Capital Management from their disastrous investment in Chrysler.
McCain has to look out for ex-Treasury Sec. and Cerberus Chairman John Snow’s interests. The big money boy bailout continues.
Jim Kramer even talked about it today on his show.
October 31st, 2008 at 6:42 pmSocialist! Socialist! Socialist! Socialist! Socialist! Socialist! Socialist! Socialist! Socialist! Marxist!
October 31st, 2008 at 6:48 pm“Frankly I just don’t see a scenario where the federal government would come in and bail out any industry in America today.”
Saved to date:
Investment banks
Commercial banks
Fannie Mae
Freddie Mac
AIG
On list for saving:
Insurance companies
Hedge funds
Auto Industry (saving private equity firm Cerberus Capital)
Now, a list of corporate lobbyists are in D.C. working Congress for the upcoming stimulus program. David Marchick, chief lobbyist for Carlyle Group and ex-Clinton staffer, is working hard to get their PEU huge chunks of that business.
Aerospace/Defense
Healthcare
Transporation
Infrastructure
Intelligence
Technology
Will Booz, Allen, Hamilton consult on the 2009 Stimulus Package? How much work can they send to their peers in The Carlyle Group?
October 31st, 2008 at 6:50 pmDidn’t the McCain campaign dump Carly Fiorina? I thought we would never have to hear from her again. Must be yet another flip-flop by McCain.
October 31st, 2008 at 6:50 pmI’ll do anything you want to get elected.
I’ll say anything you want to get elected.
October 31st, 2008 at 6:54 pmIts so refreshing watching the Hate Talk Express flail around like a fish on the bottom of a boat trying desperately to get back in the water. It almost makes me feel sorry for the pathetic bastard. Almost.
October 31st, 2008 at 7:03 pmAny federal assistance to any industry, banking, auto, or otherwise, should have several caveats and controls on them (and so far, nothing has been mandated for any of them).
1) No bonuses or pay raises for top executives (or golden parachutes)
October 31st, 2008 at 7:08 pm2) No using such funds for dividends, mergers, buyouts of other companies, buying back their own stock, or for any non-specified purpose (like parties). In the case of the auto companies: only purpose is to retool factories to produce the cars we need for the 21st century, to make sure their workers pension funds are safe, and for standard operating expenses. In the case of banks, only purpose is to make money available for loans. (And if they don’t, they have to give it back.)to make sure their non-executive workers’ pensions are safe, and for standard operating expenses.
I would do whatever I think needs to be done to help our automotive industry. We’ve got to make this transition to flex fuel, battery powered, hydrogen automobiles. And, obviously — and, also, I would provide tax credits for people who buy these new automobiles.
Flex fuel, battery, and hydrogen? What will he tell his OIL buddies? What about Palin and her Alaska OIL spread the wealth deal?
October 31st, 2008 at 7:10 pmYet another example of the GOP supporting bailouts for industry but not for ordinary Americans.
October 31st, 2008 at 7:19 pmTP could just as accurately alter this headline to read:
McCain on Getting Elected: I’ll ‘Do Whatever I Think Needs To Be Done’
October 31st, 2008 at 7:20 pmQuick John. What does Samjoe the unplumber think?
October 31st, 2008 at 7:22 pm“i’ll say whatever i have to say, I’ll do whatever i have to do”
that is mavericky-y.
October 31st, 2008 at 7:25 pmI’ll do whatever…(McShame has shown it in this campaign, wittingly or not)
Just don’t ask me to delineate the plan (or any other) upfront. (read: I am no better than Bush at stratergy…)
I am just a git ‘er done guy…
Plans? We don’t need no stinkin plans…
October 31st, 2008 at 7:26 pmhttp://valleywag.com/5072392/tesla-ceo-admits-his-carmakers-running-out-of-cash
Is Tesla going to get some bailout money, too?
::goes back to obsessing over the 2010 Ford Mustang, and awaits the “wang extension” losers::
October 31st, 2008 at 7:31 pmSounds like a good Stalinist to me…
(Ho Chi Minh’s godson…?)
====
October 31st, 2008 at 7:37 pmFor his part, John McCain sought to undo his job-killing comments that helped win Michigan for Mitt Romney. Reversing his January jaw-dropper that he didn’t want to raise “false hopes that somehow we can bring back lost jobs” and it “wasn’t government’s job to protect buggy factories and haberdashers when cars replaced carriages and men stopped wearing hats,” McCain in June acknowledged “Americans are hurting” and told the good people of Michigan, “new jobs are coming.”
More background here.
October 31st, 2008 at 7:39 pmMcCain is forgiven if he panders mere days before he loses…
http://www.sunstateactivist.org/ssablog/
October 31st, 2008 at 7:39 pmMcCain will be for everything not pro-immigrant or minority in the coming days.
He’s every man’s everyman.
October 31st, 2008 at 7:49 pmO.T., and my apologies. But I just found out that Mike Coffman, the Republican Secy. of State that has illegally been removing voters from the Colorado voter roles is ALSO currently running for the U.S. House of Representatives this year. I’ve not seen anything about his congressional race in the reports about the issue.
http://tpmmuckraker.talkingpointsmemo.com/2008/10/colorados_secretary_of_state_g.php
http://en.wikipedia.org/wiki/Colorado%27s_6th_congressional_district#2008_election
October 31st, 2008 at 7:50 pmGramps, you need to take a dump and go take a long nap.
October 31st, 2008 at 8:05 pmThe Health Care Crisis is Sinking American Competitiveness.
Healthcare Costs are skyrocketing…becoming Unaffordable for Businesses as well as Individuals.
Fix that problem and our Corporations and Manufacturers will have a level playing field. Don’t fix it, and any Bailout will just be a downpayment on Failure.
October 31st, 2008 at 8:07 pmOnce again McWorse proves there is Absolutely No issue he won’t happily flip and spin on. The Unstable/Unable Express screeches down the highway on burning rims. Lord, Make November 5th Hurry!
October 31st, 2008 at 8:15 pmImpeach, while There’s Still Time!
McCAin said that before receiving counsel from Joe the Plumber.
Not to mention, Olbermann reports a clip of McCain saying Joe is his hero. So McCain’s hero is a tax cheat that misrepresents himself ?
October 31st, 2008 at 8:51 pm‘I’ll ‘Do Whatever I Think Needs To Be Done’
That’s it, you’ve located the problem, then next step is putting a stop to it.
October 31st, 2008 at 8:54 pmAnd that means losing next Tuesday.
October 31st, 2008 at 9:11 pmI’m not sure what McCain means here. I guess it depends on what he means by “do” and “done.” History would tell me that “do” means pander, and “done” means flip-flop.
October 31st, 2008 at 9:39 pmHere it is My Friends: The Musical
http://www.youtube.com/watch?v=WdBsv0uCT0c
Enjoy, and please pass it on.
October 31st, 2008 at 10:20 pmBest way to save the auto industry is for the government to assume the health insurance and pension liabilities of the auto workers. This will make the industry competitive with foreign competition. It can be done as part of the health insurance reform which will be implemented under a Democratic administration. The government can assume the pension liability under some formula that includes industry and worker contributions. Subsidies and other cash infusions should be contingent on regulatory mandates for fuel efficiency and other legislatively mandated goals for transition to alternate fuel vehicles. This should also include caps on executive compensation and other restrictions on utilization of capital. If the industry is to be bailed out it should be done so with the interests of its workers and the country utmost in mind.
October 31st, 2008 at 10:37 pmI bet McCain would even whore out his “trollop c*nt” cashcow if it would help.
October 31st, 2008 at 11:22 pm“McCain Now Supports Auto Industry Bailout: I’ll ‘Do Whatever I Think Needs To Be Done’”
……….To Get Elected!!
October 31st, 2008 at 11:35 pmIt’s time for McCain to take a nap.
November 1st, 2008 at 12:06 amWhat promises do I have to make to get you to vote for me? You can trust me to make good on ‘em, it’s not like I’m erratic or anything. Want me to dance? I’ll dance like a freakin’ monkey! Here, watch – (dancing) – gimme your vote, godammit!
November 1st, 2008 at 12:09 ami wonder if he’ll suspend the elections so he doesn’t have to “phone it in”.
November 1st, 2008 at 12:26 amJM was against the auto industry bailout before he was for it.
At this late juncture, he’ll say anything to get elected.
(Except that he won’t be elected.)
Hasn’t he already done enough, by buying 13 vehicles?
November 1st, 2008 at 1:33 amPilf polf. Or did I get that backwards?
November 1st, 2008 at 2:29 amNow that the “socialism” meme has backfired, the Repubs are coming out as…socialists, with no perception whatsoever of their self-contradiction. The death of a party is not a pretty thing.
http://www.youtube.com/watch?v=OiBWkNFtrEg
November 1st, 2008 at 6:28 amSave GM & Ford but run from Cerberus Capital Management (John Snow, Dan Quayle, Carlyle Group, etc.).
November 1st, 2008 at 7:46 amLook up CCM (losers) in Wikipedia.
pimothy, Chrysler is a goner, that much is certain… hopefully, GM and Ford survive and give me a choice between the new Camaro or the new Mustang…
November 1st, 2008 at 11:15 amSOCIALIST!!!!
November 1st, 2008 at 1:05 pmMy friends just tell me what I should say to win, and then I’ll say it.
November 1st, 2008 at 1:30 pmPromise anything you want, McCain, but your poor judgment sunk your election. We learned all about you, and we know you can’t lead the nation.
November 1st, 2008 at 1:45 pm