Flashback: McCain Promised To Do ‘Whatever…Needs To Be Done To Help Our Automotive Industry’
Flashback: McCain Promised To Do ‘Whatever…Needs To Be Done To Help Our Automotive Industry’
Today, the New York Times reports that Republicans are balking at a rescue package for the struggling auto industry. The bill would use some of the funds originally appropriated to shore up the banking system. Democrats need 60 votes to move the measure forward, but Sen. Chris Dodd (D-CT) said, “Right now, I don’t think there are the votes.” Some Republicans who have spoken out against the measure: Reps. John Boehner (R-OH) and Jeb Hensarling (R-TX) and Sens. Saxby Chambliss (R-GA), Richard Shelby (R-AL), and Mitch McConnell (R-KY).
So far, Sen. John McCain (R-AZ) hasn’t spoken up. (ThinkProgress contacted his spokesperson, but has yet to receive a reply.) But back in October, when McCain was still running for president, the senator indicated support for this rescue package:
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:
Shelby has summed up conservatives’ justification for opposing an auto industry rescue bill: “The financial situation facing the Big Three is not a national problem but their problem.” However, as Obama transition co-chair John Podesta has noted, “the auto industry directly employs about 250,000 people” and is “the backbone of our manufacturing economy.” In fact, one in 12 U.S. jobs is tied to car manufacturing.
Other conservatives, such as Boehner, are arguing that there needs to be reform addressing the “root causes crippling automakers’ competitiveness around the world.” Both House Speaker Nancy Pelosi (D-CA) and Senate Majority Leader Harry Reid (D-NV) agree, saying that “federal aid should come with ’strong conditions,’ such as requirements that car makers build more fuel-efficient vehicles.”
On the campaign trail, McCain made it clear that it’s important to cross party lines on certain issues. Will he now buck the GOP leadership and support an auto industry rescue package?
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38 Responses to “Flashback: McCain Promised To Do ‘Whatever…Needs To Be Done To Help Our Automotive Industry’”
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Flashback: Last Month, McCain Promised To Do ‘Whatever…Needs To Be Done To Help Our Automotive Industry’»
- - Like I said back then, buy 13 more cars, Johnny.
November 14th, 2008 at 4:39 pmheck, buy 1300 cars, hell why not, 13,000?
November 14th, 2008 at 4:45 pmMcCain won't do shit to help anyone except himself.
November 14th, 2008 at 4:45 pmMcCain: deals off. I do nothing for Joe Autobuilders who don't vote for me.
November 14th, 2008 at 4:47 pmDamn it, the Democrats better make the Republicans actually pull a filibuster. If they cave again, because of a threatened filibuster, they will be setting a very bad precedent for the next Congress.
Make these people go on record as to where they stand. Then when the economy totally implodes because 1 in 12 people in this country lose their jobs, the American public will know exactly where to place the blame. It won't be on Obama, that's for sure.
November 14th, 2008 at 4:58 pmJust say it Republicans. You won't do anything EVER that would help out any union employees. PERIOD.
November 14th, 2008 at 5:01 pmWant to save the America's major industry and make it competitive.....
....universal health care....
....they are being crippled by the costs that other INDUSTRIALIZED nations are doing for their companies.
November 14th, 2008 at 5:05 pmCan someone explain why the repubs are so anti-bailout?
It makes absolutely no sense to me to have the car co's fail (and GM will fail soon w/out help).
No one likes the idea of helping these fools -- but it would destroy the economy and lead to the loss of any leverage over the products going forward.
November 14th, 2008 at 5:07 pmWhat Zooey said!
November 14th, 2008 at 5:07 pmAside from McCain's flip-floppery I can't say I've seen anything to convince me that a bailout for the auto industry is a good idea. Before they would go under they would go into Chapter 11, which would provide structure and oversight, something our Congress seems absolutely derelict in.
November 14th, 2008 at 5:11 pmRepublicans just want to bail out the banks and the investment houses where their money is.
November 14th, 2008 at 5:11 pmWitness Paulson and where the money has gone so far.
Buckie Boy Says:
Want to save the America’s major industry and make it competitive…..
….universal health care….
….they are being crippled by the costs that other INDUSTRIALIZED nations are doing for their companies.
This is true. I read recently that Toyota wanted to open a plant in the USA. I mean they really wanted to do it. But when they crunched the numbers they ended up in opening it in Canada. Why? Because the cost of health care in the USA would have impacted their margins to the point where it just wasn't worth it to them.
November 14th, 2008 at 5:12 pmThe bailout for the banks (which was grossly, almost criminally bungled) was much more necessary than a bailout for Detroit.
Banks provide lending, which provides capital, which (normally) creates business and jobs. The problem with the Wall Street bailout is that no one understood it and the fat cats have used and abused our money not to ease credit, but to buy out other banks. It should have had more oversight and Congress blew it.
A bailout for any other kind of industry makes much less sense. Again, automakers will go into Chapter 11 which could, if properly structured, make them fit and profitable again.
November 14th, 2008 at 5:16 pmBuckie Boy Says:
Want to save the America’s major industry and make it competitive…..
….universal health care….
….they are being crippled by the costs that other INDUSTRIALIZED nations are doing for their companies.
---------------------------------------------------------------
Amen!
November 14th, 2008 at 5:18 pmFlashback: Last Month, McCain Promised To Do ‘Whatever…Needs To Be Done To Help Our Automotive Industry’»
Well, obviously, that was then (McFlip) and this is now (McFlop)...
November 14th, 2008 at 5:23 pmDon't the Republicans know yet that they could gain political capital by doing *ahem* THE RIGHT THING? Or is that a concept that is completely foreign and alien to them after that whitewash on November 4?
If these people taxed any less and expected more jobs and companies to stay put because of it, wouldn't the results have shown themselves without McCain needing it as a crutch in his election bid?!
Then again, if they want to end up being the retarded kid who thinks they're going to be elected the homecoming king/queen in 2010....
November 14th, 2008 at 5:23 pmEven if it was just "their" problem, "they" are millions of workers who will be out of work, out of their homes and on the streets. Isn't that truly a humanity "problem," and aren't we justified to help prevent that situation?
http://www.sunstateactivist.org/ssablog/
November 14th, 2008 at 5:24 pmFrosty Cupcake Says:
The bailout for the banks (which was grossly, almost criminally bungled) was much more necessary than a bailout for Detroit.
I don't know, saving 1 in 12 jobs in this country sounds pretty important to me. But, if they do decide to bail the auto companies out, it has to come with some pretty heavy restrictions like throwing out all the CEO's and other fat cats who got the companies into this mess in the first place and also requirements that they produce fuel-efficient vehicles.
To tell you the truth I find allowing our auto industry to go bust to be a bigger threat to this country than to allow AIG to go bust.
November 14th, 2008 at 5:29 pmOK, look, as a native Ohioan, Boehner is an a##hole; it's not like Ohio can afford any more manufacturing jobs lost. Being somewhat cynical, this reeks of Republican regionalism. Chambliss, Shelby and McConnell are from states that have sizable foriegn car manufacturing plants; they could probably give a f^ck less about northern (Democrat) states. Who are the anti-Americans here?
November 14th, 2008 at 5:33 pmOther conservatives, such as Boehner, are arguing that there needs to be reform addressing the “root causes crippling automakers’ competitiveness around the world.”
regardless of what those "root causes" are (or perceived to be), i wonder how much of his career time BONER has devoted to addressing those needed reforms...
November 14th, 2008 at 5:33 pmNationalize the auto industry, create green cars as part of the overall green manufacturing industry, create universal healthcare, and when these companies become profitable, sell them to investors with the caveat that We the People retain an ownership stake and oversight for a period of time. Make a cap on executive compensation a requirement after the companies are privatized.
And if they don't go along with such a structure, let them fail. The same, of course, should apply to the banking and insurance industries.
PEACE
November 14th, 2008 at 5:38 pmBilbo Hussein Baggins Says:
I don’t know, saving 1 in 12 jobs in this country sounds pretty important to me. But, if they do decide to bail the auto companies out, it has to come with some pretty heavy restrictions like throwing out all the CEO’s and other fat cats who got the companies into this mess in the first place and also requirements that they produce fuel-efficient vehicles.
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Oh I have much more sympathy for auto workers than I do bankers, to be sure. And manufacturing in the U.S. has been hanging by a thread for some time now, however, banking is the one industry you must have for the economy to function. Manufacturing, unfortunately, does not share that position.
Now as someone who has been unable to find a job after husband lost his, I feel this recession and the threat of still larger waves of lay-offs keenly.
All that being said, however, I'm not convinced that Congress is capable of crafting a package that will do what you suggest above. (All excellent ideas. Similar ideas and oversight that should have gone into the Wall Street bailout.)
If Congress could put together the kind of package you suggest then it could work in a fashion similar to Chapter 11 without the whole bankruptcy part. We certainly can't afford to lose the jobs . . .
November 14th, 2008 at 5:44 pmThe previous 'bailout' of the autos in the 90s seems to have worked out pretty well. At least from the NPR story I heard, it sounds like the tax payer ended up making a little off the initial sum.
However, it does seem like any 'bail' amounts to us (the tax-payer) paying for lack of regulation with respect to Wall St. or lack of innovation with respect to 'retail companies'. We end up paying, ultimately, for lack of foresight in business that demands foresight. We pay for someone else's lack of imagination. Meanwhile, they leave their washed-up companies with gazillion dollar bonuses. That just ain't right.
November 14th, 2008 at 5:55 pmNevar Says:
Republicans just want to bail out the banks and the investment houses where their money is.
Witness Paulson and where the money has gone so far.
The more I think about it the more I believe that this whole "meltdown" was contrived for the purpose of the "bailout" as one last gift from Bush to his base.
I never understood why the housing crisis had to happen like it did. It didn't make sense that the banks wouldn't just renegotiate for a rate closer to what the homeowners were paying, so they could continue to make their mortgage payments. It would have resulted in less profit for the banks but it would not have resulted in foreclosures and the meltdown that occurred.
I'm hoping Obama hires some good forensic accountants and goes after everyone involved, including Paulson.
November 14th, 2008 at 6:10 pmWhat if Joe the Plumber worked for GM or Ford?
November 14th, 2008 at 6:11 pm"The more I think about it the more I believe that this whole “meltdown” was contrived for the purpose of the “bailout” as one last gift from Bush to his base."
Bush is just making sure the haves have more.
November 14th, 2008 at 6:28 pmBy "whatever needs to be done," he obviously meant "whatever I have to say to win." I think that's pretty clear by now.
November 15th, 2008 at 1:09 amNow that the election is over, I find I don't give a sh*t what John McCain thinks. Nice feeling.
http://www.youtube.com/watch?v=aypMFARJW84
November 15th, 2008 at 6:40 amMcCain sold his soul a long time ago - who can trust anything he says/does now? He has joined the ranks of the "I got mine, you're on your own" crowd -- he has no clue about the worries and suffering of the American people - and if he did, I don't know that he would care, much less provide any solution.
November 15th, 2008 at 11:05 amI am not happy about bailing out the auto industry - but I don't think we can tolerate the hundreds of thousands who will suffer if they go under -- we will pay for it one way or the other. And people are suffering enough as it is.
All of these bailout plans, however, should contain caveats that not only eliminate CEO salaries, but assign them fines for astoundingly poor decisions.
Did I hear this morning that John McCain is doing Barack Obama a "FAVOR" by meeting with him on Monday? WTF?
November 15th, 2008 at 11:06 amAll of these bailout plans, however, should contain caveats that not only eliminate CEO salaries, but assign them fines for astoundingly poor decisions.
Will those "astoundingly poor decisions" include the continued production of the Mustang, Camaro and Corvette? You know, cars that are fun to drive?
November 15th, 2008 at 11:46 amno i think it would be a great idea for mccain to talk with obama. its proven that much more ideas can be generated with more people. mccain would bring other issues to the table and some outlooks that can benefit a lot of people
November 15th, 2008 at 1:48 pmThe big automotive brands are actually much less important than most people think. They're just the system integrators and sellers.
The real core of the automotive sector are the tier one suppliers - it would be simple to found five or more new automobile companies that do the systems integration if GM & Chrysler would fail.
Furthermore, American brands aren't the only brands in the U.S..
There are many 'foreign' companies with factories in CONUS, like Toyota, Volkswagen, BMW and Daimler.
Maybe it would be a good thing to get rid of the utterly incompetent systems integrators that cannot compete in overseas market (and apparently not in their own one as well).
November 15th, 2008 at 3:51 pmThey have demonstrated ignorance and incompetence since 1973.
If the public is going to save anything, it should something like the auto industry, which employees millions and actually produces wealth, than giving it to banks which do nothing but churn profits and move paper...at everyone else's expense.
A massive financial scam is being run on America by the Jewish controlled banks and Wall Street investment firms and other money-changing schemers. I hope the next round of traitors get crucified.
November 15th, 2008 at 4:14 pmUntil the American auto industry starts making cars people actually want to buy, they don't deserve a single cent of taxpayer money.
November 15th, 2008 at 6:48 pmMcCain doesn't speak for the McCain campaign.
How many times do the McCain handlers have to explain that ?
November 15th, 2008 at 9:30 pmDitto to Rufus Squirrel in # 35.
For at least 20 years, the handwriting has been on the wall. Gasoline has long been $4 a gallon in other countries. Oil under the control of OPEC and South American Countries (both, of who I add, do the capatalist thing of trying to maximize their profits). Formerly 3rd world countries have been adopting more and more gasoline use.
As recently as 4 or 5 years ago, the big auto makers (there's a douible meaning there), had been pushing the SUVs as a high profit margin. The Bush cabal not only made public statements that Americans have the right to use all the gas they want, but even pushed through an SUV tax rebate.
So now they are surprised that the chickens have come home to roost ?
November 15th, 2008 at 9:34 pmThe auto industry should certainly experiment with renewable, more manageable sources of energy to power their models. President-elect Obama has already said that domestic vehicles produced that are powered by renewable energy sources will result in tax credits for the company to make business less of a burden. However, it is essential to provide relief to our industries...and not the irresponsible banks and companies that have absolutely no accountability and decency. They will continue to mismanage their loans.
McCain has fine intentions, but he *must* deliver.
November 16th, 2008 at 7:56 am