{"id":193379,"date":"2008-12-19T18:19:00","date_gmt":"2008-12-19T23:19:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/12\/19\/bush-to-make-emergency-auto-loans\/"},"modified":"2008-12-19T18:19:00","modified_gmt":"2008-12-19T23:19:00","slug":"bush-to-make-emergency-auto-loans","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/12\/19\/bush-to-make-emergency-auto-loans\/","title":{"rendered":"Bush to Make Emergency Auto Loans"},"content":{"rendered":"<p>A quick look at the proposal, and it looks to be <a href=\"http:\/\/www.nytimes.com\/2008\/12\/20\/business\/20auto.html?_r=1&amp;hp\">remarkably non-punitive<\/a>.<\/p>\n<p>Politico <a href=\"http:\/\/www.politico.com\/news\/stories\/1208\/16740.html\">has the bullet points<\/a>:<\/p>\n<blockquote><p><span style=\"color: rgb(0, 0, 153);\">Binding Terms and Conditions: The binding terms and conditions established by the Treasury will mirror those that were voted favorably by a majority of both Houses of Congress, including:<\/span><\/p>\n<ul style=\"color: rgb(0, 0, 153);\">\n<li>Firms must provide warrants for non-voting stock.<\/li>\n<li>Firms must accept limits on executive compensation and eliminate perks such as corporate jets.<\/li>\n<li>Debt owed to the government would be senior to other debts, to the extent permitted by law.<\/li>\n<li>Firms must allow the government to examine their books and records.<\/li>\n<li>Firms must report and the government has the power to block any large transactions (> $100 M).<\/li>\n<li>Firms must comply with applicable Federal fuel efficiency and emissions requirements.<\/li>\n<li>Firms must not issue new dividends while they owe government debt.<\/li>\n<\/ul>\n<p><span style=\"color: rgb(0, 0, 153);\">Targets: The terms and conditions established by Treasury will include additional targets that were the subject of Congressional negotiations but did not come to a vote, including:<\/span><\/p>\n<ul>\n<li style=\"color: rgb(0, 0, 153);\">Reduce debts by 2\/3 via a debt for equity exchange.<\/li>\n<li style=\"color: rgb(0, 0, 153);\">Make one-half of VEBA payments in the form of stock.<\/li>\n<li style=\"color: rgb(0, 0, 153);\">Eliminate the jobs bank.<\/li>\n<li style=\"color: rgb(0, 0, 153);\">Work rules that are competitive with transplant auto manufacturers by 12\/31\/09.<\/li>\n<li style=\"color: rgb(0, 0, 153);\">Wages that are competitive with those of transplant auto manufacturers by 12\/31\/09. <\/li>\n<ul>\n<li>Note that wages here means <span style=\"font-weight: bold;\">all forms of current and past employee remuneration<\/span>, or at least it does to Bush and His Evil Minions<sup>\u2122<\/sup>,and so would have the effect of competing the Big 3 (Big 2\u00bd) with their large number of retirees against the transplants who have basically <span style=\"font-weight: bold;\">no<\/span> retirees, which if strictly enforced, would mean not paying much more than minimum wage.<\/li>\n<li>Note also that these are &#8220;targets&#8221;, and not &#8220;binding terms and conditions&#8221;, and so will be subject to some level of sanity.<\/li>\n<\/ul>\n<\/ul>\n<\/blockquote>\n<p>In any case, meeting the terms has a deadline of March 30 of next year, which kicks everything to Obama.<\/p>\n<p>I think that this is why Obama has said very little here, because if he were engaged, it would give Bush the cover to do something <span style=\"font-weight: bold;\">much<\/span> worse.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A quick look at the proposal, and it looks to be remarkably non-punitive. Politico has the bullet points: Binding Terms and Conditions: The binding terms and conditions established by the Treasury will mirror those that were voted favorably by a majority of both Houses of Congress, including: Firms must provide warrants for non-voting stock. Firms &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1108,1004,985],"tags":[],"class_list":["post-193379","post","type-post","status-publish","format-standard","hentry","category-auto-industry","category-finance","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193379"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=193379"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193379\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=193379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=193379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=193379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}