Senate panel moves hearing to Thursday

[Rob]

Senate panel moves hearing to Thursday

Harry Stoffer
Automotive News
December 1, 2008 - 2:19 pm ET

WASHINGTON -- The Senate Banking Committee has rescheduled its next hearing on "the state of the domestic automobile industry" for Thursday, Dec. 4.

Top executives of the Detroit 3 are expected to explain how they would use the $25 billion in emergency federal loans they seek and how they plan to make their companies viable for the long term.

The Senate session is scheduled for 10 a.m. in the Dirksen Senate Office Building on Capitol Hill. The House Financial Services Committee has a similar hearing scheduled for 9:30 a.m. Friday, Dec. 5.

General Motors, Ford Motor Co. and Chrysler LLC have a deadline of tomorrow to submit detailed restructuring plans to Congress. Democratic leaders demanded the plans Nov. 20, saying auto executives failed to make an adequate case for government aid in hearings last month.

No official explanation was immediately available for the postponement of the Senate hearing, originally set for Wednesday, Dec. 3. It is thought that lawmakers and their staffs want more time to review the Detroit 3 plans.

 

[mswaim]

When three superpowers like Ford, GM and Chrysler hand you their "makeover" plans, you need an extra day just to stop laughing.

Let's face it; they will present their plans - congress will make a lot of noise, put on their stern faces and then hand over the cash........well, our (your) cash.

Afterall, it is nearly Christmas and we all hate waking up to empty stockings.................. even though we deserve a lump of coal.

 

[Rob]

I'm not so sure. I'd like Congress to explain why Honda, Nissan, Toyota, BMW and many other foreign automotive manufacturers have been "bailed out" for years by our tax dollar through tax incentives that the Detroit 3 were not able to utilize because they were not made available to them.

Of course, it hasn't been termed a "bailout" for them, but instead...."incentives."

 

[Little Woman]

I'm not so sure. I'd like Congress to explain why Honda, Nissan, Toyota, BMW and many other foreign automotive manufacturers have been "bailed out" for years by our tax dollar through tax incentives that the Detroit 3 were not able to utilize because they were not made available to them.

Of course, it hasn't been termed a "bailout" for them, but instead...."incentives."

How true Rob. It hasn't been a level playing field for the big three and the imports. There hasn't been a fair trade as far as I'm concerned.