Bailout nation: 63% support Bush’s TARP loan to Big Three
posted at 6:20 pm on December 22, 2008 by Allahpundit
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But no more money after this. Right?
But if the auto companies should ask for more taxpayer assistance, the poll indicates that public opinion changes dramatically. Only 28 percent would approve of providing the automakers more money, with 70 percent saying let them go bankrupt.
“One reason for that: only 15 percent say that the country would face a crisis if the automakers went bankrupt, and half say that would not cause any problems for them personally at all . But most say that the country would face major problems if the auto companies were in bankruptcy,” says CNN Polling Director Keating Holland…
Only 28 percent, he adds, say the auto companies involved in the current program will be able to pay all or most of the $13 billion back; one in five say they will not be able to pay any of it back to the government.
82 percent have a negative view of auto execs and 61 percent a negative view of union leaders; if the CNS story about the UAW’s country club starts circulating, the latter number will bump up past the 70th percentile too.
Kaus, writing this morning before the poll was released, argued that there’s no way Obama and the Dems will bail them out again in March given the state of public opinion. I think Geraghty’s right in arguing that there’s no way they won’t. The point of the doomsday rhetoric about economic catastrophe is to clear the way politically for any new spending Obama deems “necessary.” If the current bailout is necessary to prevent disaster, think how much more necessary the next one will be as the recession deepens. In fact, even if we see a surprise early recovery, the Dems will likely just claim that we don’t want to “fall back into the hole” by messing with the auto industry and that we should be prudent and preserve the gains with another cash infusion, etc. Exit question: Can the GOP stoke public anger about this effectively enough to spook the Dems into backing away before the midterms? With even some conservative economists supporting a huge stimulus, I wonder.
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Un-flippin-believable.
mindhacker on December 22, 2008 at 6:23 PM
Would it matter? We can get mad, we can get angry… they keep doing the same crap over and over again.
upinak on December 22, 2008 at 6:23 PM
How about they put up an Online Donation Sight where those what want to toss good money after bad can go right ahead and do that. I would like to keep what little I have left of mine, thank you.
rgranger on December 22, 2008 at 6:23 PM
we called it the McCain campaign…I gave ’til it hurt.
sven10077 on December 22, 2008 at 6:25 PM
The definition of INSANITY is doing the same thing over, and over again, and expecting a different outcome.
Dr Evil on December 22, 2008 at 6:29 PM
Stab me in the eye, it’s like giving crack to a junkie.
baxtrice on December 22, 2008 at 6:29 PM
The Detroit makers need to go through Chapter 11. Bush did the right thing, though, in giving them just enough to push the problem into Obama’s lap. If GM is on pace with the new money to be bankrupt in April, Obama will have to see where the S&P index is, how wide credit spreads are, how many retailers went belly-up in January and what the national unemployment numbers are.
If the macro picture is grim enough, Obama will do whatever is needed, including essentially nationalizing GM, in order to keep them out of bankruptcy court.
dedalus on December 22, 2008 at 6:34 PM
All of the parasites out there are hoping there is some left over for them.
Disgusting!
rplat on December 22, 2008 at 6:35 PM
Obama absolutely will give them more money. He will not say ‘no’ to the UAW and he will use Bush as an excuse for doing it.
Exit question — In the next five years who inflict more damage measured in dollars, to the United States — Al Qaeda or the UAW?
grdred944 on December 22, 2008 at 6:43 PM
How about they let the people who filed taxes last year decide.
Actually, I especially would like a say in how my CA state taxes are spent. AND an itemized list of how the taxes were spent over the last 5 years. Have the taxpayers help our public servants distribute our money efficiently.
I know, I know….my masters know better than I do how to live my life
Ditkaca on December 22, 2008 at 6:48 PM
Doubtful. If the GOP had much positive effect on politics and public policy, the past 95 years would not have happened, and most particularly the past 40 (with the partial exceptions of a few years during Reagan’s imperfect administration, and earlier, that of Coolidge).
JDPerren on December 22, 2008 at 6:52 PM
That’s not global warming — it’s the heat coming from our destination. This handbasket we’ve been riding in is almost there.
aero on December 22, 2008 at 6:55 PM
Just don’t ask where the money will be going…………
Seven Percent Solution on December 22, 2008 at 7:01 PM
The majority will be against more money? Pass the Kool-aid. By the time Obama/MSM get done with the sheeple they will hand over the next 100 billion without even questioning.
Even the supposedly free market Repubs, here and in Congress, bent over and grabbed their ankles with the common refrain “if we don’t the sky will fall”.
Still to come will be the painful cries, when the same claim they were misled. No, you weren’t misled, you were economic illiterates to start with selling your kids down the river. But don’t worry, it was the thought that counts.
patrick neid on December 22, 2008 at 7:05 PM
As long as they don’t get their chicks for free.
flipflop on December 22, 2008 at 7:12 PM
It’s just pissing in the ocean.
If the industry’s costs aren’t aligned with the sales, the eventual cost to the coountry will be hundreds of billions.
The idiots in government can prop the industry up for a while, but a bailout without a significant re-structuring will be just one more nail in the country’s coffin.
notagool on December 22, 2008 at 7:12 PM
Fletch54 on December 22, 2008 at 7:17 PM
This is really weird. Rasmussen came out with the same poll today stating that 49% of Americans opposed the auto bailout, with only 38% SUPPORTING the bailout of the auto industry.
There is huge difference between CNN’s 63% support and Rasmussen’s 38% support.
Somebody has really got this screwed up.
kcarpenter on December 22, 2008 at 7:40 PM
The poll is asking the wrong question:
The question should be – Would you buy an auto from the Big 3 if
they continue getting money from the government?
I am pretty sure the answer would be no. So the more Detroit takes
as long as Obama keeps the doomsday cash coming then Detroit
will eventually OD from all the cash infusions – building cars
that no one will buy.
I am getting tired of watching spots for Buick & Pontiac…
Ugly cars – those lines should have been killed 1o years ago.
izoneguy on December 22, 2008 at 7:40 PM
After being told over and over that the entire economy would collapse if the automakers failed, of course they support it.
Stupidheads.
angelat0763 on December 22, 2008 at 7:45 PM
I’m sickened by the ready, fire, aim strategy being employed by DC.
Whatever help extended to the Big Three should have only come after the UAW came to the table with real concessions. Should have only happened after the reorganization plan was completed. Should have only occurred when it is clear that the auto manufacturers are a good credit risk with public money. My prediction is that the Big Three will not live up to the terms of the loan and filthy Chicago Politician Obama will not hold them accountable since he’s bloated on all that UAW political money.
highhopes on December 22, 2008 at 7:50 PM
Nah. No star power.
Besides, it would probably hurt their rep.
Count to 10 on December 22, 2008 at 7:52 PM
You know, if the money is going to be spent anyway, I’d rather see the rotting corpses that are the big three get the cash than the a-hole bankers, of course they say its TARP but most likely they will pay that back later. But frankly I’d rather just see us burn it, we have a better chance of getting an ROI, it’s extremely cold here in DC, at least by burning it we’d get a little heat out of the deal since global
coolingwarmingclimate change is not holding up its end of the bargain.LevStrauss on December 22, 2008 at 7:58 PM
The problem is , this was just a “bridge loan” until Mars, they need more money by then.
Bush probably did the right thing by not being the convenient scapegoat when the shit really hits the fan.The Dems owns it all now.
the_nile on December 22, 2008 at 7:58 PM
don’t worry, pretty soon the money we give to the big3, and everyone else…will be worthless!
right4life on December 22, 2008 at 8:17 PM
Welcome to political based economics ………..
……….. comrade.
Seven Percent Solution on December 22, 2008 at 8:26 PM
I’m surprised that 37% of the respondents on CNN’s poll calling list were opposed to this socialism. The idiot masses are under the impresssion that a new great depression will happen if we don’t steal their money and give it to failed banks and auto companies. The people have no understanding of capitalism, free markets, etc. Most Americans probably believe that all the big companies they are familiar with were created by the government.
Buddahpundit on December 22, 2008 at 8:45 PM
How much of GM’s retiree benefit burden would be covered by selling this resort? Would there be enough to help Chrysler, too?
That’s the question that ought to be on the lips of everyone who is talking about bailing out the automakers.
njcommuter on December 22, 2008 at 9:34 PM
Interesting quote from Teddy Roosevelt, given that he is the one that started the ball rolling downhill, the Progressive anti-capitalist prick.
JDPerren on December 22, 2008 at 9:41 PM
I respectfully disagree. Under no circumstances whatsoever could it be moral to give taxpayer money to GM and Chrysler, and not simply because they’ve done a poor job at their business. If they were all saints and the most deserving people in the country, it is still a violation of the most fundamental principles on which this country was founded and I for one still believe in them.
JDPerren on December 22, 2008 at 9:45 PM
Yes. Unless the transplants can start making Detroit style cars for Detroit prices (read: spurning the environmentalists and asking the most devoted to Detroit how they’d want to see something built), they don’t have anything worth buying.
I’ve had enough of them designing cars as if they listened to the “lifestyle environmentalists”. When they start taking cues from Detroit in that manner, they’ll have the ear of plenty of people.
sethstorm on December 22, 2008 at 11:18 PM
No, the South lines up to be the next scapegoat.
I’d be interested to know how much the transplants are paying the South to resist in Congress.
sethstorm on December 22, 2008 at 11:20 PM
CNN polls are suspect at best. I searched but couldn’t find the polling questions.
huckleberryfriend on December 22, 2008 at 11:23 PM
a couple of weeks ago most people were against this bailout too. in a few months, people would be sure if they don’t approve another bailout, it would cause the economy to tank, and would support it en-masse too.
Phoenician on December 23, 2008 at 12:34 AM
I am a conservative. I support the bailout if it is structured like the prior Chrysler bailout which required repayment
It is a shame that there were no pre conditions on the bank bailouts which do not seem to require repayment. These banks got taxpayer money to cover their gambling debts yet show little interest in cutting some slack for their own debtors, like easing rediculous overdraft and late charges and penalty interest hikes.
Since new credit card rules are coming in this summer to prevent banks from raising interest on current balances, expect the bailed out banks to move fast to raise interest now on their credit card holders or shut down lines of credit before the new rules come in.
The car companies are making cars for the taxpayer money they would get. The banks are not making loans and they have just been handed a 6 month time frame to take advantage of the weak before the government protections kick in
As these credit lines are reeled in, the car makers will be squeezed even worse. In six months we will see the real crash from the new banking rules if what they say about the US being a cnsumer economy is true
entagor on December 23, 2008 at 1:55 AM
I don’t know about Teddy being THE one to initiate casting capitalism aside, but the words still ring true.
Fletch54 on December 23, 2008 at 8:00 AM
Would it matter? We can get mad, we can get angry… they keep doing the same crap over and over again.
upinak on December 22, 2008 at 6:23 PM
That is because the voting public think ALL the other states keep sending lying, thieving, narcissistic bastards back to Washington, while they keep sending the only smart and honest ones back. When there are more people on the dole than there are to fill up the pot, then the necessary changes will be made and the likes of Chris Dodd, Barney and xxx Kennedy(you fill in the xxx) will only be a painful memory.
belad on December 23, 2008 at 9:23 AM
Fletc54,
Point taken; he certainly had lots of help. I meant (so far as I know) the first explicitly anti-capitalist President, at least the first to effectively attack it. But, I agree, what he writes there has much to recommend it.
JDPerren on December 23, 2008 at 9:44 AM
Did anyone happen to see the full-page ad Chrysler took out in the WSJ, “thanking” America for the Corporate Welfare they received (as if we had a say in the matter)? Reason blogged on it this morning:
Rae on December 23, 2008 at 11:22 AM
I think we should give the Big-3 an unlimitted line of credit from the taxpayers.
Otherwise, how will the UAW contintue to maintain excellent lifestyles for its members even though nobody wants to buy the cards it builds.
notagool on December 23, 2008 at 11:25 AM
Americans are idiots. End of story.
angryed on December 23, 2008 at 11:31 AM
I’ve got to believe that poll is total B.B., or we would see a significant rise in the POTUS’s polling numbers.
IMHO, Americans are not that stupid.
DannoJyd on December 23, 2008 at 12:21 PM
So I don’t exist? So those cars that are on the road don’t exist either?
Some of us know muscle is overpriced on transplants, and that we won’t drive golfcarts just because that’s what’s offered.
sethstorm on December 23, 2008 at 6:22 PM
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