Breakthrough: Big 3 Bridge Loan Deal Reached…developing….

Update 2: 4:00pm EST: The WH has issued a statement indicating there are questions about some provisions of the proposal they have received from Congressional Dems, this may not be a done deal yet. Pelosi will be covered by CSPAN in 10 mins here.

UPDATE: 3:22 pm EST: The WH announces they have the proposed bill from the House Democrats for 15 Billion; Nancy Pelosi is having a press conference at 4:15 pm EST to announce the package…

Barney Frank told CNBC’s Steve Liesman that he expects a deal to be reached by the end of the day on a bridge loan for the BIG 3. Frank indicated the funding should last them until March, when PEBO and one presumes his ‘car czar’ will have further plans for our manufacturing base…

This echoes what the WH said this morning. It seems as though we may have a deal, pending language for the WH to review and a vote..

WSJ reports..

…The package is expected to provide $15 billion in emergency loans, carved out of an already-existing $25 billion Department of Energy program initially designed to provide the firms with retooling loans…

The decision to fund the bailout from the $25 billion retooling program removes one of the largest sticking points from the debate over how to help the sector, and represents a victory for Mr. Bush, who has refused to open the Treasury Department’s $700 billion financial-market rescue to the Big Three…

The latest reports from Reuters indicate the UAW plans to seek an equity stake in GM as well as a seat on the board:

…In a posting on the UAW Local 2404 website, local president Marc McQuillen said union leadership had said rank-and-file workers would have to ratify new concessionary contract provisions for GM by March 31…

-snip-

“In return for these actions, the UAW seeks an equity stake in the company most likely in the form of a board seat,” McQuillen said…..

A word on the latest ‘czar’. Let’s utilize some caution in creating yet another executive position. The 911 commission noted that having so many varying departments without coordination means longer turn around and lack of communication.

Do we need a drug czar, car czar, housing czar, etc? Can we stop appointing ‘czars’ every time we run into a problem? Let the proper department handle it, who will be our new Labor Secretary? Can that person work with Commerce and the EPA and Energy to get things done without adding yet another czar?

If we want another czar, I would suggest we appoint a cabinet level manufacturing secretary instead. That will cover it and maybe we will get an actual policy implemented going forward….

Market is on a real tear now DOW up 372 YOWSA to OVER 9000……..

December 8, 2008. Tags: , , , , , , , , , , , , , , , , , . Big 3, Cabinet, Economy, Finance, Foreclosures, Music, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St.

One Comment

  1. » Breakthrough: Big 3 Bridge Loan Deal Reached…developing…. replied:

    […] usedmobilehomes wrote an interesting post today onHere’s a quick excerpt Update 2: 4:00pm EST: The WH has issued a statement indicating there are questions about some provisions of the proposal they have received from Congressional Dems, this may not be a done deal yet. Pelosi will be covered by CSPAN in 10 mins here. UPDATE: 3:22 pm EST: The WH announces they have the proposed bill from the House Democrats for 15 Billion; Nancy Pelosi is having a press conference at 4:15 pm EST to announce the package… […]

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