Frank to hold hearing on bill to lend automakers $25b

And then Barney will put his pals on a committee to oversee the auto loans and it'll be a repeat of Fanny May, etc. Government will only screw this up, not fix it. When we had the financial bailout, it had to be done "immediately" - like the next day - or our economy would come to a screeching halt. It took a few weeks to give away our tax dollars and yet our economy keep trudging along. Now, just today, Paulson announces that he is not going to do what was needed immediately two months ago and instead is going to use our tax dollars for something else. I don't trust a single one of these "elected" representatives to honestly and fairly represent my interest. They have yet to prove that they are capable of representing anyone but their own personal interests. Give me JFK, Tip O'Neil and Ronald Regan for honesty. Frank, Pelosi, Reid are nothing but partisian politicians that serve no public but their own.

Money wasted ... additional debt for my children to bear just for the sake of paying off the unions that brought these Democrats to power.

The 100-yr old American-owner auto industry is dead ... has been for 20 years.

We need to move on.

What happened to the "free market system". I thought that was the accepted response whenever a company starts to lose profits? GM and Ford have no loyalty to US. How many factories and plants did they close and move to Canada and Mexico and other countries so they could hire cheaper labor. How much of that cost savings actually got passed down to consumers? Auto prices are ridiculously high. Let them lower their prices if they need money - consumers will respond to lower prices. On one hand the cry is "we need to get rid of Big Government" and then when corporate America needs money who do they turn to to bail them out. What happened to all those profits they were raking in a few years ago?

People from Newton. Why did even one of you vote for this pompous windbag? He still insists he is blameless. Send him away. Silence him. I get ill just seeing his image or hearing his voice.

More bailouts. Pay off the unions for working so hard for Obama. Borrow more money from China. Send the bill to our kids and grandkids. Wonderful, absolutely wonderful.

Isn't socialism a wonderful thing?

Why can't this country let these auto manufacturers go out of business?! People at these companies will lose jobs and pensions, which I know sucks, but why is it that Reaganomics and Bushomics (if such a thing exists) talk about the virtues of American capitalism, but when it fails we help these corporations? If they can't make a profit, it's because their business models are terrible. So much for "Capitalist Darwinism" .

And Socialism would be great, NoNoNobama, IF, and only IF this country would allow its citizens to actually benefit from it., e.g., universal healthcare, beautifully planned and maintained public spaces (think Europe), better schools, etc. Do we really care if more Ford pickup trucks are on the road?

Why can't this country let these auto manufacturers go out of business?! People at these companies will lose jobs and pensions, which I know sucks, but why is it that Reaganomics and Bushomics (if such a thing exists) talk about the virtues of American capitalism, but when it fails we help these corporations? If they can't make a profit, it's because their business models are terrible. So much for "Capitalist Darwinism" .

And Socialism would be great, NoNoNobama, IF, and only IF this country would allow its citizens to actually benefit from it., e.g., universal healthcare, beautifully planned and maintained public spaces (think Europe), better schools, etc. Do we really care if more Ford pickup trucks are on the road?

Barny better face down the greedy unions and give them a dose of reality. The UAW helped to destroy the American Auto industry.Next management must get a grip too. In Japan if a company fails the CEO steps down (or commits suicide) . Here we give them a 7-figure parachute! I recall we gave Chrysler a leg up but only in loan guarantees but these guys are looking for direct financial aid. Maybe Toyota or Honda will buy them out and fire the lot of them!
By the way, the electorate in Massachusetts keeps reelecting this windbag. Shame on us!

Should we bail out Circuit City? Starbucks just had a 91% drop in earnings - should we bail them out? There are countless other businesses struggling...why are we now focused on the Big 3.....oh - UNIONS! I say the big three dont get a dime until UAW does their fair share and reduce benefits and pension overhead. I dont hear anyone saying that they bear some responsibility. If the industry is so bad, why does Toyota (who manufactures in Texas) have a six month waiting list for a GD Prius. The big three are turning out expensive crap - that's why their in trouble. While we are at it Barney, let's pursue reparations for those in the buggy whip business. Can the government please stop investing my moneyu in these crappy businesses. If we wanted to save them we would be buying thier stock!

What I find funny is that when the bailout was approved, it was called the Troubled Asset Relief Fund. Best I can tell from Paulsen's update, the government has decided to not purchase the troubled assets. So essentially, our esteemed representatives, just approved a $850B blank check for our socialists to go investing in every union supported, inefficient, bloated industry out there. I need to go stuff my mattress and get a gun permit before its too late.

don't the people run this country? shouldn't we vote on bailouts? this is absurd and Frank is a loser.
However, leave it to the "wise" people of MA to keep voting guys like Frank and Kerry into office.
It's just business as usual here in the USA . . save the CEO's at the expense of the honest taxpayer.

Wow. How refrshing it is to read these comments and see that the readership is starting to "get it."
Nancy, Harry, and Obama.
Let the fun begin!

In the name of God, could someone tell me why Barney Frank was re-elected??!!!
Or if you are in his district, why on earth you voted for him!!!

On a national level, he is a discrace and we are a laughing stock!!!

This is no time for mindless, ignorant name calling. Barney Frank has spent decades studying financial and economic policy, and it is his obligation to hold a hearing on this proposal. No one has put forth the answer or even a coherent stragey for resolving the grave set of challenges facing businesses, municipalities and individuals accross the US. What bothers me most is the disrespect these bloggers show toward people who must actually craft solutions. Note these geniuses put forth no alternatives, no ideas or proposals, just spill their simple anger with obvious glee.

Studying is not the objective ,understanding is It is clear that neither Frank nor any of his colleagues understand how to solve the financial crisis. Let's have a structured bankruptcy of the weakest of the three automakers, resize the other two, remove the management that managed them into this position, reduce the number of models and dealerships and build a new business model for the industry designed for the twenty first century.

There are better options than dumping money into failing companies. We may well require government stimulus to aid the economy, but instead of bailing out the auto companies, spend the hundreds of billions on building thousand of windmills through the U.S. (yes, even off Nantucket Sound). We could build thousands of hydrogen fueling stations in major cities and lease them out like we do with radio frequencies...We can spend money and employ people while building important and self-sustaining infrastructure. Japan, Korea and China will own auto Mfg. soon enough- game set match.