House approves $14 billion auto bailout



WASHINGTON (Reuters) - The House of Representatives approved bailout legislation on Wednesday that would force U.S. automakers to restructure or fail, sending the measure to the Senate where prospects for passage appeared grim.

"Gonna be tough, but haven't lost all hope," one Democratic aide said of chances in the Senate, which could vote as early as Thursday on the plan to provide up to $14 billion in bridge loans to help avert collapse of one or more carmakers.

Democrats sought to reclaim momentum in the bailout effort, with the bill they negotiated with the Bush administration clearing the chamber by 237-170.

"This legislation is about offering Detroit and America a chance to get back on track," House Speaker Nancy Pelosi said in a floor speech before the vote. "It gets down to a question of tough love."

The White House weighed in just before the vote with a public endorsement aimed at Republicans skeptical of the rescue and demanding a tougher approach for helping General Motors Corp, Ford Motor Co, and Chrysler LLC.

"We believe the legislation developed in recent days is an effective and responsible approach to deal with troubled automakers and ensure the necessary restructuring occurs," White House spokeswoman Dana Perino said in a statement.

Democrats advocated passage based on the belief that government inaction could lead to an industry collapse that would cost taxpayers far more than the loans intended to see them through March and help them restructure.

While the House stuck to its plan for quick action, much uncertainty surrounds the bill's fate in the Senate where a razor-thin Democratic majority cannot ensure passage.

Senate Democrats will have difficulty reaching the 60 votes necessary to overcome procedural hurdles, which some Republicans have vowed to erect to slow or even block the legislation.

Democrats need up to a dozen or more Republicans to win passage, a Democratic aide said.

"The critics have been very vocal. The question is where are the (Senate Republican) supporters of the Big Three," another Democratic aide said.

ONLY DELAYING THE FUNERAL

Sen. Richard Shelby, an Alabama Republican and ranking member of the Banking Committee, was vocal in his opposition.

"Unless Chrysler, Ford and General Motors become lean and innovative and competitive in the market place, this is only delaying their funeral," Shelby said.

George Voinovich, an Ohio Republican and co-chairman of the Senate auto caucus that supports help for Detroit said earlier on Wednesday that more work was needed to get necessary Republican support.

Both the House and Senate would have to pass an identical measure before it could be sent to President George W. Bush to sign into a law.

Many in Congress are anxious to prevent the threatened collapse of the Detroit Three -- which directly employ 250,000 people and another 100,000 in related businesses. The auto industry says its future affects 1-in-10 U.S. jobs.

Shares of GM and Ford, which declined as Republicans voiced opposition, drifted lower in extended trade. Ford stock lost 2.8 percent to $3.16 from a $3.25 close and GM slipped 1.5 percent to $4.53 from $4.60.

Credit markets also want a bailout, as a bankruptcy or failure of the Detroit Three would threaten billions of dollars of financial instruments, say credit analysts.

GM and Chrysler are seeking billions by month's end to survive. Ford is seeking a line of credit to be tapped if its finances worsen more than expected in 2009.

Democrats are proposing direct bridge loans using funds previously appropriated for helping automakers retool factories and make more fuel efficient cars. In return, carmakers would give the government an equity stake equal to 20 percent of whatever is borrowed.

Any loans are intended to carry the companies through March 31, after which more help would depend on the quality of restructuring plans submitted to the government.

A presidentially appointed trustee, or "car czar" would enforce a myriad of conditions and judge restructuring, including the fairness and depth of concessions from labor, management, bondholders, vendors and lenders.

The "car czar" would report to Congress and could recommend bankruptcy as a restructuring option if the official deems restructuring plans inadequate.

Other conditions would prohibit bonuses for officers or "golden parachutes" and would make the companies sell or terminate leases on their corporate jets.

The planned conditions and "car czar" powers are not strong enough for some lawmakers who want more ironclad guarantees.

"It seems to me that the right approach would be to have these companies make the hard decisions about long-term restructuring up front in return for a helping hand," said Sen. James Imhofe, an Oklahoma Republican.

Sen. Bob Corker of Tennessee, a member of the Banking Committee, said fellow Republicans would try to craft an alternative that "has teeth and really moves things along very, very quickly."

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The Biden administration is now doing everything it can to censor what it has decided is COVID-19 "misinformation." But Glenn Beck isn't confident that the silencing of voices will stop there.

Yeonmi Park grew up in North Korea, where there is no freedom of speech, and she joined Glenn to warn that America must not let this freedom go.

"Whenever authoritarianism rises, the first thing they go after is freedom of speech," she said.

Watch the video clip below from "The Glenn Beck Podcast" or find the full episode with Yeonmi Park here:

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Most self-proclaimed Marxists know very little about Marxism. Some of them have all the buzzwords memorized. They talk about the exploits of labor. They talk about the slavery of capitalist society and the alienation caused by capital. They talk about the evils of power and domination.

But they don't actually believe what they say. Or else they wouldn't be such violent hypocrites. And we're not being dramatic when we say "violent."

For them, Marxism is a political tool that they use to degrade and annoy their political enemies.

They don't actually care about the working class.

Another important thing to remember about Marxists is that they talk about how they want to defend the working class, but they don't actually understand the working class. They definitely don't realize that the working class is composed mostly of so many of the people they hate. Because, here's the thing, they don't actually care about the working class. Or the middle class. They wouldn't have the slightest clue how to actually work, not the way we do. For them, work involves ranting about how work and labor are evil.

Ironically, if their communist utopia actually arrived, they would be the first ones against the wall. Because they have nothing to offer except dissent. They have no practical use and no real connection to reality.

Again ironically, they are the ultimate proof of the success of capitalism. The fact that they can freely call for its demise, in tweets that they send from their capitalistic iPhones, is proof that capitalism affords them tremendous luxuries.

Their specialty is complaining. They are fanatics of a religion that is endlessly cynical.

They sneer at Christianity for promising Heaven in exchange for good deeds on earth — which is a terrible description of Christianity, but it's what they actually believe — and at the same time they criticize Christianity for promising a utopia, they give their unconditional devotion to a religion that promises a utopia.

They are fanatics of a religion that is endlessly cynical.

They think capitalism has turned us into machines. Which is a bad interpretation of Marx's concept of the General Intellect, the idea that humans are the ones who create machines, so humans, not God, are the creators.

They think that the only way to achieve the perfect society is by radically changing and even destroying the current society. It's what they mean when they say things about the "status quo" and "hegemony" and the "established order." They believe that the system is broken and the way to fix it is to destroy, destroy, destroy.

Critical race theory actually takes it a step farther. It tells us that the racist system can never be changed. That racism is the original sin that white people can never overcome. Of course, critical race theorists suggest "alternative institutions," but these "alternative institutions" are basically the same as the ones we have now, only less effective and actually racist.

Marx's violent revolution never happened. Or at least it never succeeded. Marx's followers have had to take a different approach. And now, we are living through the Revolution of Constant Whining.

This post is part of a series on critical race theory. Read the full series here.

Americans are losing faith in our justice system and the idea that legal consequences are applied equally — even to powerful elites in office.

Rep. Devin Nunes (R-CA) joined Glenn Beck on the radio program to detail what he believes will come next with the Durham investigation, which hopefully will provide answers to the Obama FBI's alleged attempts to sabotage former President Donald Trump and his campaign years ago.

Rep. Nunes and Glenn assert that we know Trump did NOT collude with Russia, and that several members of the FBI possibly committed huge abuses of power. So, when will we see justice?

Watch the video clip below:


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The corporate media is doing everything it can to protect Dr. Anthony Fauci after Sen. Rand Paul (R-Ky.) roasted him for allegedly lying to Congress about funding gain-of-function research in Wuhan, China.

During an extremely heated exchange at a Senate hearing on Tuesday, Sen. Paul challenged Dr. Fauci — who, as the director of the National Institute of Allergies and Infectious Diseases, oversees research programs at the National Institute of Health — on whether the NIH funded dangerous gain-of-function research at the Wuhan Institute of Virology.

Dr. Fauci denied the claims, but as Sen. Paul knows, there are documents that prove Dr. Fauci's NIH was funding gain-of-function research in the Wuhan biolab before COVID-19 broke out in China.

On "The Glenn Beck Program," Glenn and Producer Stu Burguiere presented the proof, because Dr. Fauci's shifting defenses don't change the truth.

Watch the video clip below:

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