Harry Has The Watch Dog On Wall Street, Chris Markowski On The Call At 9:00 A.M. (EST) To Comment On The Bridge Loans That The American Auto Manufactures Are Before The U.S. Senate Exposing Their Business Plan.
www.watchdogonwallstreet.com
The Detroit Auto Manufactures Were Back In Front Of The Senate On Capitol Hill To Beg For The Muli-Billion (34) Dollar Loan That They Say That They Must Have To Survive Throught The End Of The Year. Is It Good Money After Bad?
Senator Richard Shelby, Republican Of Alabama Was Particulart Hard On The CEO"s As They Sat On The Frying Pan Before This Senate Committee. In Some Stupid Kid Like Questioning He Really Made A Mockery Of The CEO's.
A Spokesman, Mark Zandi For, www.moodyseconomy.com, Stated That The Automakers Are Going To Need Far More Than The $34 Billion That Is On The Table And It Is His Estimate That Is What Is Needed Is More Like $75 to $125 Billion. He Went On To Say That The Big Three Would In His Opinion Be Back In Front Of The Senate Asking For More Money By The Spring Or Early Summer.
Ron Gettelfinger, President Of The UAW Stated That "WE WERE DOWN TO THE WIRE" As Far As General Motors Surviving As A Company To The End Of The Year.
Mr. Gettelfinger Also Brought Up The Issue That Harry Has Been Talking About All Year Long And That Is The Unfair Trade Balance That Exist With Asian Auto Makers From Japan And Korea. Presently These Two Countries Can Allow Their Automakers To Ship As Many Vehicle That They Can Produce And Ship Them To An American Port Of Entry At A Rate Of $600 Per Vehicle Tariff Tax.
American Automobile Manufactures Can Ship Around 5,000 Units A Year And The Same With Japan. The Tariff To The American Automobile Manufactures At The Port Of Entry In Japan Is A Whopping $14,000 Per Vehicle And That Tax Increases With The Increase Price Of The Window Sticker On That Vehicle.
Senator Bob Coker Served Up A Reality Check To The UAW That If They Did Not Get Real With Deep Consessions The UAW Retirees Stand To Lose Their Pensions And Healthcare, Not To Mention The Thousands Of Jobs That Remain. Is It Time For The UAW To Go Away? All Logic Points To...YES!
Senator Jon Tester, D. Montana, Was Great In Making The Point That The Wall Street Got $700 Billion Just By Asking. The Money Was To Be Used To Restore Credit For The American Cunsumer. The Banks Kept All That Loot To Use As They See Fit And To Purchase Other Banks.
Senator Tom Caper Gave The American Auto Manufactures A Fair Shake And Noted Their Hard Work In Quailty And Fuel MPG.
Harry Was All Over This Senate Hearing Of The Detroit Three Manufactures And He Was Analyzing The Replay Of The Hearing Right Up To Air Time This Morning. www.carconcerns.com
The Federal Reserve And The Treasury Were Absent From These Proceedings As If They Didn't Care About The Automobile Manufactures.
Last Week Citi Bank Called The Feds And Got Billions Of Taxpayer Dollars Just For The Asking. The Tresury Should Extend the Same Set Of Standards As That They Extended To Their Banking Buddies. Do You See What's Wrong With This Picture Here?
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