Bad news for the auto industry:
Senate Democrats and the White House failed to find 60 votes to end debate on a $14 billion auto bailout bill and bring it to a vote Thursday night, killing the measure for the year.
The 52-35 vote followed the collapse of negotiations between Senate Democrats and Republicans seeking a compromise.
“We have worked and worked and we can spend all night tonight, tomorrow, Saturday, and Sunday, and we’re not going to get to the finish line,” Senate Majority Leader Harry Reid said on the Senate floor before the vote. “That’s just the way it is. There’s too much difference between the two sides.”
I’ve been urging the Senate to buyout, not bailout the auto industry. But it looks like even my sage advice won’t be able to save GM.
The collapse of negotiations could possibly doom General Motors to a bankruptcy and closure in the coming weeks, with Chrysler potentially following close behind.
We saw the same thing happen in 1970 when the federal government took over what was then thePullman Company and federalize the national railroad system creating Amtrak. Amtrak is still alive today thanks to the government buyout. I won’t go as far as to say Amtrak is doing well, but it is the fucking railroad, it hasn’t been the preferred method of travel in like 80 years what do you expect.
I think given the right circumstance, a buyout would be a great thing, not just for GM, but for the country in general. Change the name from GM to AMC. Yeah, I said it. Bring back the American Motor Company but this time as a national automobile manufacturer owned by the people of the United States. Shave off millions of dollars in executive’s salaries as part of the budget cuts. Offer other smaller car companies that have been working on alternative-fuel vehicles the opportunity to come in and utelize the resources of the GM infrustructure. We would have the opportunity to create a national car company that manufactures quality, alternative-fuel vehicles that that are reliable and affordable to the middle-class Americans.