Obama: "... Help U.S. automakers retool for more fuel-efficient cars......."

kevinmc

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Tue Aug-05-08 06:00 AM
Original message

Obama: "... Help U.S. automakers retool for more fuel-efficient cars......."

A safety net for automakers picks up steam

LANSING-- Democratic presidential candidate Barack Obama put the energy debate into high gear Monday with a forceful pitch to wean the United States from foreign oil and help auto companies produce fuel-efficient vehicles, while he labeled Republican opponent John McCain a cozy friend of oil company profits.

With Michigan emerging as a true battleground state -- and McCain gaining support with his call for more offshore drilling -- Obama pledged direct financial support for Michigan's bedrock auto industry and urged changes in the way the country creates and consumes energy.

He called for $4 billion in guaranteed loans and tax credits to help U.S. automakers retool for more fuel-efficient cars and to develop batteries for plug-in hybrids that get up to 150 m.p.g. The new breed of automobiles would fetch a $7,000 federal tax credit for buyers.

He predicted that 1 million plug-in hybrids -- such as the Chevrolet Volt set to debut in 2010 -- would be produced within six years. In March, Morgan Stanley estimated that U.S. plug-in hybrid sales would not top 1 million annually before 2020��.

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Ganja Ninja

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Tue Aug-05-08 06:12 AM
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1. If someone is going to give me a $7,000 tax credit I'm buying

a new car.

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MadHound

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Tue Aug-05-08 06:17 AM
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2. Umm, why do we need to give giant corporations money for a what is seen as a pretty normal expense?

Car companies retool all the time, why is there now a need for giving cash to them in order for this normal process to occur?

Once again, this is an example of socializing costs and risks while privatizing the profits. Rather than giving out more corporate welfare, let's let the free market do its work. Thus if a car company didn't retool, it would go out of business.

More corporate welfare at a time when we can ill afford it. Another four billion that we're on the hook to the Chinese for:eyes:

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baldguy

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Tue Aug-05-08 07:07 AM
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3. Because they won't do it otherwise.

In the '90s, GM had a choice: they could mass-produce the EV1, or they could go with the Hummer.

I'm sorry to break it to you, but multi-billion dollar corporations don't always do the right thing. They went with the Hummer.

I have no problem offering them a bribe to do the right thing - create jobs here rather than overseas & build cars that don't burn fossil fuel. Because they won't do it otherwise.

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