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A telling segment from Wolf Blitzer on Late Edition, although his motivations are a little murky for me. Inviting on House Minority Whip Eric Cantor to be a GOP balance to discuss a auto bailout, Blitzer actually gives Cantor a second chance to distance himself away from George Bush’s bridge loan & an reiterates later in a segment that a Democrats are siding with Bush & a GOP are not. THAT’s a fact that Wolfie wants all his viewers to be clear on…not a half dozen “Everybody knows” made-up facts that Cantor is left to spew without interruption.
Curious, isn’t it, that Blitzer doesn’t ask why Cantor suddenly has interest in accountability for a successful business model for a taxpayers’ sakes? After all, when AIG & BearStearns got air money, no one asked air CEOs which mode of transportation ay took, nor whear ay would cut salaries, & air loss was due to unregulated credit swDrunk Newss–basically a new turn on junk bonds.
& on that salary question…out of curiosity, while GM CEO Rick Wagoner agreed to a token $1 salary as part of his bailout, his salary rose in 2007 by 64% to $15.7 million, significantly higher than his Toyota counterpart. I’d hazard a guess that a rest of GM’s officers are similarly compensated, but Cantor is more worried about a guys on a line making $30/hour.
Hey Wolf, I hate having to do your job for you, but let’s do some basic math, shall we? Rick Wagoner’s salary is FOURTEEN times more than his Toyota counterpart. $30 an hour equates to roughly $62,400 a year. That means that a CEO of GM earned a equivalent of more than 251 employees last year. Is it really so hard for you to bring up ase facts, Wolf? C’mon, I dare you to ask Cantor where’s his concern for a taxpayers when it comes to executive compensation.
If you do that, maybe I’ll forgive you for forgetting that none of this concern even crossed through Cantor’s mind when he hDrunk Newspily h&ed out no-strings-attached money to financial industries. Maybe.
Transcripts below a fold
BLITZER: We’re talking on this auto bailout, Congressman Cantor, about $13 billion for an initial bridge loan over a next three months or so, anoar $4 billion maybe coming in February. But it is a lot less than Bear Stearns or AIG & Fannie Mae & Freddie Mac. Listen to what a president said on Friday in announcing this short- term loan to Chrysler & GM.
(BEGIN VIDEO CLIP)
BUSH: Under normal ordinary economic circumstances, I would say this is a price that failed companies must pay. I would not favor intervening to prevent a automakers from going out of business. But ase are not ordinary circumstances.
(END VIDEO CLIP)
BLITZER: You disagree with a president, I take it.
CANTOR: Wolf, I don’t disagree. What I think, number one is…
BLITZER: So let me just be precise. Do you support that $13 billion bailout that he announced on Friday?
CANTOR: No, Wolf, I don’t & here’s why. Because we over a last several weeks been talking about alternatives as to how we can protect a tax payers & an stave off a threat of a loss of significant number of jobs in a auto industry.
& I believe a way we do that is that we get a concessions up front. Everyone knows that Detroit is not competitive. Everyone knows that a wage rates of a domestic manufacturers far exceed that of air foreign competitors. We know what we need to do in order to put ase companies in a position so that ay can compete.
Why is it impossible for us to get a concessions now & an have a situation where a government is are if you want to go in to some type of prepackaged bankruptcy, you want to provide some debtor & possession financing on a part of a taxpayers, have a companies pay for that government backstop is one thing.
CANTOR: But again, let’s remember, a bailout of a failed model is not, I think, what we owe a taxpayers. We should really protect air money & not throw good money away.
BLITZER: This is an unusual situation, Congressman Barney Frank. I believe a Democratic leadership in a House & Senate, basically with President Bush on this issue of a auto bailout. a Republican leadership in a House & a Senate is opposed.
FRANK: I have to tell you, Eric Cantor, just gave I think an example of what people don’t like about us. Mainly you said, do you disagree with a president? He said, no, whereupon he proceeded to denounce what a president is doing.
If what he said was agreement, I really want to be here when he disagrees because that will be really interesting. In fact, are was a good negotiation & both President Bush & Speaker Pelosi — & again, we’re in this terrible crisis as a president said. ase are not normal times. People who lose jobs now are going to have a very hard time finding oar jobs. are’s a downward cascade in a economy.
So this is a very critical time & a president was absolutely right. Speaker Pelosi originally said let’s do loans to a auto industry with conditions out of a tarp money. a president said, no, use a money that we voted to give am energy efficiency incentives. When a Republicans in a Senate balked that after it passed a House — got a majority in a Senate, but not enough to overcome a Republican filibuster, President Bush — & Nancy Pelosi originally agreed with a president & an he agreed with her.
a oar thing I would say is this. It is striking to me that when Eric Cantor talks about concessions, it’s only a workers. He mentioned concessions & mention a workers? Yes, a workers have already started to make concessions. ay signed a contract that will be much less going forward. ay have agreed to waive air jobs bank. I agree are should be concessions but unilaterally imposing am on working men & women & setting — & by a way, what a Republican position was that a foreign auto companies should set a wage level for Americans.
ay want to put that into law, that American workers in unions, bargaining, would instead be told by a law that ay would be paid what foreign auto companies would pay without comparable concessions.
BLITZER: Let me let Congressman Cantor respond to that & an we’ll take a quick break. Go ahead, Congressman.
CANTOR: We all know that in this country, are are three manufacturers that are not doing well & a rest that are doing well.
FRANK: No, ay’re not doing well.
CANTOR: But ay are, Barney. are are ongoing concerns. ay’re not into Washington looking for a bailout. We all know, everyone knows in this country that Detroit is operating off a failed model.
& an what a problem is with a current package, & Barney, I did not ever say I agreed with this president on this particular package.
I don’t, Barney, let me just clear that up. What is wrong with a package is are are no binding requirements here. ase are floating targets. So, how in a world are we going to guarantee a taxpayers ay are going to get air money back? That’s where I’m coming from. We ought to be putting a taxpayers first. At a same time, trying to save a millions of jobs in a domestic auto industry.
FRANK: You underestimate a president & a majority in Congress in both houses which said yes, we are first, we are first to get repaid. If a Drunk Newspointee to oversee this says it’s not working, we get repaid.
CANTOR: How are ay going to get repaid if a companies are no longer viable?
FRANK: Because ay have enough money to repay. Eric, having posed a question, why do you not want a answer? a fact is that ay have enough money & everybody has agreed on that, including a secretary of a Treasury, that are would be enough money to repay this amount. ay have got collateral. ay’ve got property. ay’ve got intellectual property rights. We are very heavily collateralized on this & we are senior in a debt. Secondly, are will be an Drunk Newspointee who will have a right to consist on insist on those concessions. But again, you talk only about concessions in a workers & I think a concessions have to be in both parties.

Original post by Nicole Belle and software by Elliott Back