TOP STORIES 11-12-2008: John McCain on Leno; Gay marriage legal in Connecticut; Democrats push for auto industry bailout
November 12, 2008 10:49 AM UTC
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TOP STORIES 11-12-2008: John McCain on Leno; Gay marriage legal in Connecticut; Democrats push for auto industry bailout; New help for those in mortgage trouble; Iran tests new missile - John McCain gave his first post-election interview to Jay Leno on the Tonight Show last night. He reaffirmed his confidence in Gov. Sarah Palin, amid apparent infighting in the McCain camp over whether Palin was a detriment to the ticket.
- Gay marriage is officially legal in Connecticut. The Connecticut Supreme Court ruled in October that the state must recognize same-sex unions, and today's announcement by a superior court judge means that gay and lesbian couples may begin applying for marriage licences.
- The Federal Housing Finance Agency, the government body that regulates Fannie Mae and Freddie Mac, announced a major new program to help borrowers keep up with their mortgage payments. The plan is to renegotiate loans so that monthly payments comprise no more than 38% of monthly income.
- Iran announced that its military has successfully tested a new surface-to-surface missile with a range of 1200 miles. That means it could easily strike Israel, and even some parts of southeastern Europe. Do you think that the Obama administration will improve America's relationship with Iran?
- Congressional Democrats are pushing for emergency legislation to provide support to the U.S. auto industry. General Motors in particular is in trouble, with it's shares now selling at their lowest price since 1943. Rumor has it that at their White House meeting on Monday, Barack Obama urged President Bush to support such an aid package.
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Comments: 5
I think President elect Obama will try to strengthen ties with Iran and improve relations. I think he has a lot of intellect and fresh ideas.
Maybe you don't realize, Jennifer, that all this "giving" is coming out of YOUR (and my) wallet.
The American auto industry is obsolescent. Part of the reason is circumstantial--i.e., the "legacy costs" associated with mid-20th century labor policies. A much bigger part of the reason is their lack of vision, foresight, and managerial acumen and, once again, just plain GREED.
American automakers have been behind the eight-ball for at least three decades. They have been competitively disadvantaged in relation to their foreign competitors, iniatially because they allowed the quality of their products to slide unconscionably. When they corrected THAT problem--by mimicking the methods being used, predominately by the Japanese--they STILL failed to appreciate the fact that by mindlessly clinging to gas-guzzling trucks and SUVs they were cutting their own throats.
They were several years behind the Japanese in investing in hybrid R&D, while totally, and purposely, neglecting investing in other alternative technologies (hydrogen, fuel-cells, etc.) Their belated realization of this fact, resulting in their catch-up efforts like the Chevy Volt, was too little, and way too late.
(In fact, Ford, for example, is now trying to take advantage of the present, momentary, decline in gas prices to reopen a truck assembly line they recently shut down. If you watch a couple of NFL games on Sunday you'll see dozens of commercials for gas-guzzling trucks. They, apparently, believe that consumers suffer from short-term memory loss. In any event, their behavior is irrational, and certainly doesn't inspire any confidence in what they will do if we dump more taxpayer money in their laps.)
The sad fact is, the American auto industry cannot compete in the global marketplace. They are destined, ultimately, to die on the vine, just like the American steel making industry did. It is foolish to be funnelling more taxpayer money into what is, effectively, postponing the inevitable.