Congressman McCotter has a discussion on National Defense.
Congressman McCotter has a discussion on National Defense.
Read more »When the House last met in December, in the dying days of the 110th Congress, thanks to the leadership of the Speaker and of the chairman of Financial Services and of the people of this body, we sent a rescue...
Rep. McCotter: I come from Michigan. I was born in Detroit. Wherever you go in the world, people know two things about Detroit. They know we make cars, and they know we make music: Motown. And so when we find ourselves in difficult situations, it is not unusual for us to refer to music to help keep our lucidity and our balance; to come through the tough times.
I thank the chairman. Thank you for your indulgence, and I will have an opening statement and some questions, and I'll try not to take up too much time. And if I cover ground that you already have, please feel free to disregard it and put in your own points.
The new restructuring proposed by General Motors and Chrysler to obtain additional federal loans is as painful as expected, said U.S. Rep. Thaddeus McCotter, RLivonia,who serves on the House Financial Services Committee.
U.S. Rep Thaddeus McCotter, R-Livonia, said Tuesday that President George W. Bush's $17 billion bridge loan to General Motors and Chrysler gives the auto companies three months to make the restructuring they need to survive.
Banks have launched public relations campaigns to bring in customers and soothe nerves, with ads offering "peace of mind" and other promises. But what's not public is what they are doing with the billions in federal bailout money they've received -- the money doled out through a $700 billion rescue plan so banks could start lending again.