auto bailout
it is unlikely to pass. The idea was to give the automakers $25 billion out of the $700 billion designed to bail out the financial mess. But the automakers dont have the support they once did, and it looks like they will not be getting their money.
Then again, only GM actually says they need it...
At the same time, the $25 billion in 5% loans that they were already promised to go towards "green" innovations will likely be allowed to be used for anything they want, basically giving them liquidity.
I agree with the move, but I find it highly inconsistent with the Fed lending programs which have bailed out "banks" by taking on much crappier assets against billions of taxpayer dollars... but inconsistency is the mark of govt. involvement in the economy, so I suppose I should not be surprised.
I would, however, be a shame to lose GM or Ford. Chrysler, I believe, is slready gone (though Jeep and the Viper will live on, which is what really counts.)
Then again, only GM actually says they need it...
At the same time, the $25 billion in 5% loans that they were already promised to go towards "green" innovations will likely be allowed to be used for anything they want, basically giving them liquidity.
I agree with the move, but I find it highly inconsistent with the Fed lending programs which have bailed out "banks" by taking on much crappier assets against billions of taxpayer dollars... but inconsistency is the mark of govt. involvement in the economy, so I suppose I should not be surprised.
I would, however, be a shame to lose GM or Ford. Chrysler, I believe, is slready gone (though Jeep and the Viper will live on, which is what really counts.)
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