Automaker loans sneaking through Congress
Big 3 to get a little help?With the Wall Street bailout providing cover, the $25 billion dollar loan package for automakers is gaining momentum. Nonetheless, legislation coming out of Congress, including these loans and many other programs, is said to be filled with many billions in earmarks that could force the President to exercise his veto powers.
Nevertheless, at least compared to the hundreds of billions, minimally, needed to bail out Wall Street, $25 billion for automakers is chump change. Sadly, however, the real question might be, is $25 billion nearly enough to save the Big 3?
Labels: Congress
posted by Dahcredyns at
10:16 PM
3 Comments:
Amazing...
THey have $700Billion to piss away but can't spend the money to fund schools.
The future of this country is clear....
25 billion is just the start, and it is not just to bail out Detroit. I support an ultimate goal of creating a new industry in our economy, the battery driven vehicle manufacturing industry, including the batteries!
Why should Asia's current dominance in batteries go unchallenged as batteries enter transportation? They have a huge lead, granted, but that is why govt can play a proven role in funding R&D, tax credits for consumer purchase of battery vehicles, etc.
to be fair, many of those asian countries also provide big incentives to their automakers to develop new technologies.
i'm not opposed to government help to develop new industries, but i think legislation needs to be carefully crafted so that automakers don't abuse this help as they have done in the past.
of course, the very low price of gasoline has also stunted the US auto industry and a temporary pullback, i worry, could do the same again soon, especially with aggressive vehicles such as the Volt.
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