Auto Makers to Get $17.4 Billion
Bush Says Bailout Is ‘Responsible’ Course During Recession:
The deal would extend $13.4 billion in loans to General Motors Corp. and Chrysler LLC in December and January, with another $4 billion likely available in February. It also would provide the government with non-voting warrants, although the exact amount was unclear immediately. Ford Motor Co. has said it doesn’t need short-term assistance.
Buy Ford, guys. GM & Chrysler did it to themselves (Chrysler twice in its history, and that bailout was wrong, too).
I have already ragged on this, so I’ll leave it to James to summarize my opinion:
The facts that this is overwhelmingly opposed by the American people, was killed in the legislature, and that the TARP funds were allocated for an entirely different purpose were apparently not major factors in this decision.
Starting countdown to “Gimme more…”
UPDATE
Bush Big 3 Bailout: Nope, It’s Bad
But the democrats were reelected in the Senate and the house, the American people elected a Democrat president who said he would spread the wealth around, so what the polls now say the American people oppose is irrelevant.
One word: Toyota.