So much for the Free Market…
Ask your Republican Friends about the free market after you read this article.
Automakers plan to urge Congress to support funding up to $50 billion in low-interest loans over three years to help them modernize their assembly plants and develop next-generation fuel-efficient vehicles.
So business risk is simply transferred to the tax payer. Seems to be the rage now a days and frankly, not a lot of sympathy here.
Oh, from the department of spin.
Auto industry officials have argued that the loan program would not represent a bailout, but would be similar to aid lawmakers have given to Wall Street investment banks and struggling mortgage firms. They also note that auto companies face tens of billions of dollars in costs from new fuel economy regulations.
“We don’t see it as a bailout. We see it as government assistance to help retooling tied to the production of these advanced technology vehicles,” Reuther said.
Yeah right
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just goes to show how close some of these wall street types come to facism. is that too far? i hope so. when are we going to realize that america is not capitalist and full of freedoms when conservative republicans get control of the government. this pisses me off to no end.
Hey, the educational system has had to deal with unfunded mandates for years, I have no problem letting the auto industry do the same. There ain’t no money for bail-outs. They should have been doing this long ago, but bigger was always better and no body cared about fuel economy and lowering emmissions. It was all about greed, but the era of the Hummer is over. The moon is in the seventh house.
its not our fault those greedy ceos lack vision and didn’t see market change coming. i bought a small foreign car years ago, why should i have to pay for their mistakes when i ‘voted with my pocketbook’ in 2001.
Unfortunately this is a no brainer for the politicians. Not only will the Republicans save big business, but the Democrats will save thousands of union jobs. I don’t like it either - screw up, pay no penalty. Fannie Mae, Freddie Mac, GMC, and all the banks have taken advantage.
Cynical but probably accurate.
[...] So do you think the auto industry is going to get its 50 billion dollar bailout too? [...]