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|27th September 2008, 15:21||#1|
Join Date: May 2008
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$25 billion loan for US domestic automakers
The U.S. House of Representatives passed a bill this afternoon approving a $25 billion low-interest loan for domestic automakers.
Detroit's Big Three (or 2.8, or whatever) are counting on the loans to retool factories for more fuel-efficient vehicles, protect jobs and help fund the escalated development costs of fuel-efficient drivetrains. Having seen more government bail-outs than we'd like to over the past couple weeks, not ready to call this one a full-blown bail-out like those given to Fanny Mae/Freddie Mac, and AIG. It's up to General Motors, FoMoCo and Chrysler LLC to spend them wisely.
Well what a slap in the face to Honda and others for investing in cars, US auto industry and fuel efficient vehicles all their life.
read more here:- House passes $25 billion loan for domestic automakers - Autoblog
and here:- Wagoner: $25 billion sounds good to me - Autoblog
Last edited by Amien : 27th September 2008 at 15:25.
|27th September 2008, 18:21||#2|
Senior - BHPian
Join Date: Mar 2007
Thanked: 128 Times
The way GM, Ford and Chrysler are burning thru cash, how long will US$25 billion last.
Second, US$25 billion in govt. handouts is no guarantee that they will start making better cars that people will prefer to buy.
As usual with politicians, buy votes now, and the tax payers will pay.
As Obama said today, military might follows from economic might. Check throughout history (except in movies) and this is true.
Throwing money at carmakers that have not learnt anything is not going to solve anything, and adds another bill to be paid by taxpayers.
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