Hey, what’s an extra $25,000,000,000?
Thursday, September 25th, 2008
The Financial Times reports The House of Representatives on Wednesday approved a $25 billion package of low-cost loans to help hard-pressed carmakers and their suppliers finance plant modernisation at a time of restricted access to public capital markets.
The automotive loans are separate from the proposed $700bn bail-out for the banking sector, which is still being debated in Congress. The House approved the measure 370-58, setting the stage for Senate approval within days.
The industry’s case has been helped by the fact that Michigan and Ohio, the two states most dependent on the car industry, are key swing states in the November 4 presidential election.
Click here to read the full story.
Loading ...
1 Comment
flyover
Thursday, 25th September 2008 at 8:47 AM
I would rather help automakers than investment bankers. I would also help them further by imposing fair trade rules for imported cars. My rule would be that only countries which adhere to the same load of crap regulations our companies must follow (environmental, affirmative action, workman’s comp, lawsuits, etc.). Put the foreign companies on the same level playing field and we’ll kick their butts. We are playing with our hands tied behind our backs.
Leave a Comment