| Jamie Dupree |
Auto Bailout Still Moving Forward
The talk is that GM would get $8 billion in emergency loans, while Chrysler would get $7 million.
Both companies said they needed immediate help to avoid bankruptcy in coming weeks.
Vice President Dick Cheney made clear yesterday on talk radio that the White House was not going to leave U.S. automakers high and dry.
"And if the automobile industry goes belly up now, there's a deep concern that that would be a major shock to the system," Cheney told Rush Limbaugh.
The plan would evidently include a "car czar" designed to force some changes in GM and Chrysler.
We'll see if the plan comes out today. The interesting part will be next year, to see what lawmakers decide to spend to keep those two companies afloat.
What others are saying
- bail outI know the solution to any Government problem is to throw money at it. This time itâs not going to work. These industries not limited to the Autos have failed to adapt to the times and technological changes around them: its time for a new engine. Just like the flat screen was computers or televisions industry (the only thing that is keeping electronic retailers afloat). Look at the Cell phone business they always have a reason to keep you buying a new phone. The automotive industry will need an overhaul, there is nothing as annoying as buying a new car and six months down the road you are greeted with news that there is a recall on your particular vehicle and the news that you have been putting your loved once at risk of a certain brake problem or even worse fire caused by the cruise control. Address these problems then and only then through money at it. While you are at it pay the CEO a little more for coming up with the solution. âA dollar a yearâ� will not even buy you a homeless guy to camp under a GM logo.
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