What part of the American flag is Ford, GM or Chrysler?
Big Auto has fought environmental laws and beaten down attempts to modernize the US industry to produce more fuel efficient cars. They sell fuel efficient cars overseas but always find reasons why they can’t sell them in the US. Now that their brilliant plan to only produce gas hogs has failed, look who is lining up for $50 billion worth of help, as if there’s cash laying around for the taking. If we were to prop up these colossal failures, we ought to insist that they are truly on the cutting edge of environmental, safety and efficiency and not just up to our backwards current standards. Otherwise, why bother?
Begging for government aid in hard times were big corporations who were the strongest opponents of ‘big government’.
Well, here we go again.
Automakers ask for for government loans of up to $50bn.
GM, Ford and Chrysler also lobby Congress for a $3.75bn on top of the $25bn in loans authorized for the industry last year to escape Union pledges.
Bush’s Treasury is negotiating windfall payments for the execs of failed Fannie and Freddie too?
“Under no circumstances should the executives of these institutions earn a windfall at a time when the U.S. Treasury has taken unprecedented steps to rescue these companies with taxpayer resources,” Obama wrote.