Auto Industry Seeking $50 Billion in 'Loans' From Congress

Auto Industry Seeking $50 Billion in 'Loans' From Congress

rawstory.com

WASHINGTON -- 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.

Industry officials said the loans, twice the amount authorized in last year's energy bill, will be a top priority when Congress returns next month because of the declining fortunes of Detroit's automakers and tightening credit markets.

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Look familiar? As much as the Corpo-Giant Auto companies might not see this as a "bailout", where exactly is this 50 billion dollars going to come from? I'll give you 3 guesses. lol

More Corpo-giant ineptitude being cast down upon the tax-paying serfs to keep them running...It never ends.

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.

rawstory.com
(visit the link for the full news article)

Yep...next it'll be the Mainstream media's turn after people with an 80IQ or over realize what they're shoveling, and their sponsors stop paying.

They'll make us pay for anything...including having that prod stuck up our own @$$3$.

By the way...I love the Wachowski Brothers and everything they've done so far. Excellent signature video. And I subscribed

[edit on 23-8-2008 by lagnar]