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Auto Bailout.... why

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posted on Dec, 7 2008 @ 01:08 PM
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I heard this morning on BBC news that congress has agreed a 18bn bailout for the car industry and that the money will be taken from the energy commission advanced research fund. (I can't seem to find an article on this but I know it was shown this morning on the news)

I am presuming that this advanced research fund is used to create new greener energy sources, so it looks like big oil and the car lot have done it again, screwed the little guy as well as suppressing greener technologies.

I've made a general calculation that 18bn could create at the very least 35Gw of green electricity (probably a lot more in reality) or have paid for hundred of thousands of electric cars.

This deal sucks and the government, the car industry and big oil are taking the piss.



posted on Dec, 7 2008 @ 01:40 PM
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The car industry will probably get short term loans so they do not fail this year (though ford will not need this) from this fund and then when Obama and most democrats get into office they will provide more money with stringent conditions on it such as environmentally friendly rules, etc. It will be difficult for Congress to do much about approving more money because of the Bush administration and republicans in congress.

I don't believe in bail outs but if the car industry wasn't approved for loans you could expect a 10%-20% decline in stock markets all around the world over the next few days.



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