The White House on Friday unveiled a $17.4 billion rescue package for the
troubled Detroit auto makers that avoids bankruptcy. "Allowing the auto
companies to collapse is not a responsible course of action," President George
W. Bush said.Speaking from the White House, he said that a bankruptcy was unlikely to work for the auto industry at this time and would deal "an unacceptably painful blow to hard-working Americans" across the economy.
The deal would extend $13.4 billion in loans to General Motors Corp. and Chrysler LLC in December and January, with another $4 billion likely available in February. The deal is contingent on the companies' showing that they are financially viable by March.
My analysis... The autos will not be financially viable by March. They will come crawling to Chairman Obama for more money. Obama is beholden to the UAW and Unions in general and will give them more money...
Just keep printing that money... Then watch the value of the dollar fall flatter than a pancake...
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