“Big 3” Automakers Beg for $25 Billion Government Bailout
August 23rd, 2008UPDATE: Make that $50 Billion
HAHA. The free market! The American Soviet Ministry of Automobiles is “free” to double its request for public handouts from $25 billion to $50 billion.
Via: Reuters:
The Big 3 Detroit-based automakers are seeking about $25 billion in federal loans as they struggle to ride out a steep downturn in U.S. auto sales, The Wall Street Journal reported on Friday.
Lobbyists for the U.S. automakers — General Motors Corp, Ford Motor Co and Chrysler LLC — briefed White House officials, as well as U.S. Rep. John Dingell and other Michigan Democrats, on a possible bailout and plan to unveil the proposal after Labor Day, according to the report.
The plan is for the government to lend some $25 billion to the automakers in the first year at an interest rate of 4.5 percent, or about one-third what the companies are currently paying to borrow, the report said.
Under the proposal, the government would have the option of deferring any payment at all for up to five years, the article said.
Representatives at GM, Ford and Chrysler were not immediately available for comment.
It’s about the jobs. “We just don’t want to take jobs away from hard-working Americans.” Yeah, that’s it.
Privatize the profits, socialize the risks.
http://www.leap2020.eu/SEQUENCE-6-Very-Great-Depression-in-the-US,-social-unrest-and-army-s-growing-influence-on-public-affairs-2nd-quarter_a2036.html?PHPSESSID=73938fc497293a04032f46088afeffb6
The « Very Great Depression » is already triggered in the US and, according to LEAP/E2020, it will result before the end of 2009 in a regime crisis in the US, where the army will play an important role.