December 5th, 2008
Detroit may get some money
There’re hints the White House and Congress may compromise on a $14 billion loan package for the fainting auto makers in Detroit. That would be enough that the current President can say he saved the auto firms on his watch. Chrysler and GM would continue to move on down the road until January. Then it will be Obama’s mess as the incoming President.
The loans would likely come from the $25 billion allegedly earmarked to help the automakers begin making more fuel efficient vehicles. It is crucial to note that even this year GM has sold more cars in the U.S. than even Toyota.
Any vote on the loan package would be next week in Congress. Then the Congressers go off for their holidays and the automakers get billions of dollars worth of taxpayer coal in their stockings. And it will make nobody much merrier, from taxpayers to dollar-a-year CEOs to thousands of workers sure to be laid off anyway as Detroit continues to downsize.
A newsman since 1969, Harry Fuller has worked for CBS, ABC, CNBC Europe, CNET and was founding news director at TechTV. See his full profile and disclosure of his industry affiliations.
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