Ah, this is music to my ears.
Last week Congress shot down the proposed automaker bailout bill. While the proposed legislation passed the House it was unable to get out of the Senate. Almost as soon as the bill was declared dead, the White House comes out and says it will find a way to utilize TARP funds to provide funding for the auto industry. Wait… I thought TARP funds were for purchasing “toxic” assets from the banking industry… oh well.
Sunday morning the White House released a statement saying auto loans deals are not imminent, and that the administration is “considering ways to provide emergency aid to General Motors and Chrysler “.
The delay could simply be due to President Bush traveling, or there could be additional hang-ups that have not been made public.
In no way do I support loans to GM and Chrysler. I will continue to say this – if we are in a free market economy, isn’t the consumer trying to tell GM and Chrysler, “Hey! We don’t like your product”? I see no need to throw good money at poorly run companies. Both have had the chance to change their method of business for years, neither have taken the opportunity.
Now, I do feel bad for anyone – ANYONE – who would be impacted by an implosion of the industry. From the line worker to the technology professional. From the dealer selling the products to the upstream supplier. They would fall victim to a company who lived past its prime.
Related posts:
- Who would have thought the Auto Industry Bailout would cost more than expected!
- The day the U.S. auto industry died
- Ford, Nissan, and Tesla Motors to get government loans.
- Autoworkers Union Keeps $6 Million Golf Course for Members at $33 Million Lakeside Retreat
- GM CEO, Rick Wagoner, resigns after Obama administration calls for him to leave