Wait a second…. was the world asleep when this happened – Canada has offered $3.29 billion in loans to the Canadian subsidiaries of U.S. Automakers.

How much will the automakers obtain from governments around the world in the name of a “bailout”? For those keeping score at home, thus far we have…

$17 Billion from the United States
$3 Billion from Canada 

That’s a nice $20 Billion thrown at a problem that is larger than simply running short of money, it’s bad corporate management.  

Just so that I don’t offend any of my Canadian friends, I have no problem with your Government doing what it sees fit for it’s own interest. My issues are a) the automakers having loans in general and b) what will the the worldwide total “loaned” to Detroit?  

This will end up costing tax payers world wide more money than anyone had ever expected.

Related posts:

1. Chrysler tells Canada “Give us money or we take our toys and go home”
2. Who would have thought the Auto Industry Bailout would cost more than expected!
3. The day the U.S. auto industry died
4. An update on auto sales, the gall of GM and ADP Unemployment report
5. Breaking News: Bank of America agrees to buy Merrill for $44 Billion