I’d still like to know where all this money is coming from, but whatever.
Congress sent the White House a $15billion auto aid proposal. As per the AP, the measure would rush bridge loans to Detroit’s struggling Big Three but would also demand that the auto industry restructure itself in order to survive and would put an overseer chosen by President George W. Bush in charge of monitoring that effort
The emergency loans would be drawn from an existing program meant to help the automakers build fuel-efficient vehicles…and the “Big Three” would have to get rid of their private jets. Yes, that’s actually in the proposal. The way it stands right now, Congress is all for it, the White House isn’t on board yet, and congressional Republicans…I’m not even sure (though if they’re looking for ideas, here and here are a place to start).
No word on if we’ll be bailing out Chrysler, which is owned by something like a hedge fund who has the money to bail themselves out.
No word on what the UAW is willing to do.
My take on the bailout and all news related to it…meh. I’m still waiting for someone to bail me out of my credit card debt. If I don’t get a bailout today, I’m going to cease all operations tomorrow.
And I’m waiting for the inevitable media bailout. That’ll be fun.
UPDATE: Did someone say fillibuster?
