Call it what you want This is called blackmail from Bush to Congress.
WASHINGTON – Citing danger to the national economy, President Bush approved an emergency bailout of the U.S. auto industry Friday, offering $17.4 billion in rescue loans in exchange for tough concessions from the deeply troubled carmakers and their workers.
WASHINGTON – Citing danger to the national economy, President Bush approved an emergency bailout of the U.S. auto industry Friday, offering $17.4 billion in rescue loans in exchange for tough concessions from the deeply troubled carmakers and their workers.
The government will have the option of becoming a stockholder in the companies, much as it has with major banks, in effect partially nationalizing the industry.
At the same time, Treasury Secretary Henry Paulson said Congress should release the second $350 billion from the financial rescue fund that it approved in October to bail out huge financial institutions. Tapping the fund for the auto industry basically exhausts the first half of the $700 billion total, he said
Read on.
Read on.
3 comments:
It's call Political BLACKMAIL. No wonder G-Rod is smiling as the GOP is doing the same thing he is doing. Now it goes like this. Auto Industry will get money but they have to give shares to the Govenment not the taxpayers. Second Bush wants Paulson to have the rest of the bailout money which is 350 billion with no questions asked so it can be given to Madoff's people and other cronies.
If Pelosi and Reid allow this thief to take place they will be removed from their positions. The GOP will used their actions to attack Obama/Biden and the Democratic Party for wasting taxpayers money as Ford can hold out and GM/Chyrster are already dealing with the problem. I did notice Ford didn't talk to Bush but went to Obama. Strange as Bush is still the President. I guess the White House knows Americans aren't going to do anything but complain and the money's free so why not take as much as you want before Jan. 20th. When the audit is finished Americans will see that the Bush Administration stole 15 trillion dollars.
Oh goody. The government, which took over the Mustang Ranch for failure to pay enough on taxes a while back, is taking on more businesses.
If the government couldn't keep selling enough booze and hookers to keep the whorehouse in business, what makes them think they can keep the auto industry going?
This is certainly a test for Congress if they cave into Bush's demand. If so, I look for Pelosi and Reid to lose their jobs among others. Bush basically cornered Congress into a political blackmail.
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