Today is a big day in the United States for the auto industry. We have seen fierce lobbying from all sides this weekend for and against any Federal bailout. The White House is saying that the 25 billion earmarked for "re-tooling" the automakers in order to make more fuel efficient hybrids should now be used instead as immediate emergency funds. Nancy Pelosi disagrees and wants to sap some funds from TARP, which of course, was originally designated for the banking bailout. What a mess.
Barack Obama appeared on 60 minutes yesterday and had this to say, ""We need to provide assistance,...But I think that it can't be a blank check.''
Sorry Barack, but every time Congress creates any buyout like this, it winds up being a blank check for someone.
As soon as I hear any news about today's Congressional hearings concerning the blighted US automakers, I will post ASAP.
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