Aug. 22 (Bloomberg) — General Motors Corp., Ford Motor Co.,
Chrysler LLC and U.S. auto-parts makers are seeking $50 billion
in government-backed loans, double their initial request, to
develop and build more fuel-efficient vehicles.
2. Auto Makers want Money so they can ask for money ($3 Billion)
Congress needs to appropriate about $3.75 billion to cover
the upfront cost of the government loans, according to a July 25
estimate in a letter to House and Senate leaders. The letter was
sent by 71 members of Congress urging support on the issue.
3. More Money McCain
Presidential candidate and presumptive Republican nominee
Sen. John McCain today gave his support to the proposal.
“Our auto companies are rising to the challenge building
the next generation of American cars, but are doing so in times
when credit conditions cripple the funding for the facilities and
technologies to take the steps to the future,” he said in an e-
“We should fund it and take action that will assist Detroit
and its suppliers in making it through this difficult time of
transition,” he said in the statement.
4. Economist says “dumb”
Others disagreed with the proposal to put taxpayer funds at
“This is a horrible idea, another transfer of funds to
failed ventures,” said David Littmann, senior economist for the
Mackinac Center for Public Policy in Midland, Michigan, which
describes itself as a supporter of free-market ideals. “If this
were a good idea, the market would price the debt accordingly and
give them the money.”
5. Thank you U.S. taxpayer… Money goes to China
SHANGHAI (AFP) – General
Motors marked its 100th anniversary Tuesday, saying its future lay in
China as it broke ground on a research facility that will develop
hybrid and electric cars for the Chinese market.
The 250-million-dollar complex, expected to open by the end of next
year, will be home to a research centre for developing alternative
fuels and cleaner cars, GM Asia Pacific President Nick Reilly said.
It will also serve as GM’s Asia-Pacific headquarters.
Five quick steps of corporate socialist insanity.