McCain and Obama Pushing for Loans to Automakers
We hear there’s some bailout talk going on in Washington, where John McCain and Barack Obama might not be seeing eye-to-eye on a $700 billion economic plan. But both presidential candidates are solidly behind a $25 billion low-interest loan program (don’t call it a bailout) that would go to domestic automakers.
The U.S. House passed the plan yesterday, and the Senate could vote on it today as part of the annual budget. Yesterday, however, the Energy Department said it could take 18 months or more before any funds go to any automakers. That means calendar year 2010.
McCain and Obama’s spokespeople say the candidates want to speed up the loans, which the automakers say they need much sooner than 2010.
McCain, Obama vow to push Energy Department on auto loans (Detroit News)
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Good lord..WHY?! if Ford,GM and Chrysler cant make fuel efficient,high quality cars with good reliability,durability and resale that people want why should American tax payers be punished for this? shouldnt the CEO's be blamed for this? this is just unfair for other automakers who actually worked their asses off to make cars that people want,with better reliability,resale and dependability. All GM,Ford and Chrysler care about is money just like politicians,they don't care what people want or need. This bailout is a very very very bad idea. Blame the CEO's and UAW for the domestics problems. I still wont buy a domestic even if this goes though.
Most foreign automakers do get govt help in different ways unlike the Americans so I wouldn't say its quite as black and white. And it really has to do with the credit crisis too where they can't afford to actually take out these size loans on their own anymore.
Let's not forget, this isn't exactly a bailout if they still are paying interest. Yeah, the other auto makers are getting alot more government help especially with hybrid development. The US does have many quality built products but for some reason it's just not cool to buy American just like it wasn't cool to buy Japanese made vehicle. I think its more of a cycle we're in but at a very bad time. I just hope they can hang on. One question, why is it so ok to bailout all of these mortgage companies and those who knew what they were getting into when they purchased homes w/ no money down, etc.... but it's not ok to help our automakers?
remember WWII