DUBYA RESCUES GM & CHRYSLER PAYS $17.4 BILLION for CADILLAC ONE
George W. Bush, I abandoned free-market principles to save GM & Chrysler, handed over $17.4 Billion to the Auto-Makers, Ford said, "No Thanks." I wonder which stock pick would be the best bet in the long term, Ford? GM? or Chrysler? HMM . . . that is easy, how about the one with no federal bailout. The funds are part of the $700 Billion of TARP. The New York Times label the bailout as a temporary life-line. Does the NYT know that this is already a failure?
WASHINGTON — President Bush tossed General Motors and Chrysler a temporary lifeline from the taxpayers on Friday, announcing $13.4 billion in emergency loans to prevent the collapse of the companies, with another $4 billion to become available in February.
Enlarge This Image The president’s plan gives carmakers until March 31 to restructure. “These are not ordinary circumstances,” Mr. Bush said in televised remarks that quickly touched off a debate over the fairness of his plan. “In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action.” Mr. Bush made his announcement a week after Senate Republicans blocked an automaker bailout that had been negotiated by the White House and Congressional Democrats. The loan package announced by the president includes requirements that are roughly identical to those in that bill, which was approved by the House. Read Full Story Maybe Dubya is just paying GM back for the Cadillac One: The Presidential State Car is the official state car used by the President of the United States. Analogous to the President's use of an airplane designated Air Force One, the automobile is informally known as "Cadillac One". The current Presidential State Car is a 2005 hand-crafted, armored version of the stretch Cadillac DTS (DeVille Touring Sedan) built on a GM platform. The vehicle was custom built by Centigon (formerly O'Gara, Hess & Eisenhardt). It was first used on January 20, 2005 during the second inauguration parade of George W. Bush. The Secret Service refers to the heavily-armored vehicle as "the beast." Mr. Bush abandoned free-market principles, so Barack Hussein Obama could enjoy the use of Cadillac One on January 20, 2009. But, $17.4 Billion for Cadillac One is a huge price to pay, I just hope it includes spinners on the wheels. -LEX REX
Doug Mills/The New York Times
The loans, conditioned on G.M. and Chrysler undertaking sweeping reorganizations plans to show that they can return to profitability, are meant to keep the companies afloat until March 31. At that point, the Obama administration will determine if the automakers are meeting the conditions of the loans and thus will continue to receive government aid or must repay the loans and face bankruptcy.
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