Compared to the Bush-Pelosi Wall Street Bailout, which is twenty-eight times more expensive, the Bush-Pelosi Detroit Bailout is downright fiscally prudent!
US Congress passes 25 bln loan guarantees to automakers
The US Senate Saturday approved 25 billion dollars in loan guarantees for the financially strapped US auto industry, intended to spark a wave of automotive innovation.
The loan guarantees were included in a continuing resolution that included funding for the US government and the wars in Iraq and Afghanistan.
The Detroit Bailout is a companion to McCain’s gas tax holiday, Obama’s energy tax credit, and other such give-aways. Obama is right to say that the price of gas should be high, but it went up too fast. Industries did not have the time to adjust, because we did not implement my plan in time.
The loan guarantees to Detroit will help speed development of high-tech ways to minimize gas consumption. Or at least, they better.