Next Bailout May Be for Automakers ($25 billion loan for investing on fuel-efficient car?)

NY Sun ^ | 09/16/08 | RUSSELL BERMAN

[TigerLikesRooster]

Next Bailout May Be for Automakers

McCain, Obama Back Loan Guaranties

By RUSSELL BERMAN, Staff Reporter of the Sun |

September 16, 2008

http://www.nysun.com/national/next-bailout-may-be-for-automakers/85937/

WASHINGTON — The beneficiary of the next government bailout may not be Wall Street but Motor City.

The nation's top car manufacturers are pushing Congress to act by the end of this month to guarantee $25 billion in loans to help them invest in the production of fuel-efficient vehicles. The idea is being greeted warmly by both the Democratic and Republican presidential candidates, who see it as a way to win votes in the swing state of Michigan while also moving America away from dependence on foreign oil.

Backers of the legislation, which include the Democratic leadership in Congress, say it would give a needed boost to a struggling industry and save American manufacturing jobs. But critics have panned it as a taxpayer-funded rescue plan for automakers who have lost out to foreign competitors in the race to build cleaner, more efficient cars.

[madison10]

At least someone used the word “loan” and not “bailout” in the title, unlike what the media/talk radio has been doing for the past month.

There are days when the fairness doctrine for radio sounds like a fantastic idea.