I don't see what is wrong with the plan as I've heard it described...why not go with it?
The money comes from a bogus fund congress set up to urge 'green cars'. It's already been appropriated, for a cause that's not needed because all three have next generation cars set within the immediate future. (And, because I don't think we know what "the green car" is going to look like as yet)
The money is to be paid back anyway.
The companies (Ford) don't even have to take it if they don't believe it is needed.
The amount is small in comparison and intended only to get them over to stage two...
Reorganization, with or without Chapter 11, is required and a workable plan is needed in order to (a) be considered for any more help, or (b) have the loan called in ASAP.
The only thing I see as lacking is a mandate to restructure the union as well; restructure and blow out the huge wages and benefits that are choking industry throughout the western world. (It ain't just here folks).
Other industries have already hit their union contracts and / or moved operations to cheaper labor areas. Non-union employees are being ripped off freely.
'Bout time we put an end to the big time grifters.
(Then maybe take a look at government employee pay and benefits..?)
There's nothing in Article One, Section Eight of the US Constitution which authorizes Congress to 'lend' taxpayer money to private firms. That's what.
L
How about the provisions requiring the Big 3 not to challenge any state greenhouse gas emissions? Essentially, they are being bought off not to object to any regs the pwoers that be want to foist on the industry (and by extension, the rest of us).
This thing is so full of conflicts of interest, pork and pure statism it is sickening. It would be more honest if they just nationalized the entire industry.
Car Czar.