The auto industry got its own package:$25B in "loans" to design new cars.
Folks, as cruel as I sound, we cannot continue to fund, loan or bail out ineffecient industries.
It's the same as you owning a 1948 power boat. You spend $12K per year (mostly for custom made parts) maintaining the boat every year. You do this because you love the boat, it belonged to your Dad and you just can't stand to live without it. Then you meet a girl. She loves riding in your boat. You fall in love. You get married. The day after your wedding, you discover your wife finds out how much the boat really costs. She doesn't share your enthusiasm for the boat and refuses to spend another penny on what she perceives now as an eye sore.
That is our money that just got loaned out for the equivalent task of maintaining your 1948 boat. Actually, it's our kids and grandkids and great grandkids loaning the money to the auto companies, because we do not have the money. We've already mortgaged the farm, the Grand Canyon and a few other trifles. We, the People, Of The United States of America are now in the business of funding non-competitive business models, using credit. We are loaning money we do not have to businesses that are failing. We are told we will get paid back. We'll see.
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