Detroit gets Federal money
That would be in loan guaranties to the tune of $25 billion. Told ya so. But now at least American car companies can get busy designing those super-duper hybrids and fuel efficient cars that ... uh... the Japanese already have on the market. Oh, well.
The Detroit Free Press reported that it is “the largest federal aid ever offered to the U.S. auto industry.” The loan payments are deferred for five years, so the cost to taxpayers is $7.5 billion, AP reported.
But ...
That amounts to a subsidy for such products as hybrid vehicles and plug-in electric cars.
Weird little cars? Electric ones? OK - I'm for it.
Pony up folks.
.
Labels: autos, economics, federal government
posted by Clemens @ 6:41 PM
2 comments
2 Comments:
I wonder if this will lead to a WTO lawsuit. Free trade works both ways, as the administration discovered after trying to help the steel industry five or six years ago.
Hadn't thought of that. Don't think it would stop them though. Elections loom and a lot of working class folks (and others) are tied up with the auto industry.
I just can't figure out why the Americans are so dead set against the diesel Fiesta and the semi-hybrid Smart Car.
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