Cash for Clunkers, GM & Chrysler
Oct. 6th, 2009 12:01 pmThe "cash for clunkers" bill was modified and turned into an attempted giveaway to auto companies and unions which embarrassed its original sponsors -- but since trade treaties don't allow it, it couldn't favor domestic auto companies, so most of the new cars purchased were from non-domestic companies.
( Economic ignoramuses waste more money and damage the environment )
After the administration strong-armed bondholders and committed $70 billion in taxpayer funds to the two losers, GM and Chrysler, to pay off the UAW, it's clear not many customers want to buy the products of government management.
And now trial balloons are being floated to throw more good money after bad:
( Economic ignoramuses waste more money and damage the environment )
After the administration strong-armed bondholders and committed $70 billion in taxpayer funds to the two losers, GM and Chrysler, to pay off the UAW, it's clear not many customers want to buy the products of government management.
And now trial balloons are being floated to throw more good money after bad:
Pelosi said Democrats want automakers to "thrive," and she hasn't ruled out additional support for automakers if they show that they are "viable."Prediction: either new bailouts or second bankruptcies, this time liquidating.