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Thursday, September 25, 2008

When $25 Billion is Chump Change... Auto's Bailed Out

This slipped through late yesterday; per U.S. News:

With Congress preoccupied with the massive, $700 billion bailout plan for the financial industry, General Motors, Ford, and Chrysler have finally secured Part One of their own federal rescue plan. A bill set to be passed by Congress and signed by President Bush as early as this weekend--separate from the controversial Wall Street bailout plan--includes $25 billion in loans for the beleaguered Detroit automakers and several of their suppliers.

This next comment makes me want to throw up in my mouth:

"It seemed like a lot when we first started pushing this," says Democratic Sen. Debbie Stabenow of Michigan, one of the bill's sponsors. "Suddenly, it seems so small."

Note this is just "Part One" of a likely $50 Billion package (see my previous "Auto Bailout... What's Another $25 Billion" post for more).