Congress Could Give $15 Billion To Big Three
Let’s face it – $15 Billion dollars spread across three monolithic American auto makers is like getting one keg for a campus wide toga party.
Yet, after two visits to our nation’s capital, it seems that Congress has realized the importance our automotive industry has on the country – especially during a recession. It is points during history such as these when new blue collar jobs are needed to help employ the middle class. At the same time auto makers need to get off their duff and fast forward the process of researching and developing green technology. 30 to 40 miles per gallon is a start – but those ranges should have been reached 10 or 15 years ago, instead of building massive SUV’s only Tony Soprano and OJ Simpson would drive. Alright, enough preaching – back to automotive news.
As of Monday morning stocks for all three auto makers are already on an incline, along with reports of each CEO leaving their position, restructuring of business, and government intervention are bringing spirits, as well as funds, into the green. Democratic representatives (finally) came into agreement, with some pressure by President Bush, to extend $15 Billion dollar loan to Chrysler, General Motors and Ford to help bail them out of financial troubles. The loan is expected to help each make it until March 2009 – after which President Obama and his correspondents will re-evaluate The Big Three’s progress. Each company could expect to see funds transfered to them within a matter of weeks.
According to Speaker Nancy Pelosi; “Congress will insist that any legislation include rigorous and ongoing oversight to guarantee that taxpayers are protected and that resources are directed to ensure the long-term viability and competitiveness of the American automobile industry.” Of course, with new legislation comes new new bureaucracy – because the only growing businesses in this economy are government and pornography. A fresh group of officials will be on hand to make sure these funds are used for their intended purposes.
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