Smart Liberal and Female


Well Done Mr. President…
December 19, 2008, 10:55 am
Filed under: bailout, politics, Uncategorized | Tags: , , , ,

And for once I actually mean  it.  That’s right.  I’m not being sarcastic, snarky, or in anyway deceiving.  I think President George W. Bush has absolutely done the right thing by helping Chrysler and GM.

The President recently approved $17.4 Billion dollars in loans to Chrysler and GM.  The money is coming out of the $700 Wall Street Bailout already passed by Congress.  The first half is spent, and Congress will have to approve the next $350 Billion.  Chrysler and GM will receive 13.4 now, and an additional $4 Billion after Congressional approval. 

The loan terms are for three years if the auto companies show viability.  They have until March 31, 2009 to do so.  If they have not made changes, and can not show viability plans the loans will become due immediately. 

Some changes will have to come from renegotiated labor contracts, but that is being left to the company and the UAW.  The White House, unlike the Senate actually gets this relationship!  The following quote actually made me proud!

“We do not feel it is appropriate for government to dictate the specific terms of negotiations between management and labor or management and dealers or management and creditors,” is a direct quote from a White House official.

http://money.cnn.com/2008/12/19/news/companies/auto_crisis/index.htm?postversion=2008121909

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