Bush giving low interest rate loan to auto companies
The White House will enable Detroit's ailing automakers to survive a little longer by providing low-interest loans, FOX News has confirmed.
President Bush will make a statement on the rescue plan at 9 a.m. Friday. Under the plan, General Motors and Chrysler will be able to make it into the new year when President-elect Barack Obama takes the reins of power.
According to ABC News, which first reported details of the plan, the loans come with strings attached. The automakers will need to restructure, getting tough concessions from creditors, suppliers, and the labor union. . . .
Labels: bailout, mortgagecrisis
1 Comments:
Only the feds will loan the money because the companies are probably doomed anyway! With all those unsold vehicles just sitting in the holding lots, I don't understand how a loan's going to help. If customers aren't buying, there's no need to produce.
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