Front Page: Bush Approves $17.4 Billion For Auto Makers

December 19, 2008

by CitizenSugar 13

President Bush announced a $17.4 billion rescue package for the automakers that would let them to avoid bankruptcy. The plan also leaves many big decisions for the Obama administration. — Wall Street Journal
W. Mark Felt, Watergate's "Deep Throat," has died at the age of 95. — San Francisco Chronicle

Investors who actually made money as a result of Bernard Maddof's alleged $50 billion Ponzi scheme will probably be forced to give up some of their profits. — New York Times
Hammas, the Islamist militant group, says it has ended its six-month Gaza Strip ceasefire with Israel. — BBC News

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13 Comments

Jessiebanana 4 years 21 weeks

I'm not a fan of the automaker bailout. In my business class I took almost four years ago I followed GM and they've been in trouble for years. I don't know about Chrysler, but GM has been horribly managed with negligence in long term planning and a dependency on borrowing against itself to get from month to month. Their collapse has very little to do with the economy.

clarabelle98 4 years 21 weeks

I don't LIKE the idea of the bailout, not in any way, but I don't see that there was any choice. Without it, this country would have been plunged into another Depression like we saw in the 20's. I for one don't want to live in a hooverville, do you?

organicsugr 4 years 21 weeks

As someone with a vested interest in GM's stock not being worth nothing, I'm pleased. However, as someone with a vested interest in the American government, I'm disgusted.

UnDave35 4 years 21 weeks

I disagree. At this rate, the best we can hope for is to have them last another 6-10 years before they get into trouble again. There is a mentality of greed within the company that needs to be purged, and that won't happen as long as the government deems it ok to throw our money into the pit.

Jude C 4 years 21 weeks

It seems okay to me as well, especially with the requirements in place. Ideological economic principles aside, I think the collapse of the American auto industry would just be too devastating to too many ordinary people whose livelihoods depend on it.

piper23 4 years 21 weeks

Its news like this that makes it really hard to defend George.

UnDave35 4 years 21 weeks

"The plan would also leaves many big decisions for the Obama administration."Who wrote this? Were they tired?Also, <b>BOO President Bush!!</b>

UnDave35 4 years 21 weeks

"The plan would also leaves many big decisions for the Obama administration." Who wrote this? Were they tired? Also, BOO President Bush!!

krae85 4 years 21 weeks

yup, yup, yup...

kranky 4 years 21 weeks

Hammas in the news again? Uh boy, like Obama doesn't have enough to worry about. Everyone is so focused on the economy that I tend to forget that there are quite a few foriegn policy issues that could potentially cause lots of problems for us.And I am really disappointed about the auto bailout. :gnashteeth:

kranky 4 years 21 weeks

Hammas in the news again? Uh boy, like Obama doesn't have enough to worry about. Everyone is so focused on the economy that I tend to forget that there are quite a few foriegn policy issues that could potentially cause lots of problems for us. And I am really disappointed about the auto bailout. :gnashteeth:

CaterpillarGirl 4 years 21 weeks

"The deal is contingent on the companies' showing that they are financially viable by March 31. If they aren't, the loans will be called and all funds must be returned, officials said""Determining viability apparently will be up to the Obama administration. The agreement designates a person to oversee the government's effort, although officials stopped short of referring to that as a "car czar." For the outgoing Bush administration, that person will be Treasury Secretary Henry Paulson. President-elect Barack Obama will choose his own point person later."It seems okay to me.

CaterpillarGirl 4 years 21 weeks

"The deal is contingent on the companies' showing that they are financially viable by March 31. If they aren't, the loans will be called and all funds must be returned, officials said" "Determining viability apparently will be up to the Obama administration. The agreement designates a person to oversee the government's effort, although officials stopped short of referring to that as a "car czar." For the outgoing Bush administration, that person will be Treasury Secretary Henry Paulson. President-elect Barack Obama will choose his own point person later." It seems okay to me.

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