Why reward automakers for failing to embrace the green movement, thus losing ka-billions to Toyota and Honda over the last year as their SUVs and big trucks idle in salesyards nationwide? So much for the free market punishing their indolence—you and I and our fellow Americans just rewarded ’em with a $25 million buck loan. As if we’re not already in enough debt—where’s the money coming from!? ~ ed.
Via Nancy Boyce: “Just thought everyone should know that while us Americans were worried about the Big $700 Billion dollar bail out that plastered the news for the past week, the House and Senate slid through the back door an approval of $630 billion package and it’s on the President’s desk to be signed. $488 billion goes for the Pentagon and $25 billion to the American auto industry:”
CNBC article 9/27/08
Bloomberg article 9/29/08
Excerpt: Fed Pumps Further $630 Billion Into Financial System (Update3) By Scott Lanman and Craig Torres
Sept. 29 (Bloomberg) — The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.
The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed’s emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.
The Fed’s expansion of liquidity, the biggest since…for more.