Isn’t it just something that the big auto industry gets rewarded for greedily taking from those who have bought from them? Here, for years, they have overcharged for HUGE autos that have damaged not only pocket books of buyers but the environment and even still, they can’t pay their bills. Humph! But, we have to “bail” them out because as the auto industry, like the house industry, so does the nation.
So, President Bush announced that the Treasury Department will make loans available from the Troubled Asset Relief Program (TARP) to assist the domestic auto industry in becoming financially viable. The terms and conditions of this financing will facilitate the restructuring of our domestic auto industry, prevent disorderly bankruptcies during a time of economic difficulty, and protect the taxpayer by ensuring that only financially viable firms receive assistance.
These auto manufacturers will be provided with $13.4 billion in short-term financing from the TARP. An additional $4 billion would be made available in February, contingent upon drawing down the final tranche of TARP funds.
I’ve made some financial mistakes through my life as well, I’m thinking about asking the government to “forgive” my loans. ‘Wonder if it would?