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Coming to Detroit's Rescue?
Ford, GM, Chrysler Eligible for Aid Under Bailout Law, Treasury Says
Detroit's Big Three are eligible for aid under a broad interpretation of the law that authorized the $700 billion financial rescue, Treasury Department officials said yesterday. But they declined to discuss the details of any assistance.
"The law grants the secretary broad authority to purchase troubled assets that he deems important to improving financial stability," said Treasury spokeswoman Jennifer Zuccarelli.
Ford and General Motors are eligible because they are both chartered as thrift holding companies, so they can establish banks to make car loans nationwide. Other businesses, such as General Electric, Nordstrom, John Deere and Macy's, are chartered in the same way to issue credit cards or make loans to their customers. Chrysler would also be eligible, Treasury officials said.
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Any company that remains favorable to George Jr is now eligible for more George Jr corporate welfare. Cheney said, "Reagan proved that deficits don't matter." What that really means is the average American does not matter.
How many spoke out when George Jr gave the airlines $8billion with no strings. Airline did not even have to repay that money. Airlines burned through that $8billion in a few months; then came back to George Jr for more. Did George Jr demand airlines fix the only problem? Of course not. MBAs believe welfare should only go to the rich. George Jr is again raping America to appease only the 'right' people.
A patriotic president refused to do this for NYC, Chrysler, Ford, and a long list of other companies. Therefore all fired their only problem and fixed themselves in the 1970s. But then Gerald Ford was a moderate Republican - who is told by god what to do. No, that is not mockery. That is what George Jr said.
Will you be informed enough to know that George Jr will destroy more American jobs two plus years from now? Economics will take even more revenge on us years from now due to more corporate welfare - to enrich Rick Waggoner, et al. If GM went bankrupt today, then few jobs will be lost. But with corporate welfare, numerous jobs will be lost when economics again takes revenge for another money game.
The Washington Post is reporting that George Jr has again threatened your job to make himself look good. Which rich George Jr friends are now entitled to a piece of that $700blllion - with no strings attached. Silence among the little people is why you are being financially raped - and do not even know it yet.