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My Two Cents

Auto industry bailout

Chris Farrell Sep 27, 2008

Is this the trend of the future? Why isn’t anyone upset about the bailout of the U.S. auto industry? What is the standard–campaign contributions and well-heeled lobbyists? I don’t see how the consumer benefits from Congressional largesse, and I do see how it could make it tougher for competitors to continue to innovate on the energy efficiency front.

The U.S. Congress gave final approval to legislation providing the auto industry with $25 billion in loans… The auto loan provisions were sought by General Motors Corp., Ford Motors Co., Chrysler LLC and others who said they needed taxpayer help to finance a shift to making more fuel- efficient cars….

Bloomberg has the overall budget story.

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