Government Bails Out for the Holidays

Let’s see: So far the administration has committed some $350 billion to the banks, and credit has loosened not at all. The auto bailout bill went down, principally because some GOP senators moved to bust the UAW. Bernie Madoff got away with some $50 billion from private investors, including a number of charities, because the regulators weren’t watching. Mr. Bush is still stalling on his promise to help Chrysler and GM.

Meanwhile, Rome is burning. In announcing its longer-than-usual holiday shutdown (at least a month, maybe more), Chrysler said that buyers’ inability to secure loans was responsible for 20-25% of its lost sales. GM is closing 20 North American factories temporarily; Ford is shutting down 10. Demand is plummeting for all cars, including Honda and Toyota.

Merry Christmas to all, and to all a good-night.

The NY Times reports today that the administration is still in serious negotiations with Chrysler and GM and cites difficulties in getting access to the $700 billion in TARP funds while blaming Congress for the delay in providing auto bailout money. Bush says he will make a decision “relatively soon.” Talks reportedly center on the prepackaged bankruptcy concept, with all parties making concessions.

Well, that would be a Christmas gift of sorts to everybody. We’ll let you know when and if it happens.

Are you as angry about the delays as we are? Leave a comment or a rant or a holiday greeting.

—jgoods

Related posts:

• Choosing a president by his… car?
• Car Manufacturers that offer CVTs
• Here are the Top 5 concept cars
• GM plans to market small cars in the US; Idled Plants to be Re-structured
• Movito Electric Scooter: Pick And Roll

Related posts:

• The name Daimler will be transferred back over to Germany, while Chrysler ...
• Ouch! Unhappy Holiday News from Chrysler
• Chrysler will unveil at the 2008 Detroit Auto Show the Jeep Renegade C ...
• The CarGurus team has published their review of the 2009 Chrysler Sebr ...
• All-New 2009 Acura TL Unveiled...The Most Powerful Acura Ever Built