A $25 billion loan program rushed through Congress to revive the nation's ailing domestic auto industry may not deliver any money to Detroit for more than a year, federal officials said, prompting concern that the cash may come too late to prop up one of the country's most important manufacturing sectors.The bailout craze has now hit the auto makers. What ailing industry will we the tax payers save next, the airlines? Retailers? Oh, but you better not call it socialism or nationalization, no way....
The loan package, the largest government subsidy for the auto industry since the 1979 Chrysler bailout, is intended to aid production of more fuel-efficient cars. During the gas crisis of the 1970s, Asian and European automakers capitalized on America's growing appetite for smaller cars. Since then, the Big Three have slipped and continue to lose market share to Toyota, Honda and other foreign brands.
"It's critical to have a direct loan program, and it's equally important to infuse that money into the industry as quickly as possible," GM spokesman Greg Martin said.
Have to love how for years the U.S. auto companies resisted developing and building fuel-efficient vehicles, choosing instead to churn out Hummers, Tahoes, etc. Yet now they need from us these many billions ASAP so that they can survive long enough to develop -- fuel-efficient vehicles.
Only in America....