President Bush Offers Bridge Loan to Auto Industry
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Catholic Online (https://www.catholic.org)
12/19/2008 (1 decade ago)
Published in U.S.
WASHINGTON (Catholic Online) - "If we were to allow the free market to take its course now, it would almost certainly to disorderly bankruptcy and liquidation for the automakers..."
"Such a collapse would deal an unacceptable blow to Americans far beyond the auto industry. ... It could send our suffering economy into a deeper and longer recession...The American people want the auto companies to succeed, and so do I...."
Clear and strong words concerning the state of the U.S. Automobile industry by President Bush on Friday morning.
In a televised Press conference, President Bush ended all speculation by giving the auto industry a substantial loan.
They will receive $13.4 billion out of the $700 billion financial bailout fund already set up by the current Administration.
The form of the loan was not detailed in the conference but it will be "short term" or "bridge" financing. In addition, the carmakers can apply for $4 billion more in February of needed.
The catch, if there is one, is that if the industry cannot prove that they are financially sound by March 31, 2009 the loans will be called and the funds would be returned.
General Moters and Chrysler have announced longer than usual Christmas "breaks" from production which sent shock waves through the already troubled U.S. economy.
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