NDN Applauds Administration's Decision To Provide Emergency Loans to GM and Chrysler

Submitted by Melissa Merz on 12/19/08

NDN today applauded President George W. Bush’s decision to provide emergency loans to General Motors and Chrysler. Allowing two of America’s big three domestic automakers to slip into bankruptcy while the financial system remains in crisis and the economy continues to decline would have been reckless and damaging.

As NDN Globalization Chair Dr. Robert Shapiro wrote one month ago, the Bush Administration’s role in the country’s current, unprecedented financial and economic crises makes it responsible for taking serious steps to keep the U.S. industry alive, as it did today. The auto industry will likely require additional assistance early next year. When the Obama Administration takes office, it should review the terms set forth in today’s package and propose revisions and additions consistent with conditions at that time.

Read Dr. Robert Shapiro’s original essay from November 19 here.

Comments

The government bailed out

Submitted by tibuan on 5/7/09.

The government bailed out Chrysler in the 70's and put Lee Iaccoca on the map. He turned the company around and paid the government back in less than the agreed terms. I think before they do any bailouts now with the auto industry they need to get some agreements made with the union which are causing much of the problems.

payday loans