Hours after the Senators ended the life of the bailout for the auto industry, the Bush administration has announced that it might use the taxpayers money supposedly to bail out the banks in order to keep the automakers out of trouble. This announcement basically reverses the previous stand on how to help the ailing industry, and comes only hours after the Senate killed the bailout proposal. It was the president’s own party which ended the life of the bailout proposal. The said proposal had the support of congressional Democrats in the White House but in their version of the bailout, they intend to use a different source of funds.
What is happening to the economy of the US and and the other countries is alarming, and makes you want to think if we will have a merry Christmas. Nice question; will we all have a merry Christmas? I hope we all have that, because we deserve that. By the way. let’s take a respite on auto news and on next post I will try to write on what happened when the three leaders of the Big Three faced key members of the senate. While preparing that content, I was busy attending to my super micro-business. Hope this performs well.
The Democrats have signaled the move to propose a bail-out plan designed for the automotive industry. And now that the US Senate is about to tackle the plan this Monday, the Big Three are lobbying hard to get a piece of the bail-out pie. The amount that they are after? It’s $25 billion, enough to save them from big problems. On November 7, General and Motors said that they lost money in the third quarter. General Motors, the largest automaker in the US right now said that it lost $2.5 billion and added that it canceled its move to acquire Chrysler LLC. Ford Motor Co is another loser in the industry as it posted a $129 million loss in the third quarter and added that it will slash another 2,260 jobs.