Saturday, December 20, 2008 | By: Tonya Keitt Kalule

17.4 Million Dollar Emergency Loans to Only Two Auto Companies.

This is a first for me, but I applaud President Bush's decision to bailout GM and Chrysler on Friday. Chrysler is a privately owned company and after the parent company has dumped millions into its struggling entity, it decided no more. I don't blame them for not wanting to continually dump good money after bad, but I do blame them for allowing all of this bad decision making by the top executives to continue. The liquidation of these companies would have destroyed the American economy and many hard working American people with it. Even though most of their demise is from their not following the trends of today or merely listening to its consumers, these are decisions of a few, that would destroy the lives of many. It was important to give them a chance to make things better. It was a surprising decision of this administration to, for once, look after the interest of its people. This is mostly because of the outcry from many politicians to do something to help the people of this country and stop putting the business sector first, allowing them to continuously exploit its workers and its consumers.
Gratefully so, this decision came with quite a few restraints on the auto companies, which were completely necessary. Bush's decision was very much in line with the plan proposed in Congress earlier in the week that met with strong Republican opposition, who believe that the companies should go bankrupt. Even Bush, a Republican, believed that under ordinary circumstances these companies should not be bailed out by the government and should be allowed to fail. That is one Republican view that I agree with. Unfortunately, these are not ordinary circumstances, they are extraordinary ones, and to keep the economy from completely spiraling out of control, Bush is giving these companies a chance to restructure and help themselves with a short term loans. The way that this differs from Congress is that the money Bush is using comes from the 700 billion dollars already set aside by Congress for the financial markets as opposed to the 25 billion previously set aside for the auto makers in the plans to update the auto industry, with more fuel efficient cars, alternate fueled cars, and possibly electric cars.
This also holds the roof up long enough for the new administration to come in and make some decisions as oppose to having to undo one more thing, or shovel up one more pile of Bush dung, Making Obama look even more like the House Negro.


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