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Filed under: Government/Legal , Chrysler, LLC. , Ford , GM The Detroit 3 are pushing hard for $50 billion in low interest loans to keep factories running, build new ones and create alternative powertrains. Presidential candidate Barak Obama has already endorsed $50 billion in loans and Republican nominee John McCain has signed on for $25 billion in loans already guaranteed in the 2007 energy bill. If Ralph Nader were elected to office (won't happen), he would be against such a loan. Nader told a group of supporters in the Detroit area that "tax payers should not be played for a sucker," and that decades of bad decisions by automakers means that no such government assistance is deserved. GM spokesman Greg Martin countered that Nader was basically a non-entity in the big picture, pointing out that the loan would help quickly get more fuel efficient vehicles on the road. U.S. Rep. Joe Knollenberg from Michigan remarked that Detroit automakers could be paying 15-20% in interest...
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Filed under: Government/Legal What's another $25 billion between friends? That's the argument General Motors, Chrysler and Ford's Congressional lobbyists will be making in the next few months for a $50 billion loan from the federal government. Originally, Detroit's Big Three were after $25 billion in loans from the Feds , but after lawmakers authorized a loan in last year's energy bill, the domestics now want Congress to grant loans up to $50 billion over the next three years. The loans would carry an interest rate of around four to five percent, with $25 billion being available in the first year, another $15 billion in the second year and the final $10 billion in the third. GM, Ford and Chrysler contend that the low-interest loans would be used to build more fuel-efficient vehicles, including hybrids and electrics, thus reducing the U.S.'s dependency on foreign oil, not to mention making all three automakers more competitive in a market that no longer favors big...
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