Automakers Get $17.4 billion Loan, Free Floormats
President Bush Friday approved $17.4 billion in “emergency rescue loans” to General Motors and Chrysler. By helping the automakers, “we will shield the american people from a sharp economic blow at a vulnerable time” President Bush said during a radio address today. Bush had originally intended for the address to be on television, but figured they simply couldn’t afford it.
During his radio address, President Bush attempted to clarify by saying: “If a company fails to come up with a viable plan by March 31, it will be required to repay its federal loans….The time to make the hard decisions to become viable is now — or the only option will be bankruptcy.” Of course, he went on to explain that the one other option would be to repay the government with fairy dust or magic beans.
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