While I don’t begrudge Chrysler and GM their $14 billion in “loans” it just seems to me to be another “liar loan” situation like the home housing market just suffered.
GM is ALREADY $40 billion in debt, and Standard and Poor downgraded their situation 11 grades BELOW “investment grade.” Didn’t we learn ANYTHING? Loaning money to people who are deeply in debt, in a down economy without income potential? I am afraid that payback of that $14 billion is a pipe dream, and if Washington insists on Pelosi Putt-Putts and Reid Runabouts, impossible.
Absent $5 gasoline, Wiz Whizzers just will not sell in the US., at least not soon enough to save GM. American complaints about Detroit are quality for the money, not gas mileage.
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