I suppose since the incompetents on Wall Street are about to be bailed out, we shouldn’t complain that the incompetents in the auto industry are for headed similar treatment. According to the Financial Times – House clears $25bn for carmakers – cheap loans to GM, etc. are in the offing and both presidential candidates are supporting this dole. Any more of this and people will start screwing up deliberately in order to get a government handout.
Incidentally, the bill is entitled the “Advanced Technology Vehicles Manufacturing Incentive Programme” – double m’s courtesy of the FT, which does not say if the loans are restricted to high tech energy saving cars. If so, there is more justification. Still, Detroit should have been working on these things years ago. Toyota did and is now cleaning their clocks, as we know. Why are we lending money to the same cowardly bunch that failed before?
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