Big Three Ask For Less In Hopes It Will Get Here Quicker

Big Three pare back fed loan request

"There's a lot of people saying, 'Here is Freddie and Fannie, and now we're bailing out the domestic auto industry, but it really isn't," Rep. Candice Miller, R-Harrison Township, said. "(The Big Three) are in dire need of some reasonably-priced credit to retool. It's absolutely critical."

The Big Three want the money, in part, because they have sub-investment grade credit ratings, which make it more expensive for them to borrow money conventionally. The low-cost federal loan program could reduce their borrowing costs by more than $100 million for each $1 billion borrowed. The government could also defer repayment for up to 5 years.

"It's not a bailout because this is part of the energy bill," Furman said. "It's not that the auto industry came to Washington. It's Washington came to the auto industry, and it said you have to help make American energy independent. As part of doing that, the auto industry needs some help. It really is the backbone -- the hub of a large fraction of the manufacturing and service sector."

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Ohhhh...$25 billion of my money is NOT a bailout...I am so silly.

Read it all again folks, another business fails bcause of inane, unethical mismangement by those at the top of the heap and they get rewarded for it.

So can I ask the bank defer my mortgage?...no

Can I ask my frineds and neighbors to pay for my mortgage because its a tough market?....no

How about if I wait for the other half of my mortgage payoff until next year, but you give me the other half now?

Doesn't the public realize that I have a lot of people counting on me owning this house? The garbage collectors, the grocery store, the mail delivery person, the power company and more.....if I leave this house their jobs will then be in jeopardy.

Doesn't make much of an argument does it?


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