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Front Page: Bush Approves $17.4 Billion For Auto Makers

  • President Bush announced a $17.4 billion rescue package for the automakers that would let them to avoid bankruptcy. The plan also leaves many big decisions for the Obama administration. — Wall Street Journal
  • W. Mark Felt, Watergate's "Deep Throat," has died at the age of 95. — San Francisco Chronicle
  • Investors who actually made money as a result of Bernard Maddof's alleged $50 billion Ponzi scheme will probably be forced to give up some of their profits. — New York Times
  • Hammas, the Islamist militant group, says it has ended its six-month Gaza Strip ceasefire with Israel. — BBC News


Join The Conversation
Jessiebanana Jessiebanana 8 years
I'm not a fan of the automaker bailout. In my business class I took almost four years ago I followed GM and they've been in trouble for years. I don't know about Chrysler, but GM has been horribly managed with negligence in long term planning and a dependency on borrowing against itself to get from month to month. Their collapse has very little to do with the economy.
clarabelle98 clarabelle98 8 years
I don't LIKE the idea of the bailout, not in any way, but I don't see that there was any choice. Without it, this country would have been plunged into another Depression like we saw in the 20's. I for one don't want to live in a hooverville, do you?
organicsugr organicsugr 8 years
As someone with a vested interest in GM's stock not being worth nothing, I'm pleased. However, as someone with a vested interest in the American government, I'm disgusted.
UnDave35 UnDave35 8 years
I disagree. At this rate, the best we can hope for is to have them last another 6-10 years before they get into trouble again. There is a mentality of greed within the company that needs to be purged, and that won't happen as long as the government deems it ok to throw our money into the pit.
Jude-C Jude-C 8 years
It seems okay to me as well, especially with the requirements in place. Ideological economic principles aside, I think the collapse of the American auto industry would just be too devastating to too many ordinary people whose livelihoods depend on it.
piper23 piper23 8 years
Its news like this that makes it really hard to defend George.
UnDave35 UnDave35 8 years
"The plan would also leaves many big decisions for the Obama administration." Who wrote this? Were they tired? Also, BOO President Bush!!
krae85 krae85 8 years
yup, yup, yup...
kranky kranky 8 years
Hammas in the news again? Uh boy, like Obama doesn't have enough to worry about. Everyone is so focused on the economy that I tend to forget that there are quite a few foriegn policy issues that could potentially cause lots of problems for us. And I am really disappointed about the auto bailout. :gnashteeth:
CaterpillarGirl CaterpillarGirl 8 years
"The deal is contingent on the companies' showing that they are financially viable by March 31. If they aren't, the loans will be called and all funds must be returned, officials said" "Determining viability apparently will be up to the Obama administration. The agreement designates a person to oversee the government's effort, although officials stopped short of referring to that as a "car czar." For the outgoing Bush administration, that person will be Treasury Secretary Henry Paulson. President-elect Barack Obama will choose his own point person later." It seems okay to me.
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