[DeTomaso] allowing detroit to fail

[JDeRyke at aol.com]

Well, it appears that Congress is still more intent on scoring points against 
the other party than actually governing for public good; the $14 billion loan 
package for GM and Chrysler failed in the Senate. For the younger guys, this 
is not a brand-new concept. In the mid-'60s, Lockheed deperately needed a 
bridge loan as gov't contracts had fallen off in the aircraft & defense 
industries. The loan, after some finger-wagging and posturing, was granted. Then in the 
'80s, Chrysler fell on hard times , and Lee Iacocca went to D.C. to ask for a 
loan... which was eventually granted. This was a few years before Daimler-Benz 
bought Chrysler.

Note also that both these LOANS were repaid to the Feds, with interest. Not a 
bad deal for us- the public actually made a few bucks for a change. Perhaps 
this unfamiliar concept is why the Senate rejected the proposal? FWIW- J Deryke



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