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19
Dec 2008
Auto loans approved!
Posted by Scott Spielman
at 11:02 AM | Comments
Well, he didn’t look like he was too happy about it, but President George W. Bush announced this morning a package of loans designed to help our ailing automakers.
The plan provides $13.4 billion to get the automakers by for the next 90 days and promises about $4 billion more if they can come up with a restructuring plan within the next 90 days that will ensure long-term viability of those companies.
They face a tall order in this and there will be many challenges to come. It still looks like Ford Motor is poised to come out of this faster and stronger than the other two, which is good news for the City of Wayne—and many of my neighbors who work at the plants here or depend on their business.
It’ll be along road to recovery, but this is a good first step.
For those who missed the announcement, I’ve put up a transcript on our web site. You can read it here.
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