The bastards in Detroit get their bail out.

Nation: WSJ has it covered and it is the biggest bunch of bullshit I have ever seen in how disingenuous the welfare package to Detroit is being presented. Look at the fact sheet.

Viability Requirement: The firms must use these funds to become financially viable. Taxpayers will not be asked to provide financing for firms that do not become viable. If the firms have not attained viability by March 31, 2009, the loan will be called and all funds returned to the Treasury.

Someone explain how they are going to show any sort of viability in three months? Chrysler is going on paid vacation for a month to begin with and how are you going to collect this loan back if its only going to cover the next 3 months to begin with?

Here is what is going to happen. Obama comes in and pours billions and billions into Detroit. Since we have established that Detroit is too big to fail and especially in these rough economic times, we the American taxpayer are going to subsidies Detroit and the unions for the forseeable future.

No way in hell will the Dems let Detroit go thru bankruptcy and slash jobs. You will useless symbolic firings and a rash of promises for the future.

Meantime, I am buying a Toyota.

Detroit papers are happy and even sneering because they see what this garbage is about.

Detroit says thank you, Mr. President. And a Merry Christmas and Happy New Year to you, too. President’s George W. Bush’s 9 a.m. holiday gift basket for Detroit automakers was $17.4 billion in short-term bridge loans to help General Motors Corp. and Chrysler LLC survive to see 2009. The gift basket comes with lots of stern words about concessions, viability plans and possible bankruptcy in the future. But there’s little in the way of enforcement mechanisms. It will be up to the incoming Obama administration to set the strict terms and timetable for the profound changes to come for Detroit’s automakers, workers, suppliers, dealers and debtors. This is not cause for wild celebration of the party-like-it’s-1999 variety. Rather, it’s an occasion for thanks and relief that GM and Chrysler will still be around to slog through the messy, difficult times that 2009 will bring. And for now, that’s good enough.

They know Obama isn't going to do anything remotely punitive to them. This was the last chance to make Detroit change.

Dems already unhappy that there are any requirements for change.

Rep. John Dingell, D-Michigan, was pleased Bush approved the loans but not happy with one of the conditions. "It is irresponsible during a time of economic crisis for the White House to insist that workers take further wage cuts on top of the historic concessions they have already made," he said.

American taxpayer on the hook though I would like to see what are these "historic" concessions. The suspension of the job bank or the one month paid vacation?


And I will just add this on to point out how not cost cutting or wise it is to give this much money this state/city is in a recession lets just add on more expense to benefit an industry that says it can't afford it.

LANSING – Lawmakers this morning approved a deal to fund a $279-million expansion of Detroit’s Cobo Center and share authority of its operation among the city, state and three surrounding counties. The legislation clears the way to upgrade the convention center to keep the North American International Auto Show, an expansion that’s been stalled by squabbling between metro Detroit leaders. The legislation creates a five-member governing board to oversee Cobo operations – one member appointed by the city’s mayor, one by the governor and one each representing Wayne, Oakland and Macomb counties. All five have individual veto power over decisions in building and running Cobo. To pay for the $279-million expansion, the agreement extends to 2039 taxes on statewide liquor sales and metro Detroit hotel-motel rooms. Those taxes – 4% on poured liquor and 1% to 4% on local hotel rooms -- were to expire in 2015. The state will kick in $9 million. Also, $16 million would be funneled to Cobo Center from the state’s cigarette tax revenues through 2039. To reduce the original $308-million price tag for the project, sales and use taxes will be exempted for contractors involved in the construction.