The "conservative free market Republicans" gave big 3 in auto industry $25 Billion$

[e-brake]

Looks like those Free Market Conservative Republicans are once again leading the way into Socialism. Bush just approved 25 Billion for the big 3 US auto makers to help bail them out.

http://online.wsj.com/article/SB122281787423492359.html

President Bush on Tuesday signed into law a low-interest loan package to aid U.S. auto makers, but those struggling companies will still have to wait months to find out how and when they can tap the $25 billion designated to smooth their transition to building more fuel-efficient vehicles.
One estimate put the total cost to auto makers at $100 billion to meet stricter efficiency standards that require vehicles to reach 35 miles per gallon by 2020.
General Motors Corp., Ford Motor Co. and Chrysler LLC have argued it was essential to get the loan help as soon as possible to rejigger plants to build smaller cars and infuse money into programs for gas-electric hybrids and other vehicles relying on alternative fuels. The recent credit crunch, along with double-digit declines in U.S. auto sales, have only put additional pressure on the auto makers to gain quick access government-backed loans, according to industry analysts.
"The auto loans can't come soon enough," said Kip Penniman, automotive analyst at KDP investment Advisors. Calling the loans a "lifeline" for GM in particular, Mr. Penniman said each of the auto makers will likely need to access some of that funding next year. Detroit's Big Three, once bullish on a turnaround in the auto sector in 2009, now expect to be another challenging year for auto sales in the U.S.
Under the approved legislation, the Energy Department now has 60 days to write regulations, setting the parameters that will govern who qualifies for the loans and when. Congressional leaders, especially from Michigan, have called on the department to adhere to that timeline in the hopes that the companies would have access to the loans by the middle of 2009.
But an Energy Department spokeswoman said Tuesday that Congress failed to lift several restrictions on that process, making it more difficult to meet the timeline. She earlier estimated that it could take between six and 18 months to complete.
"Congress set a timed deadline of 60 days for the regulations to be issued -- not for the loans to be made," department spokeswoman Healy E. Baumgardner said in a statement Tuesday. "Specific statutory requirements outline administrative and legal procedures which will require a longer timeframe for full implementation of the program….Congress had the opportunity waive one or more of these requirements enabling for a faster process, but failed to do so."

[johnny861]

copper goes left... east is up...