In a statement before the markets opened, President George W. Bush said the government would be providing $13.4 billion in emergency loans to G.M. and Chrysler, with the possibility of another $4 billion in February. Ford has said it does not need immediate aid.
Now the question is will it be enough or is this a cancer that has gone too far. My brothers in Detroit you are getting an early Christmas gift use it wisely
Mr. Bush said an “orderly bankruptcy” — an idea floated by the White House on Thursday — was not possible, but said the automakers need to undergo major restructuring to become viable.
“The only way to avoid a collapse of the U.S. auto industry is for the executive branch to step in,” Mr. Bush said. “The American people want the auto companies to succeed, and so do I. So today, I’m announcing that the federal government will grant loans to auto companies under conditions similar to those Congress considered last week.”
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