Thread: Report: Automakers Now Want $50 Billion

Report: Automakers Now Want $50 Billion

Friday, November 7, 2008 9:50 AM

Automakers deserve as much as $50 billion in government-backed loans so that they can build more fuel-efficient cars, according to a top General Motors executive, the New York Times reported.

This is double the amount being currently sought by the big three Detroit-based automakers as they struggle to ride out a steep downturn in U.S. auto sales.

The automakers have already made considerable progress in transforming themselves and the government should help them proceed faster, GM Vice Chairman Robert Lutz said.

"The American auto industry is deserving of government loan guarantees," Lutz said.

The automakers also want more money given the sudden jump in consumer demand for fuel efficiency and they are urging Congress to act by the end of September so that the money can be available next year.

http://moneynews.newsmax.com/headlines/ ... ode=7098-1

They've had 50 years to design them, and if they can't make it on their own, then thay deserve what they get.

How much did they invest in the civilian Hummer?

How many parts are made outside the USA?

Canada? Mexico? Asia?

How much did they spend to lobby against higher CAFE mpg?

How much do the top guys at GM make?

Why not lower the prices instead of phony incentives?

Make cars people want and can afford.

If I can't pay my GMAC bill will they share in the bailout?