Law and Rights
Corporate "suits" from the Detroit Big 3 showed up in Washington DC to testify before the US Congress on November 19 on why they needed to be part of the government's latest handout --- er, bailout --- program. It didn't help that they each flew there in their own private jet, folks.
In spite of the hostile treatment, apparently there's been a back-room deal cut for billions in US aid to head to Detroit's coffers soon. None of the details have been released but they should be leaking out soon.
Surprisingly, during the hearing the Big 3 repeatedly called the bailout a "bridge loan" but no one called it a bridge to nowhere, which many have argued it will be. We don't think so. Detroit needs the money, sure, but just paying last month's bills without changing the way the bills are generated isn't going to help the industry.
Meantime, there's no automatic relief here. Congress still has to pass a bill thru both houses and that won't be easy. Then the President has to sign off on it and that, too, won't be easy. It could easily take another month or two before it's done, and that is if it gets done at all.
So, don't count your dollar bills just yet, Detroit. There's still a lot of bricks to make before that bridge gets built, no matter where it's going.
Meanwhile, if you've got a lemon car or truck, you may want to try to settle up and get your money sooner rather than later --- just in case the bailout bails out and your lemon's manufacturer goes bust.
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Law and Rights
Auto Help on the Way?
Corporate "suits" from the Detroit Big 3 showed up in Washington DC to testify before the US Congress on November 19 on why they needed to be part of the government's latest handout --- er, bailout --- program. It didn't help that they each flew there in their own private jet, folks.
In spite of the hostile treatment, apparently there's been a back-room deal cut for billions in US aid to head to Detroit's coffers soon. None of the details have been released but they should be leaking out soon.
Surprisingly, during the hearing the Big 3 repeatedly called the bailout a "bridge loan" but no one called it a bridge to nowhere, which many have argued it will be. We don't think so. Detroit needs the money, sure, but just paying last month's bills without changing the way the bills are generated isn't going to help the industry.
Meantime, there's no automatic relief here. Congress still has to pass a bill thru both houses and that won't be easy. Then the President has to sign off on it and that, too, won't be easy. It could easily take another month or two before it's done, and that is if it gets done at all.
So, don't count your dollar bills just yet, Detroit. There's still a lot of bricks to make before that bridge gets built, no matter where it's going.
Meanwhile, if you've got a lemon car or truck, you may want to try to settle up and get your money sooner rather than later --- just in case the bailout bails out and your lemon's manufacturer goes bust.
Burdge Law Office
www.BurdgeLaw.com
Helping Consumers Get Even Since 1978.
Subscribe in a reader- Changing Paper Would Save Us $500 Million
With the federal deficit never ending and never lowering, there could be an easy way to make at least a half billion dollar dent in it. There is one thing they (or we) could do that would reduce the federal paperwork by over $522 million. It's simple....
- Big 3 Opening Detroit Auto Show
Chrysler just got its $5 billion payment from the US government on January 2, 2009. GM got its first billion dollar payment too. In spite of the auto industry woes, the North American International Auto Show opens Jan. 17 and runs to the 25th at the Cobo...
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So with a lot of strings likely to be attached, Detroit finally gets a bailout. The sweating is over but now what? With free money passed out to bankers and insurance companies and stock brokers, there was really very little choice that President Bush...
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