Bloomberg reports that General Motors Corp. and Chrysler LLC would get U.S. loans to stay afloat until March under a Bush administration rescue plan that may be unveiled tomorrow, Friday, December 19, 2008.
The Treasury Department intends to lend to the automakers through their credit arms, GMAC LLC and Chrysler Financial, to avoid having other industrial companies line up for access to the $700 billion TARP. Oh, we are all banks now!
Boston Tea Party, anyone? I am taking reservations for the tax-revolt party.
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