The "Wall Street Journal" reports today that the Obama administration plans to announce a financing facility that would provide up to $5 billion in assistance to the country's beleaguered auto-parts suppliers, many of which are teetering on the edge of bankruptcy.
According to the Wall Street Journal, the assistance would pump money into dozens of the country's biggest suppliers to help pay for seats, axles, and other components shipped to the Big Three auto makers. These suppliers last month offered a proposal to the Treasury with three options for various financing facilities. All told, the suppliers asked for about $25 billion in lending and other assistance.
Let me get this straight, the suppliers asked for $25 billion but will only get $5 billion. So, if anything, we, as taxpayers, have a moral victory, at least for the time being. (LOL) However, I am sure that the suppliers will get everything they have requested and more!! So much for a market economy.
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