Bailout Watch 60: Freep Says Wall Street Meltdown Helps Detroit

Robert Farago
by Robert Farago
bailout watch 60 freep says wall street meltdown helps detroit

God forbid The Detroit Free Press should question the intellectual basis upon which bailout proponents stake their claim to $25b worth of taxpayer funded low-interest loans. (Or more.) No, the hometown paper feels obliged– obliged I tell you– to offer its own summary of how The Big 2.8 should argue their case for bailout bucks during this “challenging” time. Justin Hyde of their Washington staff reckons Wall Street’s financial meltdown helps Motown by blessing them with three talking points: “automakers and parts suppliers are pledging to pay back the money they receive;” the loans are “small change” and “helping blue-collar factory workers carries more political cachet than riding to the rescue of bankers.” And now the really good news! “Democratic leaders have said they likely will put the auto industry’s request into the budget resolution that keeps the government open through the elections — the only veto-proof bill that Congress must pass before it adjourns. That bill is expected to come to the floor sometime later this week, depending on how far lawmakers get on other matters.” Bad news to follow…

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  • Blindfaith Blindfaith on Sep 22, 2008

    I do not understand why anybody would question the government giving low interest loans to the US auto companies when the same government is giving money to the oil companies. Please explain.

  • Jnik Jnik on Sep 23, 2008

    Here are the REAL talking points: 1. The Wall Street bailout makes NOT bailing out Detroit politically impossible. 2. Michigan and Ohio's electoral votes are vital to both parties. So to Hell with principle!