I thought this was good news. George Bush deserves some credit:
WASHINGTON — President Bush agreed to an emergency bailout of General Motors and Chrysler, giving them a few months to get their businesses in order, but left to President-elect Barack Obama the difficult political decision of ruling on their progress.
The plan pumps $13.4 billion by mid-January into the companies from the fund that Congress authorized to rescue the financial industry. But the two companies have until March 31 to produce a plan for long-term profitability, including concessions from unions, creditors, suppliers and dealers.
As I've said before, I think the Big 3 needs to be bailed out for the sake of the economy. It will save thousands of jobs, which cannot be lost in the middle of this recession. And you have to like the restrictions placed on the money like a plan for long-term profitability. Let's just hope the American car companies are up to it.
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