• News
  • Celebrities
  • Finance
  • Crypto
  • Travel
  • Entertainment
  • Health
  • Others

Paulson as ‘Car Czar’

When Senate Republicans last week blocked Democrats’ efforts to bail out General Motors and Chrysler, which say they’re near bankruptcy, the White House was quick to swoop in to announce that it would lend the help that Congress didn’t.

Aside from the comedy surrounding that development (the Bush administration’s original refusal to help the automakers was the only reason that Congress took up legislation to begin with), there’s now concern that the administration will manage Washington’s latest bailout attempt as poorly as it did the last. House Speaker Nancy Pelosi (D-Cal.) shot a letter to President Bush last week urging the White House to insist on certain conditions and concessions from the companies in return for the help:

The Administration must now require, as a condition of receiving those taxpayer funds, the same tough accountability and shared sacrifice by all parties –- executives, unions, suppliers, creditors, dealers, bondholders, and shareholders –- mandated in the bipartisan legislation passed by the House this week.

The New York Times reports this morning that the details of the deal are still being worked out, but Treasury Sec. Henry M. Paulson Jr. will take on the oversight responsibilities. GM has said it needs $10 billion to get it through March, while Chrysler would need $4 billion to survive the same stretch.

On CNBC earlier this week, Paulson said “failure by these companies at this time is not something any of us want to contemplate.”

There was no word how any of the bailout’s terms will address the larger reality that Amercans aren’t buying cars now from anyone.

Discussion & Comments (0)

    Recent Articles

    • Things You Should Know about North America

      Things You Should Know about North America

      Get to know more about North America.

    • Eurovision 2010 Paula Seling Unpredictable Contest

      Eurovision 2010 Paula Seling Unpredictable Contest

      Paula Seling's experience on the Eurovision stage led her to declare that "Eurovision is an unpredictable contest". Which may explain the success of the young Lena from Germany, about whom the predictions before the event did not offer much chances for victory.

    • VIPRow.me - The Best Sports Streaming Website Today

      VIPRow.me - The Best Sports Streaming Website Today

      Have you ever contemplated creating a user-friendly site dedicated to sports-related free live streaming channels?

    • Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      XNXUBD 2022 Nvidia users are able to watch thousands of videos and other contents online. XNXUBD 2022 Nvidia New is a piece of software that enables people to watch videos online without having to pay for memberships. On a graphics card, the XNXubd also provides some of the best gaming and virtual reality experiences.

    • Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      A new edition of the Video Editor Apk for xVideostudio.Video Studio has all the latest features, including support for multiple video download formats in HD, FHD, and even 4K resolutions.

    • 9 Best Lotion For Masturbation - Popular Choice For 2022

      9 Best Lotion For Masturbation - Popular Choice For 2022

      Masturbation is a common activity for men and women. It's a natural and risk-free way to explore your body, experience pleasure, and release sexual tension.

    • Reasons Why You Need To Stop Watching Movies From Sflix

      Reasons Why You Need To Stop Watching Movies From Sflix

      Without having to sign up or pay anything, you can watch movies online for free with SFlix. It has more than 10,000 movies and television shows.

    • Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Collins (born May 11, 1997) is a rapper from the United States. Leray started publishing songs to SoundCloud in 2014, and in 2018 she released her breakthrough track "Huddy" as well as her first mixtape, Everythingcoz.

    • Listen And Download Music On MyFreeMP3 For Free

      Listen And Download Music On MyFreeMP3 For Free

      Are you in a bind and looking for a place to obtain free mp3 songs? Never again will you need to bother, since this article has everything necessary to obtain your solution. Download free music from MyfreeMP3.com, one of the world's most popular websites.