Posted
Oct 06 2008, 01:12 PM
by
Karen Datko
It took watching "Real Time with Bill Maher" for us to learn that U.S. automakers will get a rescue in the form of a $25 billion loan approved by the federal government last week. Although business writers were all over this, we, like a lot of other people, were distracted by all of the $700 billion bailout news.
The much smaller but still massive automaker rescue, signed by President Bush on Sept. 30, will enable General Motors, Ford and Chrysler to borrow $25 billion at about half the going market rate -- "nice terms if you can get them," opined the Wall Street Journal. It won't have to be paid back for five years.
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