pahunkboy
Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
|
Elizabeth MacDonald: Auto bailout saves Wall Street too Submitted by cpowell on Sat, 2008-12-20 03:39. Section: Daily Dispatches By Elizabeth MacDonald
Fox Business News, New York
Friday, December 19, 2008 http://emac.blogs.foxbusiness.com/2008/12/19/auto-bailout-saves-wall-str... The White House today put forth a plan to loan the automakers a total of $17.4 billion, after a bruising debate in Congress and Detroit. One of the central arguments Detroit has used to get a taxpayer funded government bailout is this inequity, that the government has provided record bail out sums for Wall Street instead of Main Street. But that argument misses a huge point. The White House's version of the auto bailout would help bail out Wall Street as well. Specifically, the new plan is loaded with measures to help the bond market. Wall Street is seriously exposed to Detroit and needs the auto bailout just as much as the carmakers do. Without an auto bailout, expect Credit Crisis 2.0, analysts say. That's because Wall Street has financed the automakers' corporate debt, has helped its lending arms such as GMAC with financing, and has issued other financial securities on behalf of the automakers. ... A Debt Torpedo Aimed at Wall Street/snip
|
..Larouche was right. car bail out =wall st - 
Profile
New Messages
No New Messages
Hot Topic w/ New Messages
Hot Topic w/o New Messages
Locked w/ New Messages
Locked w/o New Messages
Post New Thread