Last week, George Bush agreed to lend $25bn to US car manufacturers. It’s a soft loan, which will cost the government $7.5bn(1). Few people noticed; fewer fought it.
The House of Representatives approved the measure by 370 votes to 58. The great corporate bail-out is spreading like the plague. It has already crossed the Atlantic.
Yesterday European car makers demanded that the EU hand them E40bn ($54bn) in cheap loans to match the US subsidy(2). Where will the public spending spree end?
Posted on 9th October 2008
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