What's up with the current administration pushing to give the auto industry $15-Billion, with (although stated differently) almost no strings attached?
For openers, GM currently owes about $60-Billion to creditors. Next, GM has stated they are "burning through" about $2-Billion per WEEK! Although adamantly denied by the UAW (United Auto Workers union) many line workers reportedly are "earning" in the $50/hour range.
What will the $15-Billion gift to GM buy them? Not much, except the ability to pay workers through Christmas and maybe even until Obama takes office.
Does this make ANY sense? If you are the outgoing President, it does: Bush might be able to say that he did what GM asked for and GM did not go down the tubes during his watch. (But it most likely will during the Obama/Democrat watch, unless a massive influx of OUR DOLLARS bails out all the unimaginative, conniving management and unionized overpaid workers!)
I see the "logic" as this: We handed $350-Billion to the banks and they simply gobbled it up with little accountability. So, $15-Billion to the auto industry is simply "Chump Change" and will give the administration a Gold Star (Well, maybe a Silver Star) for "Doing The Right Thing."