As long as Congress is writing legislation to bail out Wall Street and banks, the car industry figures it should get a piece of the pie as well.
U.S. Auto Makers Seek Bailout for Bad Car Loans reads the headline. The original $700 billion Wall Street deal, which was rejected by the House on Monday, included a substantial bailout for auto lenders. These companies hold a stable of bad auto loans that could shrink in value and hurt both the lenders and the vehicle makers. This bailout would have been separate from the $25 billion in low-cost loans for U.S. auto makers that President Bush signed into law Tuesday.
Wanna talk special interests? They got $25 bil, and they want more.