The Treasury Department announced a $5 billion program to help embattled U.S. auto parts makers, the latest attempt to stabilize problems in the nation’s troubled auto sector. Companies such as Visteon, TRW, American Axle, will get the funds from the governments massive Troubled Asset Relief Program, otherwise referred to as “TARP”, piggy bank.
The Original Equipment Suppliers Association, a trade group, for the industry praised the new program. The group had asked for up to $18.5 billion in federal help, but Ann Wilson, the group’s senior vice president for government affairs, said this was an important stopgap.
“The Supplier Support Program will help stabilize a critical component of the American auto industry during the difficult period of restructuring that lies ahead,” said Treasury Secretary Tim Geithner in a statement. He said it was crucial to support an industry that employs 500,000 U.S. workers at a time of widespread job losses.
Editor’s Note: So if the logic is that TARP funds will be given out to companies affected by the poor decisions of US automakers, will automotive publications soon receive checks as well? There aren’t enough fingers to plug the holes appearing in this dam, it is time to let the thing break, accept the casualties, and then rebuild it stronger from the ground up.
Bush opened the door a crack, and the Democrats opened it up to have a party so large that it violates the fire code. This has to stop. Time for people to relearn a little thing that people use to have back in the day: responsibility. You screwed up? Tough, this is the real world, and suffering for your mistakes is the way things are suppose to work. The government isn’t suppose to be your mommy who spoils you and helps you at the sight of the slightest trouble. Funny how Kennedy once said “… ask not what your country can do for you, but what you can do for your country.” It seems the saying today is “In Soviet America, bank (or any other industry) “borrows” from you!”
By bassman97. March 20th, 2009 at 11:08 amSure why not ! They need the cash to pay the CEO’s and the other top people in the corporations. It is like fu*k the little guy. I think all the people at the bottom of the hill (sh*t always rolls to the bottom) should make 10 dollar’s a week so that there would be plenty of money for the CEO’s. If the work force of America made 10 dollar’s a week ..than the American company’s would not move to China. You will see….it will not be long before America will have the Rich and the Poor. The middle class will be GONE!
By Bobssleeper. March 19th, 2009 at 9:51 am