This went by completely unnoticed.
According to U.S. News & World Report:
- It's much bigger than the Chrysler bailout of 1980
- There are few strings attached
- It props up a private companies
There's more aid coming. This year's $25 billion is just a down payment. The automakers now plan to ask the government for another $25 billion in loans next year. It's just spare change, after all.
Update: GM builds new Volt Engine factory in Flint Michigan!
About time! Excellent! Makes the loan much more palatable!