Some Good News

At last some good news from the White House!

WASHINGTON – The Bush administration came to the rescue of the troubled U.S. auto industry Friday, offering $17.4 billion in loans in exchange for concessions from carmakers and their workers.

"Allowing the auto companies to collapse is not a responsible course of action," President Bush said. He said that a bankruptcy was unlikely to work for the auto industry at this time and would deal "an unacceptably painful blow to hardworking Americans" across the economy.

The whole idea of an "orderly bankruptcy" was nonsense and a bad idea from the beginning. This is not a normal time for the economy and and additional burden on the economy like losing the American auto industry was insane. The automakers need to rethink their business but it is going to take longer than a few weeks to get it done. This news should help the markets today and going forward toward the end of the year.