NOTE: Any and all comments concerning the Jeff Bridges / Hyundai topic have been excerpted from JeffBridges.com
Jmuskus@huffingtonpost.com | HuffPost Reporting
Best Bet For The Taxpayers’ Investment?
Could Jeff Bridges have made a difference ?
Could Jeff Bridges STILL save the day by disavowing Hyundai ?
Detroit couldn’t be allowed to collapse. It was one of the very few things the Obama transition team and the outgoing Bush administration agreed on in December and January.
“I believe our government should provide short-term assistance to the auto industry to avoid a collapse, while holding the companies accountable and protecting taxpayer interests,” then president-elect Barack Obama said in December, shortly before a bid to help bail out the sinking car companies stalled in the Senate. A week later, Bush’s Treasury Department granted General Motors. and Chrysler $17.4 billion in emergency loans. GM wrangled another $2 billion from Obama in April.
Now that both companies have filed for bankruptcy, will the taxpayer lose out on that gamble? The government has agreed to invest another $30 billion in GM and $8 billion in Chrysler during and after their restructuring. Would the better move have been the one conservatives were calling for, just to let the companies go in December?
Given the far-ranging economic impact of any closures in the auto industry, most experts answered no. Or, at least, not exactly.