Automakers accept emergency loans from Bush administration, look ahead to Obama
The long-term fate of the auto industry rests with Barack Obama now that President George W. Bush has given car companies $17.4 billion in emergency rescue loans. Simply letting the Big Three collapse was not an option amid a recession, housing slump and financial credit crunch, Bush said in announcing the short-term loans and demanding tough concessions from the automakers and their employees. "By giving the auto companies a chance to restructure, we will shield the American people... Full Story
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