Car industry meltdown unites U.K. and U.S.
Having trouble thinking of British automakers? Here's one: MG makes the Midget Roadster
The U.K. and the U.S. have a lot in common: Both places are experiencing a surge in online payday loans, and both places have auto industries on the verge of meltdown. Yep, the global recession is having a lot of similar effects on places where there are lots of people and cars.
American automakers Chrysler and General Motors are still in negotiations with the government over several billion dollars in bailout money they requested. Now the U.K. has “outlined a package of government support” for its own auto industry.
A sprinkle of cash and a pinch of denial
The United Kingdom will dedicate 2.3 billion pounds, or $3.24 billion, to rescue car manufacturers from loans and provide other kinds of aid. However, Business Secretary Lord Mandelson insists that “this is no bailout”
The automotive industry is “in the frontline of the downturn” and has fallen “faster and further than any other sector since the summer,” Mandelson said.
So, the U.K.’s auto companies are about to crash and burn, and the government is giving them money so they don’t collapse. No, that’s not a bailout. Not at all. And when you apply for short-term loans on the Internet and promise to pay them back the next time you get paid, those aren’t online payday loans. They’re “financial support.”
Piecing things together in the U.S.
Back in the land of calling it like it is, United States car parts companies that are on the brink of bankruptcy are now asking the government for a bailout.
Naturally, as the auto industry has sped downhill, the auto parts industry has crashed right along with it. U.S. companies are asking for the government to bail them out to the tune of $10 billion to $12 billion in cash and guarantees.
Check back with your payday loans source for more news on the economy.
Okay… that’s fine. Give them billions of dollars and hope that money will even make any good. But for the mean time, why don’t you (government kings) find other financial groups to pick – like the payday loan industry who strive to provide immediate financial support to the hundreds of millions of people who are in desperate financial need?
Yeah sure – that isn’t a bailout, maybe on Fantasy Island. Well, I guess if it’s more of a government payday loan, I guess I understand if the British car industry has to pay it back. Also, I think the parts industry does deserve some bailout funds. Without parts, guess what happens to our cars if they break down?