Bush’s Auto Industry Loans Come With Unfair Conditions for Workers

by James Parks, Dec 19, 2008

Religious leaders and union members held a candlelight vigil Thursday in Detroit to call on the government to support autoworkers and prevent the collapse of the auto industry.

After letting the auto industry hang for weeks following the refusal by Republican senators to approve a loan to help automakers get through the end of the year—and a day after Chrysler said it will shut down all 30 of its North American plants for at least one month, putting 46,000 employees out of work—George W. Bush announced his administration’s offer to automakers today.

Bush says he’ll give automakers $17.4 billion in emergency bridge loans. Some $13.4 billion would be available this month and next—$9.4 billion for GM and $4 billion for Chrysler. Ford Motor Co. has said it does not need immediate help.

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