Okay, so maybe the prayers worked.
It seems that Congress is going ahead with it's $15bn bail-out plan. While not the initial $25bn (and later amended to $34-$55 billion) requested by the auto industry, some help seems to be on the way. Some experts say the the real cost should be around $125bn!
But what do we get?
Some services have stated the Big Three's net worth as a negative.
But I'll use the more hopeful quotes for this question.
GM - $3 billion (asked for $18bn total loan)
Ford - $6 billion (asked for $9bn credit line)
Chrysler - $.5 billion (asked for $7bn loan)
At a total estimated net worth of $12.5 bn (less than BMW's $16.5bn).
Q; Why are we spending billions of dollars on companies that have less value than the amount of their requested loans?
The idea that we would spend this amount on a product that has less worth than the amount requested is ridiculous.
This is the housing crisis all over.
And in plain sight.
Maybe our book keeping system needs to be overhauled along with our banking system.