This green subsidy for car makers is just a disguised corporate bail-out

Martes, 7 de Octubre de 2008 :: By George Monbiot (THE GUARDIAN, 07/10/08): While all eyes were fixed on the banking bail-out, a bucketload of public money was quietly sloshed into the pockets of another undeserving cause. Last week, George Bush agreed to lend $25bn to US car manufacturers. It’s a soft loan, which will cost the government $7.5bn. Few people noticed; fewer fought it. The House of Representatives approved the measure by 370 votes to 58. The great corporate bail-out is spreading like the plague. It has already crossed the Atlantic. Yesterday European car makers demanded that the EU hand them €40bn ($54bn) in cheap loans to match the US subsidy. Where will the public spending spree end? The motor companies in both Europe and the US claim they need these loans to help them go green. They will invest the money in a... [read full story]