Tony Clement Announces 3.5 Billion Dollar Automotive Bailout

by matttbastard

CTV News:

The Canadian government will provide a $3.5 billion lifeline for the Canadian auto sector, a move which aims to soften the blow of the economic downturn and preempts an American bailout plan, CTV News has learned.

The announcement follows a meeting Friday between Prime Minister Stephen Harper and Ontario Premier Dalton McGuinty in Ottawa where the two leaders hashed out a plan.

However, the fund falls short of the nearly $7 billion package which Ford, GM and Chrysler requested earlier this month.

I for one welcome our new (half-assed) socialist overlords.

Recommend this post at Progressive Bloggers

2 thoughts on “Tony Clement Announces 3.5 Billion Dollar Automotive Bailout

  1. My question is what conditions will accompany the cash?

    A loan?
    A gift?
    Equity?
    Perhaps loan guarantees, rather than actual dollars?

    Will the bucks go into company coffers, or will it guarantee wages/pensions/health benefits for the employees?

    Perhaps the auto industry is sliding into a well deserved obscurity, but to let it abruptly drop would disrupt too many economies to quickly.

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  2. There was something leaked last week about the Conservatives wanting to see union wage freezes or cutbacks before handing over funding. This is reminiscent of the union bashing that is happening in the US, as if NA unionized workers caused the global crisis.

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