House plan: banks profit from automaker loans

December 10th, 2008 by DaveAdmin

A new House bill spearheaded by Republicans replaces $15 billion in direct government loans to automakers with a $14 billion loan insurance program to be partly funded by the automakers. This would presumably loosen credit to automakers while assigning much of the risk to the American taxpayers, and providing large profits to banks which would get high interest rates without risk.

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House plan: banks profit from automaker loans

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