Saturday, December 20, 2008

Canada is cool.

They are way too nice in Canada.

TORONTO — The federal and Ontario governments will provide the Canadian subsidiaries of the Detroit Three automakers with 4 billion Canadian dollars ($3.29 billion) in emergency loans, the prime minister said Saturday.

The announcement follows a pledge Friday by U.S. President George W. Bush to offer $17.4 billion in emergency loans to General Motors Corp. and Chrysler LLC.

Prime Minister Stephen Harper said Canada's bailout plan, the equivalent of 20 percent of the U.S. aid package, will help keep the plants afloat while the automakers restructure their businesses to retain one the country's most important economic sectors.

"We cannot afford, in the United States or Canada, the catastrophic short-term collapse of the Big Three automakers. The U.S. has signaled that they are not going to allow these companies to fail, and we will do our share of the North American package to see that this doesn't happen either," said Harper speaking at a news conference in Toronto.

What a sweet holiday present.


Kristin said...

You know it is utterly amazing that we can give wall street execs 1.6 billion in OUR bailout money but we don't or wont do enough for the auto workers. Time and time again the U.S. shows the world that we are becoming inept at fiscal matters and other countries are having to come to our rescue.

Librocrat said...

The country is essentially ruined. The question that remains is whether or not it can be fixed.

There is a culture of anti-intellectualism, anti-social welfare, anti-building blocks to success (employees, contractors, etc.) that has been brewing for 20 years. That is not likely to change. The only thing that can be done is to change the culture of what is valued, so that those people that still think that way are generally ignored.

This is not a good country anymore. It can still get better, but it just as easily may not.