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In a stunning turn of events, just when it seemed the autos were going to get a "soft bankruptcy" by the Bush administration, the President's team decided to loan the Big Three some cash. The sum is 17 billion dollars to be exact.
Now, no one should should pretend that this is going to save the American auto industry, but what it does do is get the auto companies into Barak Obama's presidency, effectively passing the buck to his team.
Another thing this does is prevent a sudden meltdown, which would have thrown the entire economy into an even deeper feeling of despair. The auto companies have bought time, but will time allow them to restructure in a way that will be lasting? Time will tell.
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