What Company Makes the Printing Press that the Federal Government Uses to Print Money? I Want to Invest in that Company

With all these numbers like 700 billion being thrown around be sure not to miss the 25 billion we just gave -- or should I say, "lent to with amazing terms that they could never come close to getting on the open market" -- to Detroit:

With Congress preoccupied with the massive, $700 billion bailout plan for the financial industry, General Motors, Ford, and Chrysler have finally secured Part One of their own federal rescue plan. A bill set to be passed by Congress and signed by President Bush as early as this weekend—separate from the controversial Wall Street bailout plan—includes $25 billion in loans for the beleaguered Detroit automakers and several of their suppliers. "It seemed like a lot when we first started pushing this," says Democratic Sen. Debbie Stabenow of Michigan, one of the bill's sponsors. "Suddenly, it seems so small."

But please don't call it a "bailout"—Detroit is too proud for that. Exact details will come later, but the loans would probably amount to at least $5 billion for each of the Detroit 3, plus smaller amounts for suppliers. That would allow them to borrow money at interest rates as low as 4 percent—a steep discount compared with the double-digit rates they're paying now. Over several years, the automakers could save hundreds of millions in financing costs. Plus, they'll have five years before they have to start repaying the loans.

***Gratuitous Debbie Stabenow Pic that I have on my desktop from the last time TtP spoke of the Michigan Senator.

CAFE Follies

Congress, in its typical knee jerk response to "do something" is about to do something stupid. In this case it regards Congress legislating a minimum of fuel miles per gallon.

The proposal, which would require automakers to achieve 35 miles per gallon on average, is similar to a measure passed earlier this summer by the Senate, which was bitterly opposed by the auto companies, who argued they did not have the technology or the financial resources to reach that goal.

What is so idiotic about this Bill is that is does not punish consumption. I have a sports car that I rarely drive. I walk, bike or take my vespa mostly. Yet Congress would okay someone who drives 150 miles per day in their hybrid, and they get tax deduction too, and outlaw my car. That is gefucked.