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Written by Ryan Goodenough
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Wednesday, 19 November 2008 09:20 |
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Richard Ebeling featured in the Detroit News: Fast on the heels of the $700 billion bailout for America's banks and other financial institutions, the U.S. auto industry is now begging, cup in hand, for a similar handout from Washington. Detroit's Big Three probably feel they've earned it, having paid out tens of millions in lobbying costs and campaign contributions in recent years to acquire political friends. In another instance where an industry is claiming it's "too big to fail," senior executives from General Motors, Ford and Chrysler want the American taxpayer to cough up $50 billion or more to cover the industry's losses.
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