We Almost Lost Detroit

Jesse Walker | September 24, 2008

It doesn't seem so big anymore, next to that whole turn-Wall-Street-over-to-the-Treasury-Department plan, but the $25 billion handout for the auto industry is still rolling forward. U.S. News has the details. Among the bullet points:

• It's much bigger than the Chrysler bailout of 1980.

• There are few strings attached.

• There's more aid coming.

Apparently, corporate welfare has its own cycle of dependency. "This year's $25 billion is just a down payment," the report concludes. "The automakers now plan to ask the government for another $25 billion in loans next year. It's just spare change, after all."