Dems push for the fed gobbling up a stake in the Big Three automakers:
Congressional Democrats are pushing legislation to send $25 billion in emergency loans to the beleaguered auto industry in exchange for a government ownership stake in the Big Three car companies.
House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., hope for quick passage of the auto bailout during a postelection session that begins Monday.
Of course, the British auto industry went through a similar (in many respects) process starting around 40-odd years ago.
Note the British auto industry’s powerful position in the world car market – and the fearsome reputation they had for quality during their nationalized years.