Detroit Bailout Loans On The Road To Approval, With Condition Attached - Car Makers Meet 35 MPG By 2020
Remember when the Wizard of Oz was spotted from behind his curtain, after which he admitted to being a 'very bad wizard' (audio link via NoPlaceLikeOz)? Obviously, industry lobbyists have not figured out that the climate is changing; and that the jobs retained by these loans can't be called "green" until the wizards come out from behind their marketing curtains.
The U.S. Congress moved Saturday to provide $25 billion in low-interest loans to the auto industry as part of an initiative to accelerate the development of fuel-efficient vehicles...The Senate voted 78 to 12 to pass a broad, must-pass spending bill that includes $7.5 billion to start the loan program. The House passed the bill earlier in the week, and President George W. Bush is expected to sign it...The loan program was approved as part of a 2007 energy bill requiring vehicles to have an average fuel economy of 35 miles a gallon by 2020 -- a 40% increase over the previous standard.Twelve more years to achieve a fleet average of 35mpg! Cars capable of that mileage existed almost 30 years ago (Mercedes 3000SD, pictured).Fiscal conservatives, here's a chance to prove your green nettle. Make sure that these low interest bailout loans come with a pre-condition of a far more stringent fleet-average mileage standard than 35mpg; and, while you're at it, you might want to add a C02 emissions per mile maximum, Euro-style. That's how to get re-elected and make the green jobs you create last.
Via: Wall Street Journal, U.S. Moves Ahead on Loans To Develop Fuel-Efficient Cars
Image credit::Mercedes 330SD, Advanced Diesel Vehicles, a full size passenger car capable of 35mpg in the 1980's.
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