Under terms of a $17.4 billion bailout approved by President Bush on Friday, General Motors and Chrysler have three months to turn things around. If they don't, they have to repay the loans and face bankruptcy.
Does anyone really think that companies that are failing after years of bad business decisions will really get their act together by the end of March 2009? People have spent more time trying to stick to a diet.
The emergency loans start with $13.4 billion now and $4 billion more in February. The Obama administration will determine at the end of March if the automakers are meeting the conditions of the loans and will continue getting government aid, or if they must repay the loans and go bankrupt.