Ford Gets 9.2 Billion Bailout errrr Loan
This is just crazy stuff right here. I suppose the utility companies will be receiving their bailout loans soon to build green power generator plants? The cart is ahead of horse as usual. Link
Forum Discussion
FishOnOne wrote:BB_TX wrote:StonedPanther wrote:BB_TX wrote:
Lot of difference between a loan to a financially stable and viable company and giving money to one that is not.
Sure is LOL
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Ford had a $2 billion loss in expected profits, and yet still had a year end profit of $10.4 billion. I call that financially stable and viable.
Fords $2 billion loss was due to their EV division and Quality issues resulting in too many warranty repairs. Ford's CEO Farley (who needs to be fired) stated it will rely on it's ICE division to financially support it's EV division while he lays off ICE division employees.
Direct oil and gas subsidies are far greater than $2b.
https://www.eesi.org/papers/view/fact-sheet-fossil-fuel-subsidies-a-closer-look-at-tax-breaks-and-societal-costs
The United States provides a number of tax subsidies to the fossil fuel industry as a means of encouraging domestic energy production. These include both direct subsidies to corporations, as well as other tax benefits to the fossil fuel industry. Conservative estimates put U.S. direct subsidies to the fossil fuel industry at roughly $20 billion per year; with 20 percent currently allocated to coal and 80 percent to natural gas and crude oil. European Union subsidies are estimated to total 55 billion euros annually.
