Canada offers $4 billion in loans to automakers
By DON PEAT, SUN MEDIA
Ontario mayors welcomed yesterday’s auto announcement but hoped the much-needed aid doesn’t idle too long so it’s stalled out by the new year.
“This has finally happened,” Oshawa Mayor John Gray told the Sun yesterday just after the announcement. “I wished it happened a while ago because it would have lifted a lot of the uncertainty. They have done the right thing and they are trying to preserve our share of automotive production in North America.”
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No. A bailout will likely entrench and expand protectionist practices across the globe, and thus erode the foreign sales and competitiveness of U.S. multinationals. And that would reduce these companies’ U.S. employment, R&D and related activities. That would be bad for America.