Ralph Nader, the consumer activist and environmentalist who technically could become our next president, said he is opposed to giving any loans to U.S. automakers.
The big announcement comes after the automakers’ lobbying push for loans at the Republican and Democratic conventions. Barack Obama has pledged the $50 million the automakers seek, while John McCain supports a $25 million figure already approved but not yet funded by Congress.
Nader, whose adversarial relationship with the auto industry dates back to his 1965 book Unsafe at Any Speed, said the automakers do not deserve a bailout. Instead he suggested a public takeover of the companies or a bailout similar to that of Chrysler in 1980, in which the government received shares of Chrysler stock in return for the aid.
Nader is campaigning as an Independent candidate in the 2008 U.S. presidential election, marking his fifth run for the White House.
Source: Detroit News