It remains to be seen how far Democrats Nancy Pelosi, Harry Reid and Barack Obama will push for an auto Big Three bailout package. The Bush administration has allowed a $25 billion loan to the industry with clearly defined and targeted goals of retooling the industry and working on energy-efficient vehicles.
For some Democrats, however, a payback to the unions like the UAW which came out big for Obama is de rigeur. The Bush Administration hasn’t been stupid enough to fall into the trap so it’s likely that Pelosi and others will skewer themselves behind an auto bailout.
It should be funny to watch when Obama takes office. The WSJ has reported that Pelosi tasked Barney Frank to patch together some bill. Poor hard-working Barney!... he screwed up the housing industry and now he’ll be working on screwing up the auto industry. The WSJ also said that the unions and the “greens” were at each other throats regarding the direction of any auto bailouts.
Except for the people in the UAW “job banks” who get paid for doing nothing, people don’t want another bailout. It will never end until citizens scream “NO”, something they’re already beginning to do. The mood is ugly, sour, and the Treasury guy Paulsen keeps people guess with his frequent direction changes.
Why don’t we all get handsome health benefits and pay for doing nothing. I had a idea a while back that the Gov ought to just give us the money to buy new cars. We give it to the car companies and get a new car, at least.
That way the taxpayers get something. By pouring billions into the phat car companies which mismanaged their own billions for years, the taxpayers get nothing except endless debt.