Posted on 10/29/2009 4:35:57 PM PDT by sdkruiser
Montana Rep. Denny Rehberg was no fan of the $58 billion federal rescue of General Motors Co., saying he worried taxpayer money would be wasted and the restructuring process would be vulnerable to "political pressure." Now the lawmaker says it's his "patriotic duty" to wade into GM's affairs.
And he's a Republican.
My problems are rarely ever with the nature of the Democrats' Hype du Jour, they generally have to do with the doomsday caterwauling and that every solution ends with the heavy hand of the federal government shoving its fingers in places I don't want them. And when I refer to the federal government, I mean ALL of it, Democrat and Republican.
The federal beast has no altruistic motives, it is always selfish. It's not there to help you, the citizen, it exists solely to bloat itself and justify it existence. When it involves itself in the private sector it is rarely accurate or efficient.
As we've seen since all of this stimulating began, those representing the federal beast find more and more reasons to be meddlesome bitches, even in areas where they have little, if any expertise.
Since the financial crisis broke, Congress has been acting like the board of USA Inc., invoking the infusion of taxpayer money to get banks to modify loans to constituents and to give more help to those in danger of foreclosure. Members have berated CEOs for their business practices and pushed for caps on executive pay. They have also pushed GM and Chrysler to reverse core decisions designed to cut costs, such as closing facilities and shuttering dealerships.
(Excerpt) Read more at stephenkruiser.com ...
We should have let GM fail. It would have been a HUGE step toward ending the communist union movement that has been dragging down America for decades.
Actually bailing out GM would have been acceptable if the conditions were:
1) UAW is out. The collective bargaining agreement is revoked, and all members on the active payroll are no longer union members. Any attempt to re-organize would be illegal until the debt to the taxpayers is repaid in full.
2) The debt is to be repaid in stated mortgage terms. Must pay the note monthly with a reasonable period for the company to restructure it’s operations before payments start.
3) Taxes on the companies properties, assets and inventories are to be suspended during the restructuring period.
I disagree. The market should be in charge.
I said acceptable, not desirable.
As it stands now, the taxpayer is going to lose $54 billion and that is likely to grow into $100 billion.
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