We are so screwed.
Should our government bail out the auto industry and not let them reap the consequences of bad business practices by having them take backrupcty, I will never purchase another American made car by any of the big three!
This is ridiculous. The only thing that can “bail-out” the Big Three is building great cars at great prices so people will buy them. It’s too late for that.
Obama owes the unions; clear and simple.
30 As a very important source of strength and security, cherish public credit. One method of preserving it is, to use it as sparingly as possible; avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts, which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen, which we ourselves ought to bear. The execution of these maxims belongs to your representatives, but it is necessary that public opinion should cooperate. To facilitate to them the performance of their duty, it is essential that you should practically bear in mind, that towards the payment of debts there must be Revenue; that to have Revenue there must be taxes; that no taxes can be devised, which are not more or less inconvenient and unpleasant; that the intrinsic embarrassment, inseparable from the selection of the proper objects (which is always a choice of difficulties), ought to be a decisive motive for a candid construction of the conduct of the government in making it, and for a spirit of acquiescence in the measures for obtaining revenue, which the public exigencies may at any time dictate.
George Washington’s Farewell address, Paragraph 30
No lobbyists in my administration. Yuck, yuck.
Obama isn’t showing his business ignorance, he’s just paying back those that help elect him...
There is not enough money on this Earth to allow us to spend our way out of this financial mess.
IMHO, bankruptcy is the way to go for the auto industry. It appears to have worked well for the airline industry.
There had better be "strong Republican opposition" to it. Hopefully the dinosaur will die before Obama becomes official usurfer Of the USA.
Or better yet, Obama fails to provide sufficient proof of citizenship required by the law of these lands, and the sun shines once more.
So, for example, the $700 billion bailout would cost each filer roughly $7000. Since the actual bailout amount has been estimated, to date, to be about $2.2 trillion (what I've heard), that translates into something like $21,000 per filer.
Why not bail out the oil companies too. The price of crude oil dropped from $147 to $56. Oh, the horror.
Thanks to McCain and Bush he was also able to say “conservatives” as well as liberals support doing what ever it takes.
They need to let them fail and stay out of it. If they give them loans, there’s sure to be “strings attached” which is government intervention into the private sector
(AGAIN). There will be no end to it.
John Batchelor is talking about this on http://www.wabcradio.com/
Well, he’s a leftist. Of course he is clueless about how economics actually works!
I will concede there may be a small minority among the left who are there only out of sheer wickedness, who do understand how economic works, but advocate unworkable things precisely because they know they will fail. Personally I supect Obama is of the wicked *and* clueless variety.
They’re all ignorant.
Nothing the Socialist Left have ever done turned out good.
They’re programs are a scam to skim and become fatcats while telling everyone else what they MUST DO.
It took lots of money to buy this so-called election. And the right are suppose to be the rich. HA
The guy at the bottom sees nothing but the same old welfare giveaways with what’s left over.
He can make this his top priority on Jan 21st-provided they last that long.
Terms enabling lending or investing, allows management, labor, and government leaders to fabricate temporary shelters from market forces and voters revealing their ineptitude. Elections for 535 patricians returned most to Washington, when nearly all were decayed and wretched. One patrician even became president, though severely infected by gifts and influence from those precipitating the mortgage crisis. Now car companies and states also queue up for bailouts.
Government institutions nationalizing private sector firms feed addictions to power equivalent to individual addictions to chemicals or pornography. Individuals exchange personal freedom for perception of material security, but only postpone the looming reckoning.
Proper government involvement means the Federal Reserve, in concert with Treasury and Justice, applies persuasion to private sector firms. Brutal persuasion, just short of torture as condemned by Geneva Conventions, enables private companies to discover programs for market clearing asset prices. They also form new companies absent flagging management and labor attributes.
Whatever financial cost the country must pay now to adhere to principle pales before the later cost incurred, if markets are forced to merely postpone consequences. True solutions reaffirm the inevitability of market forces countermanding human laws, and incorporating risk within all economic activities.
Our Constitution says this country will promote the general welfare. It did not say the Treasury Secretary would ensure protection of home values, college funds, retirement accounts, life savings, homeownership, corporate wealth, political careers, and union benefits.
Who is going to buy the damned cars???
It’s a lethal combination of economic ignorance and debt to the auto unions.