it starts
The tsunami of public expenditure, that is.
The Bush administration signaled yesterday that it would reject a proposal by congressional Democrats to immediately advance $25 billion in government loans to ailing Detroit automakers.
Loans which would be used for what, you ask?
Congressional Democrats are pressing ahead with plans to dip into the Treasury program to provide $25 billion in bridge loans to cover day-to-day operations at the car companies, particularly General Motors, which says it could run out of money within months. Pelosi has tapped Frank, the chairman of the House Financial Services Committee and a key architect of the Treasury rescue program, to craft the auto legislation. Frank said he would summon the chief executives of GM, Ford and Daimler-Chrysler, as well as the head of the United Auto Workers, to testify at a hearing next week before his committee.
Day-to-day operations.
Which would assist in strengthening the viability of the automakers how, exactly? They are bleeding to death because they are bloated, unresponsive bureaucracies selling products under far too many brands, that no one wants to buy, manufactured with labor hired under a suicidal contract, which they have been doing for umpteen years, and we should LOAN them money to cover their day-to-day operations?? This is not a surprise to anybody but the retards at GM who think the path to commercial success is the Chevy Trailblazer.
This is simply a transfer of public money to the UAW, and anybody who claims otherwise isn’t paying attention. At least the UAW are honest enough to admit they intend to rape the public purse now their servants are back in the ascendancy:
The UAW plans to seek an additional $25 billion in public funds to cover the first payments to a union-run trust that will take over retiree pensions and health benefits from the car companies. Alan Reuther, the union’s legislative director, said this aid could help free up additional lending to the automakers. “Private lenders are reluctant step forward because they see this big liability out there,” he said.
Another $25 Billion? If the American people think this is a good idea, I’ll be surprised.
I’ll bet Obambi is really looking forward to becoming the face of this orgy.
God help us.
Beth says:
I’m just gonna say AMEN!!!!
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Harry says:
…So what should be done as an alternative? Let them fail and get flooded with imports? Let foreign autocar makers who are subsdized by their own governments, buy up the assets of the Big 3 at firesale prices? Have them Declare Chapter 11 Bankruptcy and Restructure? In your opinions, what’s the best plan?