America, You Asked For It!

Political News and Commentary from the Right

3 Little Piggies Gorging Selves at Gov’t Trough

from

President Bush: Automakers to get $17.4B

By DEB RIECHMANN, Associated Press Writer

WASHINGTON – The Bush administration came to the rescue of the U.S. auto industry Friday, offering $17.4 billion in loans in exchange for concessions from the deeply troubled carmakers and their workers.

Official Flag of the United Socialist States of America

Official Flag of the United Socialist States of America

“Allowing the auto companies to collapse is not a responsible course of action,” President Bush said, citing danger for the entire national economy as well as the carmakers. Bankruptcy, he said, would deal “an unacceptably painful blow to hardworking Americans” across the economy.

One official said $13.4 billion of the money would be available this month and next, $9.4 billion for General Motors Corp. and $4 billion for Chrysler LLC. Both companies have said they soon might be unable to pay their bills without federal help. Ford Motor Co. has said it does not need immediate help.

…(Read full article)


Well, he officially did it–undermined everything we accomplished in getting the original House bailout defeated.  Bush ignored public opinion and the US Senate in a vain attempt to keep his legacy from being forever tied to the current economic crisis.

The statement says concessions were made by the auto companies.  What concessions?  That they’ll pay the loan back if they haven’t developed a plan to become viable by March? What in the Hell are they going to pay it back with?  And if this money is to keep them afloat until then, will they need another bailout in March?

Where are the concessions by the UAW?  Hell, in this interview yesterday Gettelfinger was finally getting used to the idea that concessions were going to be unavoidable.  This irresponsible move by the Bush White House will only embolden him once again and make it much more difficult to force contract amendments that could once again make American automakers competitive.

You’d think the President would have learned after the financial industry bailout failed to achieve it’s goal.  Government bailouts don’t work!  All he’s done is ensure that it will be business as usual in Detroit, with the same incompetent management and the same bloated labor contracts that create a drag on the American auto industry as if it was trying to pull an aircraft carrier anchor along behind it.

Welcome ladies and gentlemen, to the United Socialist States of America (USSA)!  Comrade Kruschev must be quite pleased now.

“I once said, “We will bury you,” and I got into trouble with it. Of course we will not bury you with a shovel. Your own working class will bury you.”

–Nikita Khrushchev

And we didn’t even have to wait for Obama to take office.


See what others are saying

George Bailout Bush drives the final nail in his coffin–Michelle Malkin

President Bush Gives Up On The Free Market Economy–Jane Q. Republican

Bush’s Awful Auto Bailout–The Foundry

Outrage! Bush Trashes the Constitution, the Free Market, and the Taxpayers–Leslie Carbone

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December 19, 2008 - Posted by | Bailout | , , , , , , , , , , ,

2 Comments »

  1. I am against the whole bailout plan in general. I happen to think that free markets work, in this case the Big 3 didn’t win. Their product is horrible and their business model is a flop. I think giving them money of any sort is a waste. They showed up in private jets for pete’s sake for their 1st round of begging. Crazy. I actually rant more on my blog http://theworldaccordingtomelisa.wordpress.com/. What is this world coming to?

    Comment by melisa74 | December 19, 2008 | Reply

  2. […] Many of us predicted the loans couldn’t cure the auto companies’ ills, and we were slandered and maligned by left-leaning pundits and politicians of both parties. We recognized these loans would simply subsidize failed business models and encourage a continuation of the same failed strategies that put them in this position to begin with. […]

    Pingback by $4 billion down the drain… « America, You Asked For It! | May 2, 2009 | Reply


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