David Kirkpatrick

November 21, 2008

Dems want to bail out the Big Three

I guess the threat of a Chinese takeover of the US auto industry is going to drive more corporate socialism. Looks like elected Democrats want to fork over cash to the failing businesses.

Isn’t it time someone pointed out no one — no one — has any clue what is happening financially right now? Our treasure is being spilled and spent in the Middle East and now on Wall Street and the Rust(ed out) Belt. Main Street will eventually turn to garbage can fires and gunplay if this keeps up.

From the second link:

Democratic congressional leaders, seeking to salvage a bailout of the Big Three automakers, demanded executives provide a business survival plan in exchange for their support of up to $25 billion in loans.

The ultimatum came on Thursday after the Democratic leaders failed to persuade the White House and congressional Republicans to use part of a $700 billion financial rescue fund to prop up the auto industry.

Hanging in the balance is the future of General Motors, Ford Motor and Chrysler LLC, whose losses have mounted during a severe economic downturn that has prompted Americans to largely stop buying cars.

Shares of GM and Ford rebounded from multi-decade lows as the developments in Washington kept bailout hopes alive.

While many lawmakers are anxious to see the companies survive, Republicans have been more wary of whether the money would really help, and Democrats have been more inclined to be generous to the huge employers of unionized labor.

Democratic leaders acknowledged on Thursday a growing public resentment over government bailouts of U.S. business in slowing the automakers’ demands, saying they will take a look after the auto industry provides a roadmap to its survival.

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