Here we go again. After the recent decisions by the Bush Admin to bail out Bear Stearns, the FM's, and AIG, another US industry which has been decimated by a series of decisions so dumb a blind monkey could have done better is asking to be bailed out. Why not? What's another $25BIL between conspirators?
Even as lawmakers in both parties unleashed a barrage of questions about the wisdom of a government rescue for the American International Group, support seemed to be growing quickly on Capitol Hill for $25 billion in loan guarantees to assist the ailing auto industry.
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The chief executives of the three big American automakers — General Motors, Ford and Chrysler — met on Wednesday afternoon with House Speaker Nancy Pelosi.
When they emerged, they expressed optimism that the loan guarantees would be included as part of a budget resolution that is needed to finance government operations through the end of the year.
“The support that we got was again very encouraging,” said Robert L. Nardelli, the chairman of Chrysler. “The conversations I have had all day on the Hill have been very encouraging, very candid, very straightforward and so as we conclude the day, I would say it was successful.”
Apparently though the Missile Race is a thing of the past, the Bail-Out Race is very much with us and the Congress is falling behind - nearly $400B in bail-outs for Bush compared to a mere $300B for the Democratic Congress.
At least when Chavez nationalized the Venezuelan oil cartel, the country got something out of it. What do we get? Bupkiss.
I want to hear those Blue Dogs stand up on their hindlegs and howl about how this is busting the budget - or do they only do that when the spending is designated for human needs like nutrition for the elderly, job training and mental health assistance programs? I think I know the answer to that question and it makes me furious.
Posted by: eRobin | September 18, 2008 at 01:36 PM