Told Ya So…
Like I said when they did the OTHER bailout… the money would mostly go to the hogs at the trough and do pretty much zip. Now that’s the way it is being assessed, and I watched Nancy Pelosi blame that bailout on, imagine that, the Bush administration and all Republicans.
Yes, that’d be the same Pelosi that was the Speaker of the House when it was in a House controlled by the Democrats, the same Nancy Pelosi that literally screamed when it didnt pass the first time saying it was due to GOP holdouts (which is odd given the DNC majority… but math apparently isnt her strong suit).
Bailout #2… The Sequel
And as I said before, when that bailout failed, they’d be back for another. Just once I wish Washington politicians would quit living up to my low expectations.
But What About Saving the AutoMakers?!
Hell no. Handing tax dollars to the auto companies that painted their own way into a corner is designed to garner votes, nothing more. Politicians viewed as having “let GM die” are going to get lambasted by the employees that lost jobs, the stockholders that lost money, unions that lost a free lunch, the suppliers that went under in the process, and they’d lose their Washington gravy train job.
Propping up companies being robbed from the top by ridiculous executive compensation packages and looted from the bottom by stupid union regs is stupid. It’s like the movie “Weekend at Bernies” where the guys visiting a beach house discover the host is dead, so they spend the next few days posing him in lifelike positions.
HINT: The sumbitch is dead either way. Throwing tax dollars in after the money they’re hemorrhaging isnt bright.
When your computer OP system is corrupted do you…
- A – Do an op system “upgrade”?
- B – Wipe the hard drive and totally reinstall?
The answer is “B”. The auto companies are corrupted beyond repair. Doing “A” retains most of the errors.
Yes, let them crumble
Someone that has a brain will buy them and rebuild them without:
- Contractual obligations to pay silly sums to assholes at the top who expect golden parachutes and
- Having to live by union regs designed to stifle any semblance of a work ethic.
They’ll rise out of the ashes like a phoenix and be stronger for it.
What about the stock-holders?
Seriously, anyone recall these stockholders offering to donate their profits to the taxpayers in good times?
We are creating a terrible precedent if we let people to assume they can take any risk and keep it if they make money… but if they lose they get tax dollars. If they’d paid attention they’d have voted out the directors that allowed this to happen.
Putting it in perspective
If I go to a Vegas Roulette wheel and bet everything I own on 31 Red… can I keep the money if I win and ask for reimbursement if I lose?
No, and requiring every man woman and child in the nation to involuntarily fork over dollars to companies that ran their business as if that were the norm is possibly the stupidest idea to come out of Washington, and given their history that’s a pretty tall hurdle.