Odd that nobody seems to be talking about this latest fiasco from our completely corrupt and financially incompetent friends in Congress led by the botox-riddled corpse of Nancy Pelosi.
Another bailout. Except this isn’t for an important part of the financial infrastructure, nor is it for an industry that has been over-regulated by Congressional acts and presidential ineptitude. NO, this is purely as a political favor for the U.S. automakers; a group that has long resisted modernization, demanded protection from better managed foreign companies, and continually pumped out inferior products.
This will be an interesting test of the nascent Obama presidency. Clearly, the Pelosi-led Democrats are floating this bailout balloon to see how Obama reacts. If he’s going to be a presidential ATM for Congress, he’ll approve it without a second look. If he’s going to start out to be a slave to the polls, he’ll bide his time and make non-committal public statements about “looking into the issue”. Or if he might say “Enough is enough” and squelch this obvious political kickback.
I find it difficult to believe that anyone outside of Michigan or Capitol Hill actually thinks this bailout proposal is a good idea. Obama is around my age, so he surely remembers when the Japanese car manufacturers squeezed into the US market and quickly proved how archaic and antiquated American car manufacturers really were. Toyota, Datsun/Nissan, and Honda cars were better, more reliable, and more economical than the dinosaurs produced in Detroit.
Rather than actually IMPROVING their cars, the US automakers have long argued for protection from the Japanese in the form of tariffs. Consumers can see through this and have been willing to pay a premium for the better cars. But now Congress is not considering tariffs, they’re actually considering just a straight, no-strings-attached, taxpayer-funded DONATION to these corporate troglodytes.
Kind of a nice perk, don’t you think?. Run an entire industry into the ground with decades of incompetence and get a big check from the taxpayers.
Listen, I can understand propping up the banking industry. We don’t want a run on the banks to expose the fact that our currency is essentially an illusion. We don’t want the world economy to come to a screeching halt because the dollar collapses. I got that when I took Macroeconomics in my freshman year. Plus, a lot of the problems can be attributed to some government programs that failed. Fine, I GET IT.
But Ford, GM, and Chrysler? Those are businesses that could disappear TODAY and have no effect on the worldwide economy. People would just buy Toyotas and Nissans and Hyundais and Hondas and Mercedes and Volvos and Saabs and BMWs . Pretty much like we’ve been doing for the last 30 years.
Nancy Pelosi must be stopped! And Obama will hopefully be the guy who stops her.