It appears that the decision on the $18 billion request by the Big 3 has come down to which party can gain leverage over the other party. The Republicans know the Democrats are between a "rock and a hard spot", Democrats who hate big business and are $600 million indebted to the unions, and Republicans who never found a cause that shouldn't be supported with taxpayer dollars. Unless, like in this case of worldwide economic chaos where an $18 billion mistake that could save millions of jobs and billions of dollars, they would rather play games with the opposition. Not to mention millions of people's lives.
After agreeing to the $700 billion to $3 trillion bailout of the financials with few strings attached, they quibble over $18 billion (Are we still spending $60 billion a month in Iraq?)that if not given WILL throw many part of this country into a greatly prolonged recession or at worst and depression albeit short of the "1930's" depression.
Credit Ray LaHood for getting his vote right even though I'm sure he felt as I did when I wrote my blog on "no bailout". Then I gathered a LOT more information and changed my mind. I know George Bush, along with other Republican leaders who should have taken off a shoe and got up on their work desk and tried to pound some sense into (you thought I was going to say the Democrats), each other regardless of affiliation I know George and his ilk are rather relishing the moment. But they sure shouldn't be. They too, bought into the "prosperity for many would never end" fantasy. Sure,they saw problems down the road but hoped they could confuse the public with "blame the other party" rhetoric while they enjoyed their substantial salaries, benefits of all kinds and a soft private or political job when they retire.
Not to mention the accolades of all those who received the largess of their watered down dollars. Who? Their major contributors, of course. Many of us did benefit but most of us do not.
Officials elected to state capitols and D.C., show some concern about your constituency who don't have well paying jobs and a secure future.
Show some guts now and correct some of the mistakes made with some "change as we lend" policies and then ENFORCE them WHEN they CAN be enforced. Asking the auto companies to predict when they will return to prosperity is like asking Glen Barton, Chairman of the Board of Newmont Mining, when the price of his companies greatly depressed stock will go back to $60 where a lot of people bought it. Or asking Jim Owens when Caterpillar will go back to the $67 a share where my "mad at me" wife bought this lately lousy investment. (Caterpillar received another downgrade today and closed at 42 something a share).
Do you think they have a crystal ball like the Republicans in the House think the automaker must have?
People who say "throw the bums out" voted twice to keep Blago in office and twice to keep Bush in office. (Then the majority voted to send Jehan Gordon to Springfield to support Blago). ??????
What a great country as Ex-Weatherman Bill Ayers said. And O.J. used to say.
Bush could have selected a better person than Hank Paulson, who along with Chris Cox (Did you read Cox's weak column in today's WSJ?) If not, don't waste your time. Really a lot of words of nothingness unless he thought that is what people are used to. A lot of nothingness like "we should all do this or that" and things will be OK. Just wait.