Wednesday, December 31, 2008

Auto Bailouts Hardly Over With...

Sure, the President un-Constitutionally and illegally directed the expenditure of $17+Bn to the Big3, less FoMoCo.

And sure, the Fed suddenly decided that GMAC was really a Bank, despite all those quibbles about equity interests--thus springing $6Bn into that entity.

But the Fat Lady hasn't sung yet:

The Treasury Department says it will decide on a case-by-case basis whether other companies connected to the struggling automotive industry should be provided emergency aid from the government's $700 billion bailout pot.

President George W. Bush reversed course on Dec. 19 and announced a $17.4 billion rescue package for teetering auto giants, General Motors Corp. and Chrysler LLC, which were burning through cash and bleeding jobs.

Can you say "Delphi"?

3 comments:

Deekaman said...

Headline should be, "Government Continues To Throw Taxpayer Money Down a
Rathole"

Dan said...

As a conservative, I am disgusted by what Bush is doing. Great, he he is social conservative and he has been great for security, but when it comes to the economy, he is terrible.

Joe of St. Thérèse said...

This is what happens when the government tries to play God, they fail.