Posted by: McQ on Thursday, November 20, 2008 Just hide and watch. They don't want the failure of a major industry to happen as the Obama administration takes office: It's really up to Bush's team to act, he said.For those who want the bailout, there are two options immediately available. One - use a portion of the $700 billion already passed by Congress. Two - the $25 billion fuel-efficiency fund already set aside by Congress to help auto makers switch to vehicles that burn less gasoline. Republicans are against option one. Democrats are against option two - at least at the moment. Various Democrats are trying to work a deal where the fuel-efficiency fund would be immediately be replenished in the next Congress. Additionally others are looking at a scaled down 5-8 billion dollar package to help auto makers survive the end of the year (the implicit assurance there is there'd be more to come after they got rid of the pesky Republican administration). My sense is they're going to get something. In good times, the Democrats would have a very tough time with their own members passing something like this. However with all the hopeychangitude euphoria, they don't want a downer like the car industry crashing and millions being put out of work (which, of course is the absolute worst case scenario and unlikely, but precisely how it is going to be presented) just as the Obama administration comes into power. They'll find some way to ignore or skirt their own laws and bail these dinosaur industries out - or should I say, prop them up. Bankruptcy, reorganization and the birth of a new, restructured and profitable domestic auto industry is the key. Instead, we're going to get the hopeychangitude auto industry that will continue to bleed red and ask for handouts while holding union jobs as ransom against a Democratic government. |
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