Hardline opponents of an auto industry bailout branded the industry a "dinosaur" whose "day of reckoning" is near, while Democrats pledged Sunday to do their best to get Detroit a slice of the $700 billion Wall Street rescue in this week's lame-duck session of Congress.
I tend to agree with the opponents, the US automobile industry is a "dinosaur", unable to compete. Once again, it's all because of greed. The autoworkers' unions have ruined the entire industry and need to be disbanded. Can you imagine where the computer and electronics industry would be today, if it were hamstrung with unions? There was a time when they had their purpose. That time is long past. If they are needed again, they can be revived.
Senate Democrats intended to introduce legislation Monday attaching an auto bailout to a House-passed bill extending unemployment benefits; a vote was expected as early as Wednesday.
This is something else I'm sick and tired of - attaching bills to other bills with which they have nothing to do! I urge you to write your representatives, asking them to put an end to this! This is simply a strong-arm method of getting pork passed through Congress in order to get needed legislation through.
Majority Democrats will need at least a dozen GOP votes in the Senate to prevent opponents from blocking their measure. So far two Republicans [George Voinovich of Ohio and Kit Bond of Missouri] publicly have voiced support for the idea.
Let your Senators know your opinion! Call them, email them, write them! These guys have totally forgotten who it is that works for whom! Let us remind them!
Read the next few paragraphs and see which really makes sense, to you:
"Companies fail everyday and others take their place. I think this is a road we should not go down," said Shelby, the senior Republican on the Senate Banking, Housing and Urban Affairs Committee. "They're not building the right products," he said. "They've got good workers but I don't believe they've got good management. They don't innovate. They're a dinosaur in a sense."
"Added Kyl, the Senate's second-ranking Republican: "Just giving them $25 billion doesn't change anything. It just puts off for six months or so the day of reckoning."
And then, there's this...
"House Speaker Nancy Pelosi, D-Calif., said over the weekend the House would aid the ailing industry, though she did not put a price on her plan. "The House is ready to do it," said Democratic Rep. Barney Frank of Massachusetts, chairman of the House Financial Services Committee. "There's no downside to trying."
Oh, really? Nancy Pelosi doesn't have a clue and Barney Frank thinks there's no downside to trying! I guess throwing away $25B is not to be considered as a downside! These people act like the Fed just cranks up the printing press and turns out more money whenever they need it. Oh, wait! They do!
If there is no downside, as Barney Frank says, then why not do as the Administration suggests and use the $25B that's already been approved to help the automakers develop fuel-efficient vehicles? After all, if they don't survive, they won't need it to develop fuel-efficient vehicles!
[Carlos Gutierrez] said reopening the Wall Street bailout and including automakers could attract other industries looking for bailouts.
"If you start that, where do you stop?" he asked. "There's a line of companies of industries waiting at Treasury just to see if they can get their hands on those $700 billion."
No kidding!
Former GOP House Speaker Newt Gingrich said young voters, who overwhelmingly supported Obama over Republican John McCain in the presidential election, could get turned off by expensive corporate bailouts that they will eventually have to pay for.
If "those 20-year-olds and 30-year-olds start to figure out they're going to pay the taxes, they're not getting the billions, I think you might find a lot of dissatisfaction by next summer," Gingrich said.
Evenutally, the rooster comes home to roost. We all need to learn that there is no free lunch, someone has to pay for this.
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