We Will Control the Vertical…
Not content with the $5 trillion already going into the various bailout efforts Barak Obama is suggesting that the U.S. auto industry also get its fair share of time at the trough.
President-elect Barack Obama is pushing Congress to approve as much as $50 billion in automaker aid this year, a move that would require President George W. Bush’s support, people familiar with the matter said.
Obama’s economic advisers are convinced that if General Motors Corp. doesn’t get a financial lifeline soon, it will file for bankruptcy by the end of January. And if GM and other cash-starved U.S. automakers don’t get almost $50 billion, Obama will be dealing with the issue again by next summer.
In other words, President Obama, or even President Bush get to decide which companies fail and which ones don’t. Why? Well because these people vote, and Barak Obama is probably thinking about 2012 already.
Advisers such as former Federal Reserve Chairman Paul Volcker and former Treasury chief Lawrence Summers are said to be telling Obama that the cash is needed now. Obama also wants Congress to appoint a czar or board to oversee the companies, the people said.
Great a car czar, but this isn’t about the government controlling anything. The suggestion that Obama was a socialist was roundly dismissed by many, but a government official that is to oversee private companies strikes me as very much a step in the direction of socialism.
Senior Democrats want to carve out part of the $700-billion Wall Street bailout for loans to the three major auto companies in exchange for a government ownership stake. They hope to push the measure through next week.
That bailout is becoming like a school’s multi-purpose room. What, the auto makers were foolish too? Oh, well here lets fling some cash at them too. What is next? Oil companies? After all the price of gasoline has plummeted in recent months. Maybe we need to drop some billions in their bank accounts too.
Do those of you who supported the bailout feel like suckers now? Seriously, D.C. has become the slop trough for corporate pigs who have mismanaged their companies, but it is supposed to be a good thing to keep them going? Yeah, yeah, I know think of the workers, think of the children!!!1!!!one!!