Saturday, December 13, 2008

Bush is Getting Worse!
Mike Rappaport

If that is possible!  Now that the Senate Republicans have blocked the auto bailout, Bush is going to use the TARP funds for this purpose.  This is outrageous.  These funds were not intended to be used for manufacturing companies.

What doesn't Bush get?  The Senate Republicans were willing to provide a reorganization type bailout of the auto companies, which would have involved the same wages for Detroit auto workers as other auto workers in the nation.  But the union wouldn't accept it.  This is not about protecting the country; it is about protecting privilege.

The bailouts on Wall Street were ugly, but at least they had the justification of arguably being necessary for the overall economy.  And, in most cases, the responsible parties took a serious hit.  Not here.   

https://rightcoast.typepad.com/rightcoast/2008/12/bush-is-getting-worsemike-rappaport.html

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Mike Rappaport
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Comments

Yep, in the last five months of his Presidency, Bush is securing his legacy for the history books: national socialism on a massive scale throughout the American economy--investment firms, insurance companies, banks, and manufacturing firms.

Who would have thought that when Bush spoke of the "ownership society" several years ago, he actually meant the government owning everything?

Posted by: Adam | Dec 13, 2008 5:23:06 PM

Just to be contrary, perhaps Bush is being a bit more calculating than you make him out to be. Let's assume that General Motors at least, probably Chrysler, and possibly Ford are doomed, and sooner rather than later, pretty much regardless of how much money the government pours into them. Which, then, would be better for the Republican party? A collapse of the US auto industry following a Republican filibuster of a government bailout package? Or a collapse of the auto industry following a government bailout that the Republicans opposed?

Posted by: Dan Simon | Dec 13, 2008 7:50:14 PM

The day after the mid-term election drubbing Bush held a news conference outside at the White House. He looked and sounded like a boy who had lost his mother. He's been hoping nobody would be mean to him since.
His best friend in the emergency bail-out meetings in which Paulsen was given powers of god was Barney Frank.

Posted by: jamz | Dec 13, 2008 8:17:26 PM

It is possible, Larry Kudlow thinks so, that many of the conditions that the Republican Senators wanted to impose could be imposed as part of the TARP bailout. But, I suspect the point made by Dan Simon is probably more likely. All it means, probably, is another $100 billion before the true reform occurs, but these days isn't that just "chump change?"

Posted by: Paul McKaskle | Dec 14, 2008 2:31:19 PM