The CEOs of the big three auto makers are back in Washington today. They were sent home two weeks ago by Sister Nancy after showing up for their bailout without their book reports. Later it was disclosed that, GASP! HORROR! SHOCKING! They flew to D.C. on corporate jets. Those horrible morons! Of course no member of Congress has ever taken a private jet anywhere while lecturing the American people on global warming or the need to conserve energy. I am sure Sister Nancy takes her covered wagon when traveling between her West Coast villa and the capital. Maybe she roughs it in the middle seat in coach with the screaming baby on one side of her and the over-served won’t shut up guy on the other.
I am not exactly sure why the members of congress got so uppity about loaning the relatively paltry sum of twenty five billion to Detroit while throwing somewhere between three and four trillion to Wall Street grifters. At least if the automakers default or go belly up we can call the repo man and get three or four hundred thousand cars for the new national used car lot. What do we get if AIG goes out of business, some nifty 2009 desk calendars?
During the election, before He Who Is got the right to his own corporate jet for the next four years, this whole bailout thing got started. Remember what the bailout was going to do? Free up credit and stabilize the markets. We needed to do it right now or the whole economy was going down the disposal. Without the bailout the Dow was going down to seven thousand, thousands more houses would go into foreclosure and unemployment might hit seven percent. Since the bailout the housing market has continued in free fall and markets have been swinging more wildly that Hef in the sixties and houses are emptying out faster than Paul Brown Stadium. The people who are actually getting the money from Uncle Sugar are sticking it away to shore up their balance sheets. So what did we get for our money? We got a line of folks with their hands out that now stretches from Wall Street to Detroit, to California with no end in sight. So how is that bailout working out for us?
It’s a shame that the folks who are running things now weren’t around to bailout United Buggy Whip and Amalgamated Starched Collars in the beginning of the last century. Everyone keeps pointing to our bailout of Chrysler back in 1980 as some success story but I believe they are one of the corporations in line with hat in hand again.