Saturday, February 14, 2009

Bailout or Bankruptcy

Do you remember what I called "the end around" that George Bush pulled on Congress in December when he bailed out the automobile manuafacturers to the tune of $17 billion?"  Well, it seems the money didnt not fix anything at all.  Now, General Motors is giving the Obama administration an ultimatum: give us money or we will file bankruptcy.

To me, this seems like an easy one for Obama.  After the rough couple of weeks he had, he needs a soft one.  His decision ought to be left the company file bankruptcy and work it out there.  The government need not mess with this situation.  Jobs in that industry were already lost due to the slowdown over the past few years.  Some more might be lost but in the long run, more will be created.

The automobile manufacturers have nobody to blame but themselves for the mess they face.  A systemic failure is not possible like with the banking industry.  Someone will built cars for us.  It might be Ford, Chrysler, or Toyota.  There are plants in this country, just some are located outside of Detroit.  Unions are partially responsible for their plight.  Yet, management missed the total shift in consumer demand.  Let them float downstream together.

Is this what Obama is going to do?  Of course not.  He is on his knees beholden to the unions.  He already signed 4 executive orders which were extremely union friendly.  Now, he is going to give them billions more to prevent the unions from losing their power.  Dont worry.  When you blast through almost $800 billion without a single person in Congress reading the bill, what is another few billion.  

If Obama goes this route, it will be just another sign of what a terrible administration this is going to be.  He is showing that he is a pansy when it comes to leadership and intent on creating a nanny state where all Americans are weak.  Dependence upon the corrupt government, that is Obama's goal.  

He must be stopped.

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