Byer's Basic Blog

just call us the Tunkhannock Times

Bailout Blues

Posted by joelbyer on December 12, 2008

OK, so after the US Senate turns down a bailout for the car companies, we now receive word that the President is seriously considering tapping into the $700 billion bailout fund approved earlier to “rescue” the Big (er, little) Three.

All of which goes to show this:

THE US GOVERNMENT HAS NO COHERENT PLAN FOR THESE BAILOUTS, BUT IS MERELY FLYING BY THE SEAT OF THEIR PANTS.

Sorry for yelling, but it would be nice to have some leadership on this issue.

Here are 2 excellent articles on the subject: Here & Here (excerpt below)

Here’s the gist: As much as management, the unions, the dealers and local governments pay lipservice to the need for GM to change, once you strip away their platitudes, it’s clear that deep down everybody wants to maintain the status quo, or at least as close to the status quo as possible. The UAW’s refusal to accept pay cuts last night was a dead giveaway. They say they understand the need for radical measures, and then they balk at the first sign of anything radical. It’s the old story – “when you said ‘radical changes’ were coming, I thought YOU were going to change, and I’d stay the same!

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