Thursday, December 11, 2008

AUTO LOANS

So, for the time being it appears that the deal to provide Federal loans to GM and Chrysler is dead. Senator Mitch McConnell (R-KY) says "A lot of struggling Americans are asking where their bailout is. They wonder why one business would get support over another. When it comes to the auto industry, many Republicans in Congress have asked these same questions."

Exactly. When it comes to the union-heavy auto industry, many Republicans in Congress don't see the point. When it comes to Wall Street, and the heavy Republican donors who work there, Republicans saw the point very, very clearly. Save the banks, and not a PENNY for the middle class!

This issue has been discussed here in the past. Reasonable people can disagree as to the best solution. However, I expect the Congressional Republicans to have serious proposals to deal with the fall out if GM and Chrysler fail and take manufacturing in the Great Lakes basin down with it. If the plan is to just let the market deal with it, they are looking at spending decades in the political wilderness, hoping and praying for a Dwight Eisenhower to bring them back.

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