Friday, December 19, 2008

Auto's bailed

Wall Street Journal: ""Under ordinary economic circumstances, I would say 'this is the price that failed companies must pay' and I would not favor intervening to prevent the auto makers from going out of business," the president said. "But these are not ordinary circumstances."

The deal would extend $13.4 billion in loans to General Motors Corp. and Chrysler LLC in December and January, with another $4 billion likely available in February. It also would provide the government with non-voting warrants, although the exact amount was unclear immediately. Ford Motor Co. has said it doesn't need short-term assistance.

The deal is contingent on the companies' showing that they are financially viable by March 31. If they aren't, the loans will be called and all funds must be returned, officials said."


Two thoughts:

1. Thank you, Mr. Bush. You can leave now. No, really. It's not a moment to soon.
If now isn't the time for free market capitalism, then you no longer deserve the mantle of Republican.

2. The Federal government is just the organization I want determining the long term viability of a business. Because, ya know. They're good at stuff like that. Nope, its not a porky spending layout at all.


2 comments:

Solameanie said...

What I'd like to know is if you share my sense of impending doom yet? ROFL!

Seriously (or not), if you've ever seen the original Pink Panther movie with Peter Sellers, there's a very chaotic chase scene in a town square, where people still dressed in their costumes from a costume party are chasing each other back and forth in their cars. A befuddled old man is trying to walk across the street, and is watching the chaos with a very quizzical look on his face. He finally gives up and goes back to sit down. It's hysterical.

That scene reminds me of what's going on in our society today.

Palm boy said...

Not so much impending doom... but close to it. Yeah.

Haven't seen it... likely before my time. ;)