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This morning President Bush gave the GM and Chrysler the money they were looking for. Regardless of how Americans felt about a bailout, or what the US Senate had made clear, President Bush unilaterally gave TARP funds to these two failing auto manufacturers. $17 billion, to be specific. And the oh-so strict requirements placed on the companies? Come back in three months with a solid plan in place for restructuring; oh, and if you get a chance UAW, consider ending the jobs bank program in place now. Awful. There are no strict requirements placed on these companies or the UAW and basically, the White House circumvented Congress and gave the companies what the US Senate said no to a week ago. This is very frustrating in itself, but add into the fact that part of the provisions in the funding is that the US government can be a stockholder in the companies, effectively nationalizing the domestic auto industry. Fun! Welcome to Socialism 101: first step, nationalize major industries (i.e. banks and auto manufacturers); second step, create a national welfare state by redistributing tax revenues across the board; step three, create an inflated government that touched more aspects of daily life. Now, many said Obama would usher in socialism. Of course people may be right in that aspect, who would have suspected that George Bush would be the first to initialize that process. This is just terrible, and somewhere, guys like Hugo Chavez are laughing hysterically right now.
4 comments:
I know it is crazy that Bush has been on board with this type of behavior but if you think this is bad imagine what Obama is going to do. Can you say drop in the bucket!
Kevin
Wait, so this means Bush was a socialist all along? Wow, he sure fooled me. What a great actor! :)
Bush was great as far as national security goes. Unfortunately, he's about as liberal as they come fiscally. The automakers as well as the rest of industry should benefit from tax breaks, allowing them to reinvest that money into new jobs and new products. Money should NEVER be given to companies outright, ESPECIALLY when the owners of the money (read: taxpayers) firmly stood against such an action.
I was all for Bush on Iraq. Now he deserves impeachment.
Although, to be honest, people voted for 4 more years of Bush-like fiscal liberalism in Obama. He's like President Bush but much weaker on national security. How ironic that he was the "change" candidate. I think a lot of people are going to be feeling duped in the next several months.
digitalH2O
The only good thing about this that I can see is the funds he's handing out are already allotted to bailouts and isn't ADDITIONAL cash. It's certainly not much of a condolence though.
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