Posted by
Stefano on Sunday, December 07, 2008 4:11:19 PM
No to The Auto Company Bailout
Politicians cannot say it but they know it's true. A bailout of the "Big Three" (BT) will not really bail them out. It will only extend the painful life of an outdated industrial bureaucracy that cannot continue to compete in the world marketplace. What is needed in this case is a prepackaged bankruptcy with the government acting as debtor-in-posession. This has been proposed by some in Congress and it is the only proposal that will enable the BT to shed their amazing array of cumbersome and oppressive contract liabilities. There will be great pain involved just as there was in the airline industry, but it will be less painful than the liquidation that will likely occur in the future. This option will also limit the hemorraging of money from the U. S. Treasury and the Federal Reserve to the cost of debtor-in-possession financing.
No to the "Car Czar"
What is the purpose of a "Car Czar" when we already have the superior intellect and unrivaled leadership of Pelosi, Reid, Schumer and Obama to dictate, implement, mandate, oversee, and manage our economic problems? One obvious purpose is to have a future scapegoat to which liberals can shift the blame for failure, since "W" will no longer be available for that role. A "Car Czar" will require his own bureaucracy and all of the attendant expense and other nonsense. If you have the mindset that government is the solution to all of our problems, it's a logical idea. But isn't our government resourceful and large enough to find somone now on the payroll who can act in that capacity. The most obvious and best choice for this situation would be to use a bankruptcy judge who would make the hard decisions that would occur in a prepackaged bankruptcy proceeding.
Bottom line, if the liberals must have a "Car Czar", let them have him on their own watch, not ours.