It is not the place of the Imperial Presidency or Congress to save every failing company. The airlines were allowed to fall into bankruptcy and restructure. They've managed to come out just fine. Allowing the market to work is what we want, not more debt piled atop the trillions of debt already accrued.
WASHINGTON (AP) — Under mounting pressure to act, the Bush administration said Friday it was ready to step in and prevent the U.S. auto industry from collapsing after the Senate refused to pass a rescue bill endorsed by the White House and congressional Democrats. The most obvious source of help was the Wall Street bailout fund.
"The current weakened state of the economy is such that it could not withstand a body blow like a disorderly bankruptcy in the auto industry," White House press secretary Dana Perino said.
Treasury spokeswoman Brookly McLaughlin said, "Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry."
What will it take till the powers that be realise that the mechanisms are in place to insure an orderly restructuring of the auto industry? It's called bankruptcy and, if it's allowed to work the auto industry will be better off than if they are nationalised. His Majesty the King needs to be reminded that he works for "We The People", not for industry or special interests or unions. Especially, unions. This country threw off the yoke of one king. We did not do so in order to be saddled with another. George Bush said, in the past, that he believed in the free market. It's long past the time he stepped up and put words into action. Or inaction, as the case may be.
Bailout, Politics, George Bush, Big 3