In politics, there is no such thing as a “final indignity,” but this is pretty darn close:
WASHINGTON (CNN) — The federal government will provide $13.4 billion in loans to automakers General Motors and Chrysler, the White House said Friday.
“Allowing the U.S. auto industry to collapse is not a responsible course of action,” President Bush said Friday morning.
“The terms and conditions of the financing provided by the Treasury Department will facilitate restructuring of our domestic auto industry, prevent disorderly bankruptcies during a time of economic difficulty, and protect the taxpayer by ensuring that only financially viable firms receive financing,” according to a statement released by the White House.
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“If the firms have not attained viability by March 31, 2009, the loan will be called and all funds returned to the Treasury,” the statement says.
Apparently, the White House has caved on its plan to even attempt to force the racketeering thugs at the UAW to accept even some of the concessions in the Corker Amendment. Just total capitulation, including a reward to the more incompetent companies while leaving the only potentially financially solvent one out in the cold. This is one of the worst pieces of bad political pandering I can recall; all the more so because the panderees will not appreciate it at all since they feel it’s pretty much what they’re owed anyway.