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.
* * *
“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.
Just sickening.
Ummmm....
alaskaescapeartist Friday, December 19th at 9:46AM EST (link)If they aren’t viable on March 1st, does anyone suppose that the funds will be sitting around waiting to go back to the Treasury?
Of course, if the Government calls in the loan, and they can’t pay it back… then they will finally qualify for a BAIL OUT!
This is all a bad dream.
Yeah, it usually works well
Leon H. Wolf Friday, December 19th at 9:49AM EST (link)When you call an insolvent corporation’s largest loan before its maturity date. Just a brilliant plan by Bush/Obama here.
————
They’re *illusions*, Michael. A trick is something a whore does for money. Or candy!
I have to agree with the Fox analyst here...
randy streu Friday, December 19th at 9:52AM EST (link)all this is, is a “punt.” Bush knows that either these companies get the money or file bankruptcy. He doesn’t want the bankruptcy to happen while he’s in office, so he’s granting the money under as broad terms as he can, and basically putting it in Obama’s lap to deal with come January. We’ve all been saying a bailout would simply put off the inevitable.
I think Bush is doing exactly that, and I think he knows it.
Blogging also at
SLC Republitarian
The Minority Report
Only problem is...
mikefisk Friday, December 19th at 9:57AM EST (link)…I see nothing that would indicate that Obama wouldn’t give them even more money come January. Maybe I’m wrong, but that’s not a punt, it’s taking a knee four times in a row in the first quarter, while deep in your own territory.
“Once within the maw of Leviathan, degree of digestion is irrelevant.” - Michael Fisk
7.88, -1.97
Of course Obama's going to do the wrong thing.
randy streu Friday, December 19th at 10:00AM EST (link)And it’s going to suck for us. Don’t get me wrong… I’m not praising Bush for this. He’s handing the problem over to The One, who will not solve the problem… frankly, I think he’s finally concerned for his legacy, and this is the fallout from that.
Blogging also at
SLC Republitarian
The Minority Report
Note to the North American Paper industry...
jdub19 Friday, December 19th at 9:51AM EST (link)cease taking downtime and shutting down mills…..
There’s a checkbook OPEN!!!
” Got to love the Lord for making things like that.”
Morally Compromised
After eight years of ducking fights to avoid "controversy" and failing at that ...
Martin Knight Friday, December 19th at 9:59AM EST (link)… one would think someone with a brain would figure something out …
To me, “consensus” seems to be the process of abandoning all beliefs, principles, values and policies. So it is something in which no one believes and to which no one objects … There are still people in my party who believe in “consensus” politics. I regard them as Quislings, as traitors … I mean it.
- Margaret Thatcher
NOTE: “consensus” = “Bipartisanship™”/”Centrism™”
Like father, like son
Next93 Friday, December 19th at 10:04AM EST (link)N/T
Constitutional limits on the powers of the federal government:
It’s not just the law, it’s a good idea!
I'm optimistic
Next93 Friday, December 19th at 10:07AM EST (link)I’m sure that the Obama administration will have the political courage and the intellectual honesty needed to do an objective appraisal of the viability of the loan recipients, and pull the plug if they haven’t acheived viability by March.
OK, admit it, I just got you to spray hot coffee through your nose, didn’t I?
Constitutional limits on the powers of the federal government:
It’s not just the law, it’s a good idea!
A Boycott of One
dvdmsr Friday, December 19th at 11:09AM EST (link)Bush can bail out the UAW and bad management with my tax dollars if he wants, but I tell you I am through giving them money. So until the UAW’s compensation is on par with nonunionized workers in competing companies, I will not be buying a new American (UAW) car. I’m done with them.
This is just one more reason Bush is a disappointment in my book. He could have given new meaning to the idea of a lame duck president, but instead he just chose to be lame.
Building Bridges Between American Conservatives & Libertarians By Calling For A Return To More Local Control On Social Issues (The Resoration Of Federalism) And To Smaller More Fiscally Responsible Gov’t
Excuse me, I meant to say
dvdmsr Friday, December 19th at 11:15AM EST (link)a new or used American (UAW) car.
Building Bridges Between American Conservatives & Libertarians By Calling For A Return To More Local Control On Social Issues (The Resoration Of Federalism) And To Smaller More Fiscally Responsible Gov’t
Good Riddance, Bush
DavidSage Friday, December 19th at 12:04PM EST (link)No Democrat President could have ever dreamed of the enormous expansion of government that has happened under Bush. He’s essentially nationalized the entire financial and banking industries in this country, and now the auto manufacturers.
Obama now has a green light to do pretty much anything he wants now.
Bush will be the Herbert Hoover of the Republican Party for decades.
And yes, count me in on the boycott of Big 3 products.
Make that a boycott of three
Jack_Savage Friday, December 19th at 7:21PM EST (link)And I will extend the boycott to my children and grandchildren. The UAW can go spit up a rope AND suck a lemon.
If George Bush managed to do this under the guise of being a Republican, I am beginning to be grateful we didn’t elect John McCain.