Hopes for GM Bailout Dim.
Ducal Chris Dodd of Connecticut gets a headline late in the day that he does not believe there is a GOP vote for the $25 billion bailout for Detroit mentioned by his leadership. No response from Mitch McConnell needed, since this is a Dem fishing expedition. It does set up the big TV
event of Wednesday 19 when Motown will send its three Homeless Executives to Barney Frank's Oversight committee to wail and plead for assistance.
House Speaker Nancy Pelosi (D., Calif.) has asked Rep. Barney Frank, chairman of the House Financial Services Committee, to draft the rescue legislation, which she said would likely be introduced in a lame-duck session of Congress as early as next week....Executives of GM, Ford Motor Co. and Chrysler LLC, along with leaders of the United Auto Workers union, are expected to testify at a hearing of the House Financial Services Committee next Wednesday....
Dem Fish, GOP is Bait
The Hank Paulson bailout was to save Goldman and Paulson's cronies on Wall Street, and now they want the TARP to save the UAW to keep the money flowing to the DNC. It will work. The DCCC for '10 will repay in great affection. And as the bailout will not sell cars, the layoffs will continue, spreading throughout the Midwest. Angry jobless vote for more and more central committee and command economy measures. Witness Barack Obama's Leninist proposal for a $50 billion takeover of cars no one wants and the imposing of a government panel of Auto Commissars to administer what remains of GM, Ford, and Chrysler and their
parts dealers. Do we get a tax break when we buy a GM product? The money-losing electric car boondoggle Volt will be a 100% tax write-off? And what does Toyota get? Exit visas? We are watching the Democrats translate a bump in the polls into a plan for a generational welfare state. The GOP is dominated by slow-footed, cranky pols like Mr. McConnell and the Senate wimps who think this is about their pals the bankers. Now John Boehner of the GOP House thinks bailing out Detroit is about financial controls and return on investent from the bankrupts Rick Waggoner of GM and Alan Mullaly of Ford (right). No. Thaddeus McCotter of 11th Michigan writes me matter-of-factly that the reason Detroit is out of cash right now is that the bankers kept the first $250 billion of the TARP for their own accounts, and so the commercial paper for Detroit skyrocketed out of reach and the car loans paper vanished. In sum, the problem in Detroit is Washington created. And now Chris Dodd wants to take over the Detroit that he helped shove down the stairs with that panicky vote for Paulson's folly on October 2 in the Senate. Clever. This car bailout is about buying votes, and whole states are going deeply blue because they are being bribed by TARP over to the dark side -- a command economy. The United States of Commanded Blue Voters. Mr. Dodd is gaming the GOP, and he is winning. Thaddeus McCoter asks me, where does collectivism stop? With the DCCC campaign for '10 and the Re-Elect Obama campaign '12.
"Thaddeus McCoter asks me, where does collectivism stop? With the DCCC campaign for '10 and the Re-Elect Obama campaign '12."
I'd believe that if I thought the GOP as constituted were ready to take it to the barricades like Nussel and Gingrich did in 1992-3. They ain't. They can't walk and chew gum at the same time. So I don't.
THE LEGACY OF GM
GM taught the Japanese car makers that if they produced cars in the US, they could game the system just like GM:
Hire lobbyists; get tax breaks; create good paying jobs and eventually become too big to fail.
Chris Dodd and ethics violations:
http://www.youtube.com/watch?v=2dMLoKH9UJ8