Friday, December 19, 2008
GM Gets Their Bailout
When the bailout bill failed in the Senate, the cynic in me said that it was sabotaged. That's right, deliberately killed. Why? So that the White House would be forced to use the financial bailout money, which would be given with far fewer strings attached. Well, it looks like that's what happened.
I sincerely hope that the cynic in me was wrong and this wasn't deliberately staged, but I still have to wonder. Where are the union concessions? "Laid off" union workers, as far as I know, are getting 95% of their wages for doing no work. That should be stopped immediately. What about the car czar? Will anybody hold them accountable for their actions and/or keep them on the right track. They have until March to prove that they're "viable", and if they can't - will the government let them fail then? I doubt it. From where I'm standing, this bailout has no real teeth. If I'm wrong, please let me know.
It seems to me that the Big 3 swaggered into Washington DC and demanded money. There was a lot of yelling and screaming about no free lunches, but they are going home with just about exactly what they demanded.
Is this just how things work?