Our ‘mission unaccomplished’ blithering idiot of a President George W. Bush threw a $17.4 billion lifeline to Detroit automakers lest they give up the ghost on his watch.
To prove yet again that he’s indeed the dodo he’s widely reviled to be, Bush gave the auto industry until March 31 to get its affairs in order.
As if the auto industry that hasn’t been able to get its act together in over 10 years can accomplish a miracle in 102 days.
Read the full details here.
We’ve said it all along. Bailing out sick and incompetent businesses be it Detroit or Wall Street is not Capitalism.
Au contraire, it’s a sickening bailoutism.
Industry does not benefit only those who own them …there are others …
Workers , dealers , those who repair those cars , petrol pump workers , those who provide insurance and loans etc to buy those cars ,and of course ..those who buy these cars and avail of all these services ..etc etc …
all these are people who fit into your defn of taxpayer …these are the people who are ultimately going to benefit …
Any Bailout of a Industry …which has a future … is welcome and has wider implications …..
Come to think of it …if a Ford or a GM goes down …defn those executives or people sitting on the board are not going to suffer ..
Let’s get real…$17 billion is not going to save Detroit. It’s just a bandaid.
George W.Bush has just kicked the problem to Obama.
In any case, last time we checked the presiding ideology of our nation was swim-or-sink Capitalism.