It seems the saga of the automakers bailo……….umm "loan" continues even now. Even though the Senate rightly voted "NO" to giving the automakers money, clearly the White House is foaming at the mouth to get their dirty little hands in the car making pie.
It will be truly a sad day when Henry Paulson becomes "car czar"-I can only imagine the crap that will come out of Detroit then. There is a lot of talk about the influence government rules and regulations have had on getting the Big 3 in this position. How in the world will it possibly get better once government has something like a 20% ownership stake and veto power over any deal worth more than $100 million? Nancy Pelosi and her band of merry clowns already want additional "green" and mileage standards. I, for one, am shaking with anticipation over the thoughts of government lording over the last best manufacturing industry in our nation.
Never mind-once again-the fact that this is sneezing distance away from socialism. As soon as the spit flies off the proverbial lip of government "oversight" I eagerly anticipate what buying a car and the quality of build will be like in a year or two. Plus, the choices-OOOOO the unlimited choices-of two or three models, all offering exactly the same thing. Fun. How about the buying process? I wonder if there is any way they can make it exactly like going to get my driver's license or doing anything at the courthouse. I hope so.
The right thing to do is Chapter 11 with government DIP (if need be). Although, the companies would definitely qualify for private DIP if they actually present a plan that is workable and viable-but you hear no mention of that. Instead we are just barraged with the only prospect: Disorderly Bankruptcy. If I read one more time about "disorderly bankruptcy" I think I might finally lose it completely. Please read along: Chapter 11 pre-packaged Bankruptcy IS NOT DISORDERLY. In fact, before the parties come to the table the deal has to be ready to go. If they cannot reach a deal the judge takes over and barters a package that favors all parties to the best of their ability.
Finally, I was reading the Fox News site this morning and ran across this article talking about a group of Republican Senators writing a letter to the White House explaining to them that the vote was already taken and this measure DID NOT PASS. In addition, TARP funds have to have "explicit congressional approval". Aww, that too is very sweet for this group of lawmakers to attempt to remind the White House and King Paulson they have to abide by the laws of our nation. I really don't know why they bother though; clearly Paulson has and will continue to do whatever he wants with the TARP funds. Possibly the most hilarious statement of all? White House spokeswoman Dana Perino said "I don't think that there's any possible way that this president would agree to allow taxpayer financing to go toward firms that are not willing to make tough decisions to become viable and competitive in the future(.)"
I can only say wow. Just wow.