Wednesday, November 12, 2008

More GM/Detroit blogging

Tom Friedman takes Michigans Congressional delegation to task and then says bail them out with strong conditions.

Andrew Sullivan says let them die, his readers disagree.

Roy Edroso

As Nancy Pelosi signals that she's sympathetic to an auto industry bailout, Press Clips reminds us of the longstanding symbiosis among that industry, the oil industry, and the U.S. Government -- "Back in the '50s, the British looked at urban congestion and saw too many cars," says Ward Harkavy. "We looked at urban congestion and saw not enough roads." As long as we're giving out corporate welfare for the good of our phoney-baloney economy, the car companies have as fair a claim on a piece of it as any debt-repackager...

I still think the whole stinking bailout should be scrapped. But now that, thanks to George Bush and his predecessors going back to the fixer Reagan, we are in bailout stepp'd in so far that, should we wade no more, returning were as tedious as go o'er, let's just fucking nationalize this shit. It would be a shame, now that the Republicans have handed us a socialist agenda, not to go whole hog.

Roy always know how to say what the rest of us are thinking, doesn't he?


Andrew Oh-Willeke said...

If we are going to bail them out, why not simply buy them. We could buy all three of the Big Three on the open stock market for about $5 billion or so now, and the reorganize them in a quasi-bankruptcy a la Amtrack.

Steve Balboni said...

I actually had a nationalization option in my original draft but I deleted it. My thoughts are that buying them outright, though a logical step, is simply not realistic.

Buying them, re-organizing them and breaking up the companies into smaller pieces seems like a good option to a lefty like me, I'm just not sure anyone else will go for it.

Andrew Oh-Willeke said...

Who thought that the George W. Bush and the Treasury Depatment would nationalize the banking system and buy insurance stock in insurance companies, as well as Fannie and Freddie?

Buying the entire automobile industry is chump change compared to what we plan on loaning them.