Monday, November 17, 2008

Meanwhile...Back In Washington... More Bailouts Being Discussed


$25 Billion bailout for automakers pretty much to pay their union pensions and benefits... most likely to come from the $700 billion bailout originally slated for Wall Street...

and if the automakers go into bankruptcy then all of those union contracts are pretty much null and void.

That could be a blessing in disguise.
Let'em fail.. restructure and start from scratch.
Then maybe they will have money to re-tool and build some real fuel efficient cars or (gasp) cars that don't use gasoline.

Of course if the government had refrained from meddling in the mortgage business to begin with, we probably would not be in such a huge mess... on the other hand, these businesses appear to have been so badly mismanaged and endeavored in such wasteful spending practices, that it would have come sooner or later. It seems they have been making money in spite of themselves.