Sunday, March 29, 2009
Once more into a disastrous economic breach: Obama to announce bailout of GM, Chrysler
One day very soon, someone with an important title is going to have to say that our government cannot just keep printing money to bail out the industry of the week.
And it may be someone in the Chinese government.
Last week, it was bankers with all the toxic assets of home loans they knew better to make who were given a most generous bail out by the Obama administration.
Tomorrow, it will be the auto industry, as President Obama keeps his promises to organized labor and bails out dinosaur corporations that should be allowed to die. Tonight, media are reporting that Obama has asked for the resignation of GM's top officer as part of the bailout for the industry.
Why isn't the head of the United Auto Workers also being asked to step down?
Economies must be treated as nature does its creations. Some things are supposed to die. Meanwhile in economies, some things can be done better, more cheaply and more honestly. Organized labor is not interested in things being done better, just the insurance of employment and spoils.
Pouring more money into the auto dinosaurs only ensure taxpayers will have another AIG to continually support with no end in sight.
The federal credit card cannot continue to run up without a major consequence. The Chinese have been given control over our fates because Obama is determined to spend more and more.
My father and my uncles did not fight for this nation during World War II to have it turned over to the Communists. The President is making some terrible choices for which a huge price will be demanded of each of us.