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December 03, 2008

Reid Says Not Enough Votes for Auto Bailout

Could somebody argue me into the "this is a good idea" position?

I've heard the "they can't secure DIP (debtor in possession) financing", but only from talking heads who talk for a living. What's the evidence of this, and more than that, if they can't, should they?

In Capitol Hill meetings, industry officials said the collapse of one or more of the Big Three carmakers could greatly worsen the nation's recession and undermine the companies' ability to survive.

Yes. And yes.

The latest talking point is that this is a situation that isn't of their own making, it's the economic downturn. I disagree. They are suffering the result of a situation of their own making worsened by the economic downturn.

I say this as an owner of a GMC truck (a 2000 Sierra, damn I loved that truck, youngest's now), a damned fine Camry (mom's), a little Ford sedan (groan, eldest's), and a 2004 Chevy Silverado. Manufactured in Canada.

How does bailing out this flawed business proposition help the economy?

That's my question.

...


If on the other hand you'd rather argue about music, here's a spot where you can stab people.

Twist when the knife is in. Makes a lethal wound.


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posted by Dave In Texas at 08:55 PM

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