Thursday, December 11, 2008

Is the Auto Bailout Bill Doomed?

It looks like it. The free wheeling House passed a $14 billion version 237-170, but it looks a filibuster will send the bailout to a much deserved death.

Much deserved because the so-called Big Three automakers need to be restructured from the top down (or the bottom up, who cares which), not given more money to prolong their inevitable demise.

Much deserved because the federal government has thrown all concern to the wind about spending and is using our current financial crisis as an excuse to rack up unprecedented taxpayer liability.

Much deserved because I woke up in a capitalist country today, and in a capitalist country if a company can't hack it, that company fails. Or at least goes bankrupt and rises like a debt-free phoenix from its own ashes.

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