Well, the automakers gambled on depressing everybody about their companies’ future, the previously proven way to get more money out of Bush and Paulson. Bush did not show leadership early and put his foot down, noting the companies already got recently $25 billion in govt. loans passed in Congress.
Everytime Paulson and Bush appear they seem uncertain, or give dire predictions about a depression, or change their mind—especially after they meet the Europeans. After an earlier meeting with the Europeans Paulson and Bush announced a move away from buying toxic assets to buying bank shares. This last weekend the Euros told Paulson, an educated guess, to dump the idea of buying toxic paper altogether. Maybe we should thank the Euros, they seem more interested and knowledgable about the scope and effect of Paulson and Bush’s plans than the American politicians and financial media. If they are going to continue to finance America’s irresponsible spending, they want bank shares to back it, not the toxic paper they already fell victim to, and sold by Wall Street banksters, Paulson included.
As far as the automakers are concerned, EFF!, we handed out hundred of billions to BankerWelfareQueens, but we won’t save the Corvette and Mustang?
Heck, all Paulson has to do, he has the authority, is to hand over 25 Bill from the remaining 350Bill saved for Obama.
But Bush and Paulson are more interested in saving Bankers Mansions and their private jets than worrying about the poor schlubs making 60K a year building cars.
It’s petty cash compared to the handouts to the Bankers.