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.
Perhaps those poor schlubs should have thought about that when they were tying knots in my Jeep’s wiring harness so I couldn’t remove it to service other parts.
I’m not so sure. Bush may be clueless and Paulson suckered him. Paulson presented the toxic paper buyout plan—to buy out paper he himself sold to overseas players while at Goldman. This is what someone in his business would dream of doing, govt. welfare for his own product. Apparently this was the mechanism of getting out of a recession which was a proven failure in Japan in the 1990s.
But Paulson was cornered into buying banks instead, the traditional European semi-fascistic method. That’s what the between the lines story seems to be. Plus the Euros got what they wanted on the MBSs—a government announcement by a treasury underling, but with sufficient authority, to state Fannie and Freddie were fully backed by the treasury—IOW, no more bargaining leverage that the “implied backing” was a myth.
Obama’s bringing back all the Fannie crooks so look for no CHANGE.
masshole