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Mark Steyn: We're in the fast lane to Bailoutistan
Orange County Register ^ | 12/19/08 | Mark Steyn

Posted on 12/20/2008 5:55:36 AM PST by tips up

General Motors now has a market valuation about a third of Bed, Bath & Beyond, and no one says your Swash 700 Elongated Biscuit Toilet Seat Bidet is too big to fail. GM has a market capitalization of about $2.4 billion. For purposes of comparison, Toyota's market cap is $100 billion and change (the change being bigger than the whole of GM). General Motors, like the other two geezers of the Old Three, is a vast retirement home with a small money-losing auto subsidiary. The UAW is AARP in an Edsel: It has three times as many retirees and widows as "workers" (I use the term loosely). GM has 96,000 employees but provides health benefits to a million people.

(Excerpt) Read more at ocregister.com ...


TOPICS: Culture/Society; Editorial; Government; News/Current Events
KEYWORDS: 110th; bailout; marksteyn; steyn
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Mark Steyn hits another home run with all the issues of the day.

For every GM worker making a car, ten are not making a car but are getting health care benefits. Unbelievable....

1 posted on 12/20/2008 5:55:36 AM PST by tips up
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To: tips up

He’s spot-on, of course.............as usual.


2 posted on 12/20/2008 5:58:07 AM PST by RightOnline
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To: tips up

We’re also in the fast lane to Babylon...


3 posted on 12/20/2008 6:02:46 AM PST by Diana in Wisconsin ('Taking the moderate path of appeasement leads to abysmal defeat.' - Rush on 11/05/08)
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To: tips up

Who bails out the bailouts?


4 posted on 12/20/2008 6:03:39 AM PST by Always Right (Obama: more arrogant than Bill Clinton, more naive than Jimmy Carter, and more liberal than LBJ.)
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To: RightOnline

I love Steyn, but I also read him now holding my breath as it points out how screwed up we usually are.....


5 posted on 12/20/2008 6:08:43 AM PST by Republic Rocker
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To: Always Right
The Chinese and their billions of people!!
6 posted on 12/20/2008 6:09:01 AM PST by org.whodat (Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
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To: RightOnline

He’s my very favorite Canadian immigrant to America (next to my Mom).


7 posted on 12/20/2008 6:09:01 AM PST by Sioux-san
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To: tips up
"Drive the USA in your Chevrolet!" sang Dinah. "America's the greatest land of all!" America had road movies. With car chases. Thelma and Louise drove their vehicle off the cliff and, unlike the Old Three, they didn't demand American taxpayers come along for the ride.

LOL. Gotta love Steyn

8 posted on 12/20/2008 6:14:56 AM PST by Popman (Dont worry Barney Frank has your ass-ets covered!!!)
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To: tips up
Hopey Changemas

Perfect.

9 posted on 12/20/2008 6:14:57 AM PST by Doohickey (The more cynical you become, the better off you'll be.)
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To: tips up

That’s where we’re all heading - one worker for every ten person on the dole.


10 posted on 12/20/2008 6:15:37 AM PST by ladyjane
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To: tips up

Yep. Both UAW management and rank-and-file should be ashamed of themselves. In a just world they would all be unemployed.


11 posted on 12/20/2008 6:23:07 AM PST by dinodino
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To: tips up
General Motors, like the other two geezers of the Old Three, is a vast retirement home with a small money-losing auto subsidiary. - - Absolutely true. Legacy costs are destroying GM.

Ah, California. The Golden State! To a penniless immigrant named Arnold Schwarzenegger, it was a land of plenty. Now Arnold is an immigrant of plenty in a penniless land. What's the motto on the license plates? "Ah'll be back …for more of your money!" In California you don't have to be an orange to have your pips squeezed. The Terminator makes Gray Davis look like Calvin Coolidge. Care to terminate a government program, Governor? Hey, great idea! We'll hire 200 people to do an impact study on terminating the Department of Impact Study Regulation and get back to you in a decade. And when Gov. Girlyman has run out of state taxpayers to fleece for his ever-more-bloated bureaucracy, he'll go to Washington to plead for a federal bailout of Cantaffordya.

Hilarious. Too bad it's true.
12 posted on 12/20/2008 6:24:56 AM PST by Girlene (Merry Christmas)
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To: dinodino

The UAW is slowly killing their golden goose.

While I am disappointed that Bush gave them additional bail out money yesterday, I think he just wanted the “path of least resistance” in his last days. This whole mess will be in the lap of Barry and the Dems in a month.

Unions smart to give no concessions to Bush at this point since Barry and the Dems certainly won’t ask for concessions. The unions will squeeze the Big 3 dry until they are dead.


13 posted on 12/20/2008 6:27:13 AM PST by tips up
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To: tips up

30 years ago I would listen to a Jackson Browne album whenever I wanted to feel really bad.

These Days I just read Mark Steyn.

I wish he wasn’t so damn right.


14 posted on 12/20/2008 6:27:29 AM PST by 230FMJ (...from my cold, dead, fingers.)
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To: tips up

Mark Steyn is sounding more and more like Ann Coulter. I suppose that, once the reality of modern USA is seen through the fog of liberalism, such sarcasm is the only way to describe it. Seriously, how can one depict our national suicide in an other way?

Well said, Mr. Steyn.


15 posted on 12/20/2008 6:27:50 AM PST by wgflyer (Liberalism is to society what HIV is to the immune system.)
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To: tips up

“While I am disappointed that Bush gave them additional bail out money yesterday, I think he just wanted the “path of least resistance” in his last days.”

No. I think he is giving us a final, glaring display of his economic ignorance and lack of respect for the entreprenauristic spirit that built this country, and the tax payers who’ve footed the bill for his folly.


16 posted on 12/20/2008 6:32:01 AM PST by wgflyer (Liberalism is to society what HIV is to the immune system.)
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To: Girlene

An immigrant steering Kallyforneea to shipwreck:
An illegal immigrant in the Oval office:
An immigrant telling the truth:
2009 is going to be interesting, at least!


17 posted on 12/20/2008 6:41:22 AM PST by abenaki
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To: tips up
Unbelievable....

No it is not. Everyone here bitches about the UAW, but it take two parties to make a contract.

The UAW is not the primary cause of the automakers problems, it's the idiots that manage the automakers that are to blame. They kept caving in to every stupid-assed demand made upon them.

18 posted on 12/20/2008 6:41:56 AM PST by realdifferent1 (We've tried the soap box, jury box and ballot box. Only one box left and it's time to use it.)
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To: tips up
The UAW is slowly killing their golden goose.

Dude, it's dead and plucked, buttered up and baked at 375' for 4 hours already eaten and digested and passed masking it's way to the sewage plant.

We're next.

19 posted on 12/20/2008 6:44:02 AM PST by Popman (Dont worry Barney Frank has your ass-ets covered!!!)
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To: tips up
"And on that cheery note let me wish you a very Hopey Changemas."

Hopey Changemas, Mark Steyn, and a Hopey New Deal!

20 posted on 12/20/2008 6:46:19 AM PST by Sender (Never lose your ignorance; you can never regain it!)
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To: tips up
"Ah, California. The Golden State! To a penniless immigrant named Arnold Schwarzenegger, it was a land of plenty. Now Arnold is an immigrant of plenty in a penniless land. What's the motto on the license plates? "Ah'll be back …for more of your money!"

For Steyn, this is just a short quip, but it's says more than the entire essays of some other columnists.

21 posted on 12/20/2008 6:47:41 AM PST by safeasthebanks ("The most rewarding part, was when he gave me my money!" - Dr. Nick)
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To: wgflyer
No. I think he is giving us a final, glaring display of his economic ignorance and lack of respect for the entreprenauristic spirit that built this country, and the tax payers who’ve footed the bill for his folly.

Who was the American Officer in Vietnam that declared that,"I destroyed the village in order to save it"? No it wasn't GWB but could have been.

22 posted on 12/20/2008 6:52:26 AM PST by Don Corleone (Leave the gun..take the cannoli)
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To: Always Right
War.
23 posted on 12/20/2008 6:53:14 AM PST by Ghost of Philip Marlowe (Abortion has become little more than the New Left's execution of political prisoners.)
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To: tips up
“Cantaffordya”

Classic Steyn. Thanks for posting.

24 posted on 12/20/2008 6:53:37 AM PST by Ghost of Philip Marlowe (Abortion has become little more than the New Left's execution of political prisoners.)
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To: tips up
For every GM worker making a car, ten are not making a car but are getting health care benefits.

Social Security in miniature.

25 posted on 12/20/2008 6:56:01 AM PST by Mr Ramsbotham ("A laurel, and hearty handshake ....")
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To: abenaki

LOL. Good points. Here’s another - Illegal immigrants stealing the jobs that Americans want to do.


26 posted on 12/20/2008 6:56:53 AM PST by Girlene (Merry Christmas)
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To: wgflyer
It's either that, or Glenn Beck is right, and that Pres. Bush and some others see that not just the US but the entire world economic system is a plane about to smash into a mountain side and he's just trying to crash-land it in the trees to save as many people as he can.

Personally, I think it was trusting the enemy (socialists) that led him to this dark place. The socialists have a vested interest in putting the country and world in as disastrous economic straits as they can. The worse it gets, the louder the people will demand socialism (even communism) to “save the world.”

Perhaps, now he finally sees the utter darkness and is just trying to do what he can, knowing that it is going to fail in the end, but trying to soften the fall a bit. No one can print as much money as our government (both Dems and Reps) has over the past year and a half without being aware of the huge bill that will come due very soon.

My fear is that Obammie the Commie and his shadow supporters (Soros, et al.) are licking their chops hoping that the country completely tanks so that he can seize fascistic rule.

27 posted on 12/20/2008 6:59:01 AM PST by Ghost of Philip Marlowe (Abortion has become little more than the New Left's execution of political prisoners.)
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To: tips up

Steyn just gets better all the time. What a genius writer.


28 posted on 12/20/2008 7:08:35 AM PST by samtheman
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To: tips up
While I am disappointed that Bush gave them additional bail out money yesterday, I think he just wanted the “path of least resistance” in his last days.

Yes, I think he did this just right. Gave them just enough money to keep them alive for a few more months, and hang the albatross around Obama's neck.

-ccm

29 posted on 12/20/2008 7:08:43 AM PST by ccmay (Too much Law; not enough Order.)
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To: tips up

I think Bush is just buying time so that beautiful Barry can make everyone rich with his dancing.


30 posted on 12/20/2008 7:17:55 AM PST by Big Horn (Rebuild the GOP to a conservative party)
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To: tips up
"The UAW is AARP in an Edsel"

Mark Steyn should sub for Rush when he gets sick. Rush has a habit of having a whole bunch of people at his place for eating and drinking bashes. Of course he will get sick along with others. That's how viruses spread around. I wonder if Ann Coulter got sick too? She goes to his bashes also.

31 posted on 12/20/2008 7:17:56 AM PST by BobS
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To: realdifferent1

They kept caving in to every stupid-assed demand made upon them.


If I had to put my finger on the one thing that is doing this country in (across the board), I would say its SHORT TERM THINKING. I’ve lost count of the number of times I’ve seen people do things that will make them look good in the short run vs. doing things that are smart for the long term. The “smartest guys in the room” are the ones always making the crap decisions so they (temporarily) look good and get promoted—leaving the guy who succeeds them holding the bag. Of course, that guy has to make even dumber decisions to stay afloat—and so it goes. GM is a textbook example. Let’s dodge the bullet today, knowing full well the decision will kill the company in the future—after they’ve safely retired with their golden parachute.

Once upon a time, people actually tried to do the right thing: not only for themselves, but for their employer and their country. Now its every man (woman) for themselves.


32 posted on 12/20/2008 7:18:36 AM PST by rbg81 (DRAIN THE SWAMP!!)
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To: Always Right
'Who bails out the bailouts?'

Look in the mirror. Then hide your wallet. I'm thinking that a gross of Mason jars and a shovel to bury them with would be a good investment right now.


33 posted on 12/20/2008 7:23:06 AM PST by Viking2002 (Let's be proactive and start the impeachment NOW.)
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To: tips up; Rummyfan; kellynla; Howlin; riley1992; Miss Marple; Dane; sinkspur; steve; kattracks; ...
Pinging the NEW Mark Steyn Ping List.



On or off, FReepmail  or Ping me.

Cheers,

knewshound

knewshounds blog
34 posted on 12/20/2008 7:29:30 AM PST by knews_hound (I for one welcome our new Insect overlords!)
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To: rbg81
You are absolutely right.

America has become: "Every man for himself."

The selective bail-outs like those of the auto industry are sending that message loud and clear.

"Most of you don't matter one damn bit. Some people matter more than others to us. They will be bailed out. The others of you can pay the cost of saving our 'favorites' and go straight to hell yourselves."

"There are a limited number of lifeboats on this good ship Titanic. Most of you are not getting into one of those lifeboats. Have fun drowning in the icy waters and sinking to the bottom of the ocean. In seventy-five years, we'll make a dramatic movie tribute to you poor, drowned suckers who lacked the clout to be saved."

35 posted on 12/20/2008 7:39:35 AM PST by NoControllingLegalAuthority
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To: Big Horn

Bush is doing what he can to get Obama up to speed on things. There is a whole lot more chit than this rolling down the track. I wonder how long before Obama’s hair turns into a snowball? And his wife is a winner too. That woman needs a late-term spanking.


36 posted on 12/20/2008 7:42:10 AM PST by BobS
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To: Ghost of Philip Marlowe

“Personally, I think it was trusting the enemy (socialists) that led him to this dark place. “

I think, in the economic realm, Mr. Bush actually is indistinguishable from “the enemy”.

“Perhaps, now he finally sees the utter darkness and is just trying to do what he can”

I don’t think so. I think Mr. Bush just thinks taxpayer money is the solution to all problems domestic and most problems abroad.

“My fear is that Obammie the Commie and his shadow supporters (Soros, et al.) are licking their chops hoping that the country completely tanks so that he can seize fascistic rule.”

Of course. It is their natural goal.


37 posted on 12/20/2008 7:46:24 AM PST by wgflyer (Liberalism is to society what HIV is to the immune system.)
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To: Viking2002
'Who bails out the bailouts?'

Look in the mirror. Then hide your wallet. I'm thinking that a gross of Mason jars and a shovel to bury them with would be a good investment right now.

I was thinking of that also, but then I wondered, "Why should I bury empty jars?"

My nest egg is flatter than humptey dumptey.

38 posted on 12/20/2008 7:47:17 AM PST by USS Alaska (Nuke the terrorist savages - In Honor of Standing Wolf)
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To: tips up
Nobody says it better than the great Mark Steyn.

But Mark Steyn even outdid himself in this one!

39 posted on 12/20/2008 8:17:54 AM PST by Gritty (After 2 1/2 centuries of republican experiment, America is finally back to the House of Lords-Steyn)
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To: tips up
The unions will squeeze the Big 3 dry until they are dead.

Sad, and so very true.

40 posted on 12/20/2008 8:33:23 AM PST by MaggieCarta (We're all Detroiters now.)
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To: realdifferent1
It's the fault of those damn Japanese carmakers for making better cars at a better price.

No sarcasm.

Cheers!

...oh, and Merry Christmas.

41 posted on 12/20/2008 9:09:55 AM PST by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: Ghost of Philip Marlowe

I don’t understand why Bush didn’t draft new executive orders allowing for assassinations, and then send someone after Soros? /tinfoil_DU_mode>


42 posted on 12/20/2008 9:11:32 AM PST by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: BobS
I begin to suspect that Obamessiah and his wife(*) have drunk the Ayers-inspired Kommie KoolaidTM that "The Rich" (corporations, etc.) are buildings with secret elevators from the CEO suite to the sub-sub-sub-basements full of gazillions of dollars in cash, gold and jewels, and that the executives take time off at least twice a day to go down to the money vaults and roll around in the stuff.

Only now that it is too late, is it dawning upon him that most corporations are founded upon DEBT and the control borrowed money, rather than the possession of actual hard cash.

Good luck with your looting, Mr. Prescient.

...oh, and Merry Christmas!




(*) PJ O'Rourke once nicknamed Hillary "The Iron Dingbat". Can we come up with an appropriate sobriquet for Michelle?

43 posted on 12/20/2008 9:16:28 AM PST by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: samtheman
"What a genius writer."

Hopey Changemas indeed!

44 posted on 12/20/2008 9:23:20 AM PST by Paladin2 (No, pundits strongly believe that the proper solution is more dilution.)
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To: rbg81

Excellent insight.

I see it all happening now were I work. and I pray that I make it out intact.


45 posted on 12/20/2008 9:43:07 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: tips up
General Motors now has a market valuation about a third of Bed, Bath & Beyond, and no one says your Swash 700 Elongated Biscuit Toilet Seat Bidet is too big to fail.

Steyn misses the point. This is proof of how much good unionization does for a company. It makes you more important than mere size. It forces the government to take care of you and isn't that what America is all about?

(Yes, that's intense sarcasm)

46 posted on 12/20/2008 9:49:18 AM PST by irv
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To: BobS

Agree. Steyn is a great guest host.


47 posted on 12/20/2008 9:56:29 AM PST by tips up
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To: USS Alaska
"I was thinking of that also, but then I wondered, "Why should I bury empty jars?"

Look up the derivation of the term "shot glass".

48 posted on 12/20/2008 10:15:07 AM PST by Paladin2 (No, pundits strongly believe that the proper solution is more dilution.)
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To: rbg81
"If I had to put my finger on the one thing that is doing this country in (across the board), I would say its SHORT TERM THINKING"

On the other hand it's good to make a profit every quarter. Also note that in the long run, we're all dead.

49 posted on 12/20/2008 10:17:22 AM PST by Paladin2 (No, pundits strongly believe that the proper solution is more dilution.)
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To: tips up

Brilliant! Thanks for posting.


50 posted on 12/20/2008 10:19:54 AM PST by zeugma (Will it be nukes or aliens? Time will tell.)
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