Fannie Mae, Freddie Mac, the airlines, Bear Stearns, Lehman Bros. (soon) and now automakers. Where does it stop? Taxpayers are in for a mugging and it won't stop until they have given out all money. Sad state of affairs in the US.
Carmakers seek $50 billion from Congress - Autos - MSNBC.com
McCain supports the automakers bailout. I can't find anything on Obama's postion, but if he does, he is a fool just like McCain.
Quote:
Presidential candidate and presumptive Republican nominee Sen. John McCain today gave his support to the proposal.
``Our auto companies are rising to the challenge building the next generation of American cars, but are doing so in times when credit conditions cripple the funding for the facilities and technologies to take the steps to the future,'' he said in an e- mailed statement.
``We should fund it and take action that will assist Detroit and its suppliers in making it through this difficult time of transition,'' he said in the statement.
Others disagreed with the proposal to put taxpayer funds at stake.
``This is a horrible idea, another transfer of funds to failed ventures,'' said David Littmann, senior economist for the Mackinac Center for Public Policy in Midland, Michigan, which describes itself as a supporter of free-market ideals. ``If this were a good idea, the market would price the debt accordingly and give them the money.''
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Bloomberg.com: Worldwide
I'd like to add that Rick Wagoner has been one of the absolute worst CEO's in American business history these last 9 years at the head of GM. How in God's name he has been able to keep is job is a true mystery. He must have something "unseemly" on each member of the board.