Dec 12 2008
Where do we go from here?
I don’t have too much today. I was pleasantly surprised at the failure of the bailout in the senate, along with George W. Bush’s agreement to possibly use portions of the TARP money (financial bailout money) to bail out the industry anyways. This to me seems like the best short term solution (In the sense that the industries won’t collapse until Bush isn’t the one controlling this mess) but it is not going to be enough by far.
I’ve voiced my displeasure with the auto bailout proposals, but that doesn’t mean I don’t think the Big Three need help. Virtually every economist says keeping them afloat will be vital to getting out of this recession. World markets collapsed on the news of the senate’s rejection. Something does need to be done.
My fear is that, similar to the financial bailout that failed in the house, earmarks that have nothing to do with the auto industry will be thrown in to gather enough votes.
The senate doesn’t return until January 6th. Hopefully over these next holiday weeks our congressmen will be hard at work thinking of a more progressive proposal for restructuring the Big Three.
