Monday, August 25, 2008

More Handouts

This is yet another example of what is wrong with Corporate America and Politicians. 

US Automakers have doubled their initial request to $50 billion to develop and build more "fuel-efficient" vehicles.  Looks like they did not need help to build gas guzzling SUVs.  But now want to use tax payer dollars to build "fuel-efficient" vehicles.  But if all this is not ennough, here is the real kicker:

The industry is also seeking fewer restrictions on how the funding is used, the people said today.

So give us the "Loan" to build "Fuel-efficient" vehicles, but we will use it anyway we want.  Why not use it to provide bigger incentive to sell SUVs? 

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.

Yet more example of socialization of America.  They had a chance to do this in last ten years, yet they did not do it.  What makes anyone think they are going to change all of a sudden?

``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.''

Looks like free-market ideals have left the US long time ago.  Commercial Banks, investment banks, mortgage companies, home builders, etc.  anywhere you look everyone is getting a bailout.


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