Frank predicts second auto bailout in March
Rep. Barney Frank said Monday that the incoming Obama administration will likely explore a second, long-term bailout of automakers next March while saying an agreement on the first is nearly complete.
Let’s cut to the chase: This is a huge waste of money at taxpayer’s expense.
Let the Big 3 go into Chapter 11. This is not a new idea: it was proposed in 2005.
Here‘s a Chapter 11-bailout proposal, and one from last month, via Below the Beltway, which correctly forsees it as “most likely a projection of what we’ll see play out in 2009 and beyond.”
UPDATE
Pelosi on the auto bailout: No worries, it won’t be an endless flow of money
Here’s the video, where Nancy talks crap about the barbershop. Translation: the taxpayer’s getting fleeced no matter what. The rest of it is senseless piffle.
It gets worse:
Brian:
you won’t believe the name that some Democrats are kicking around for a Cabinet-level position of “car czar”; in the Obama administration: UAW President Ron Gettelfinger. If Gettelfinger ultimately gets the job, most Americans won’t see Detroit build a car that they’d want to buy for the rest of their lives.
Friggin unbelievable.
UPDATE, Tuesday 9 November
What fantasy world does Nancy Pelosi inhabit?
While on the subject of government intervention and “stimulus”, TigerHawk has a new video,
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