The "Big 3" US auto makers (who are the business equivalent of your neighbor's heroin junkie brother in law) got turned down when they flew to Washington in their private jets and asked for $25 Billion so they can keep making cars that nobody wants. So they did the logical thing, they went home and came back asking for $34 Billion. Wow. Just. Wow.
I think I'm going to walk into my bosses' office right now and ask for a 20% raise. If he doesn't give it to me, I'll come back in a few days and ask for a 35% raise, because that's how the world works, right?
Before anyone brings up the topic of the Wall Street Bailout, let me say this:
1). There's a chance we might get some of that Wall Street money back. Does anyone in their right mind think we will get one dime of this Detroit Auto money back?
2). Banks are necessary because EVERYONE, including auto companies, need banks to do business. No one NEEDS General Motors (especially when you can buy a US made Honda or Toyota).
3). GM's problems (expensive labor contracts, too many dealers, too many car brands) can't be fixed by giving them money, they can be fixed with bankruptcy reorganization though.
GM spends almost a billion dollars a year on it's "Job Bank". If you don't know what that is, it's where the laid off union employees go for eight hours a day and do crossword puzzles while collecting their full salary. Some of them have been there for over a decade. And we, the taxpayers, are supposed to pay for that to continue? Eff you!!!
You Tell 'Em Ron Paul