—A NEW article by Sheldon Richman
Sunday, November 23, 2008
Auto-Destruct
The Big Three automakers got a cold reception in Congress
this week when they asked for a bailout loan of $25 billion. But I wouldn’t
count them out just yet. After appropriating over $700 billion to bail out the
financial industry — with nothing to show for it but an ominous precedent and a
scary accretion of power in the U.S. Treasury — members of Congress may be a
little reluctant to hand out more money to demonstrably failing — even de facto
bankrupt — companies. Yet I have a hunch Congress will get over its reluctance,
maybe as early as next month. Things just seem to work that way in Washington.
Remember the first bailout bill? More . . .
