Reporters say it seems very likely that with GM and Chrysler threatening bankruptcy within the next 60 days “something” will be worked out by Congress to help them. Some in Congress say that the auto makers are playing chicken with Congress.
Does anybody else have a sense of deja vu? We already know what it takes to overcome skittish lawmakers’ concerns. It takes pork. Lots of pork. That’s what it took to get the $700 billion bailout package through, and that’s what it will take to get the $34 billion auto bailout through.
The warnings about a moral hazard were more prescient than we knew. I assumed they meant things like “if we bail out the banks, next we’ll see the auto companies at the trough.” What I didn’t think, but should have, is that once Congressional Representatives are in charge of picking winners and losers, we need to remember that their services and decisions do not come for free. They are for sale to the highest bidder, and the bids don’t have to have anything to do with the matter at hand. They are as corrupt as the Mafia Dons.
It’s a shame so many of them can’t ever seem to make a decision based on what is right or wrong or what is best for the country. It always comes down to what fills their campaign coffers.
Shame on them.