Thursday, December 11, 2008

Did We Bail Out The Cars Yet?

Here's the the latest news on the most exciting bailout ever-
The House of Representatives approved bailout legislation on Wednesday that would force U.S. automakers to restructure or fail, sending the measure to the Senate where prospects for passage appeared grim...

Democrats advocated passage based on the belief that government inaction could lead to an industry collapse that would cost taxpayers far more than the loans intended to see them through March and help them restructure...

Here's my understanding of what is happening now... Democrats want something done right now-- even if they know they may be just postponing the inevitable-- to buy time until January/February when they can work on a real plan with a better President and a more progressive congress. Republicans, on the other hand, are ready to block this because a) they want to remind people they still exist, b) their constituents are super-pissed at all this bailout bullshit, and c) fuck the unions, and fuck the Democrats, yo!

In short, this is a very complicated matter.

Meanwhile, the world waits with baited breath for Washington to make a choice-
The dollar fell against the euro and yen on Thursday as traders waited to see whether a US bill on a bailout of the stricken American auto industry will clear the US Senate...

So. Is it January yet?


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