I have to put something about this up on the Web. Of all the bailouts, this one will — if it goes through as the Congressional leadership believes it will — frustrate me the most. This is about as naked of a political payback as I’ve seen in a long time. This is the political class taking care of the UAW and big money interests. Bankrupcy is not an option? I’d say that the complete dismantlement of GM and Chrysler is an option. Cars will still be made and sold, just not by GM. Ford would pick up a sizable piece of the “I don’t buy foreign” market, in addition to those looking for cars that they actually like (does anyone really like the GM Aztek?).
Is this change you can believe in? President-Elect Obama could signal that there’s better ways of spending the taxpayer’s money, but has done the opposite. It’s hardly surprising, but still a bit depressing. What isn’t surprising is that Honda, BMW, Porsche, and Toyota seem to not be on the verge of collapse. Why do you think that is?