Remember when the Big 3 were called 'Too Big To Fail' back in SEPT 2008?
And just why didn't 'young conservative intellectuals' trust Nobel Prize winning economists?
Perhaps because those self, same Nobel Prize Winning Economists have gotten a few things very wrong over the decades?
Do you also remember that the idea of bailing out anything that was 'Too Big To Fail' meant stepping away from the authority granted Congress for bankruptcy to other powers never granted to Congress or the federal government? That anything 'Too Big To Fail' really needed to just FAIL and go through re-organization and get its act together?
And the pooh-poohing by politicians that the tens of billions, hundreds of billions and now trillions of dollars going to bailouts, handouts, rewards to political brown-nosers and supporters... all of this was 'necessary'?
How about the serial lies told about AIG, the faux outrage by politicians and regulators who knew DAMNED WELL about 'bonuses' all the way back to the very FIRST bailout in SEP 2008?
Do you remember all of that?
Now, 30 MAR 2009 via WSJ we get this:
DETROIT -- Chrysler LLC has failed to make its case to the federal government that it can be viable as a stand-alone company, and may have to resort to restructuring through bankruptcy court, the Obama administration's auto industry task force concluded in a memo released late Sunday.
The best chance for Chrysler and General Motors Corp. to recover "may well require utilizing the bankruptcy code in a quick and surgical way," the task force wrote in a memo summarizing its findings on the two auto makers. A "structured bankruptcy," the panel added, "would be a tool to make it easier for General Motors and Chrysler to clear away old liabilities so they can get on a path to success."
Yes, these geniuses came up with what the opposition was saying about this back in SEP 2008: let them go to bankruptcy court and re-organize.
And how much of the American Taxpayers money has been WASTED on this?
Now President Obama has decided to exercise some of that 'authority' that isn't Congress' to grant at WSJ 30 MAR 2008:
DETROIT (Dow Jones)--Chrysler LLC Chief Executive Robert Nardelli isn't likely to meet the same fate as General Motors Corp.'s (GM) Rick Wagoner.
Nardelli, who has led the third-largest U.S. car maker since August 2007, appears to have sidestepped most of the public and lawmaker ire heaped on Wagoner through his quick steps to cut executive pay, slash jobs, sell brands and partner with Fiat SpA (FIAZY).
Wagoner is reportedly resigning from his position at the behest of the Obama administration as GM looks to secure access to more low-interest loans from the U.S Department of Treasury in order to stay out of bankruptcy.
Yes, more faux outrage and ire heaped on GM, the government telling it that it will have to go through bankruptcy and President Obama's administration telling the Chairman of GM to resign.
Isn't that lovely?
A private company told what to do by a President with power Congress can't grant on bailouts that are worse than just letting the company fail in the first place?
Doesn't that make the President look oh-so-smart? Endorsing bailouts, ousting the Chairman of GM and then having his own panel tell him that the company needs to go into bankruptcy court to re-organize... the very thing it SHOULD and WOULD have done last year without all this money going to them... I guess you have to be really, really smart to be so knuckle-draggingly stupid and just let the regular process take its course.
Now, of course, people will 'get used' to the idea that the President of the United States can tell someone they should quit their jobs.
Isn't that lovely?
How about you? Still have a job? If not, do you want to take one created by this uber-micromanager? One who cannot say 'I was wrong to endorse the bailouts and now we should let the court process proceed normally'? You know, the boss who keeps on making up new rules all the time, so that you will always be the one to blame and he will look 'brilliant'?
If you do have a job, what will you do if someone from the government tells you to quit?
They are from the government and know what to do ever so much better than you do, donchyaknow?
No wonder the others having taken bailout money want to pay it back, pronto.
Of course, they were no help whatsoever having their hands out and saying: gimme.
Now they fear the cuffs that are about to go around their wrists.
Too bad their hands are stuck in the bailout pot which is now congealing around them. If you thought that cement over-shoes were a problem, try swimming away with concrete gloves.
This is what I mean when I say that giving the power to do 'good' to a necessary evil makes it into a pure evil, as it only has one way to do things, and that is punish.
If you like this, just wait to see what happens with healthcare... and government will decide who gets it, when, where and for how much. And if it is too expensive to keep you alive and yet you have the funds to do so? Where, exactly, will you get it done? If you think the POOR have a problem with health care, just wait until the RICH have the same problem... and do note that our lovely Congress is getting into confiscatory taxation, at the same time, so there will be no rich folks after a few years and only the poor left.
The Left and Radicals want to 'change the nation' into beggars.
The Right hasn't kept a single promise from the early 1980's, and have gone whole hog on become unidentifiable from the Left in slopping up the people's money and then telling the people how to live their lives. I guess they really don't believe in State's Rights and that all power is not granted to the Federal Government.
Neither have stopped the headlong rush into Big Government, interested in pleasing the politicians and little else, save to distract you with 'issues' on the Right and Left that seem oh-so-important and litmus-testy, and yet allow power to be drained from society, the people and the States and vest it in unrepresentative politicians in Incumbistan.
Where were the defenders of personal freedom, liberty and restraint of government and spending?
Oh, that's right, they couldn't pass 'litmus tests' and weren't already in office as Emirs in Incumbistan, not part of the Aristocracy that was created to serve government and rob the people blind.
This is a two party problem.
Both have sought their own 'good things' for government to uphold, and NONE OF THOSE were given to the Federal Government.
Federal Reserve... damn how hard they worked to make this mess possible, just like in 1928-29...
Dept. of Agriculture... more pork than you can shake a stick at and just where is the family farm these days?
Anti-discrimination laws that then become mandatory discrimination and racial preferences?
Dept. of Energy which has failed in all the previous 'energy crises'.
Loans to those with No Income, No Jobs or Assets: NINJA Loans?
Censorship 'for the children' which would mean 'for the adults'?
'Smart gun laws' which would turn citizens into subjects and pre-judged criminals. Lovely.
And every damned bleeding heart cause of the Left or Right that thinks GOVERNMENT is the ONE and ONLY solution to ALL its ills... just give them the money to shut them up until next year... and next year... and the year after...ad infinitum.
All of those can go to hell.
Do not pass Go.
Each of those has been a screw up from the get-go, costing American Citizens more, doing less and creating a dependent class for government services which aren't handed TO the federal government... EVER.
This road to hell had some of the first major paving stones put down by Teddy Roosevelt. And by the time he realized that power vested in government does NOT mean that others will use it to GOOD ENDS did he start to get the idea that something was just a teensy bit wrong in his views.
The gates of hell are just ahead and I do wish that those wanting to be there would rush ahead so we can shut the doors behind them, and then walk back down the path and start ripping up the damned paving stones and put down a big sign that says: DO NOT GO THIS WAY, IT LEADS TO HELL.
Time is running short, and I do wish the do-gooders and Big Governmentites would now rush ahead with their grand schemes...and witness the steely eyes left behind them by those they dared to pre-judge as Citizens... not Subjects...
Good Citizens know what to do with those seeking to take liberty away from them, and what Nature has provided no mere mortal creation of man can remove so long as you may live. It is not: "Live free or... please don't hit me, I give in!"
It is: "Live free, or die."