If the $700B would be going to re-finance bad debt that would be one thing, and with proper strings, might be semi-OK, while in fact the $$ is going to much less worthy pockets. I think the whole "the sky is falling" panic is contrived, and the product of some very clever minds who saw a gravy train that needed to be diverted into their own personal round house. Once other playaers in the national (and now even international) community saw how they could be enriched, they started the wailing and whining, two requisite conditions to jump-start the flow of cash. It reminds me of that young calf, who when hungry, head-butts his momma's udder to start the milk flowing.
And here's what I'd do for the auto industry: let 'em sink. Then some smart entrepreneurs will make a bargain-basement buy of the assets, acquire some new technology that the old owners wouldn't allow to see the light of day, and start producing fuel-efficient autos, sans any labor union involvement. Along with very stupid government over-regulation, the labor unions have been the major thorn in the side of American auto manufacturing for decades.
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One Big Ass Mistake, America
"Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end."
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