Diary

Bailing Out the Buses, Too

Here is yet one more reason to say no to bailouts:

Democrats also inserted a provision in the bill to bail out some of the nation’s largest transit systems. The bus and rail systems could be on the hook for billions of dollars in payments because exotic deals they entered into with investors — which have since been declared unlawful — have gone sour with the collapse of American International Group Inc. and other financial institutions.

What the heck is this about?  So bailing out the car companies wasn’t enough – now Democrats are going to use this as an excuse to bail out mass transit systems too?  How much is THIS going to cost?  Argh.  The initiative to bail out the car companies has given the Democrats one more opportunity to implement yet another hare-brained scheme.  Oh, and of course there’s an AIG connection.