Diary

Bear, AIG and just guess who's next...

With a tip of the hat to Michelle Malkin, from our friends at the Associated Press…Ready? Sit down…

WASHINGTON (AP) — Among the few bills likely to actually become law before Congress closes shop for the elections is a plan to give struggling U.S. automakers $25 billion in federal loans.Opponents criticize it as a taxpayer-funded industry bailout, but the legislation is steaming ahead anyway, **buoyed by the support of both John McCain and Barack Obama**.

Kiss off the concept of moral hazard.

Hand in hand with this will come no insistence that the UAW moves back into the “real” world on wages, benefits and shop issues. There will be no insistence that retirees pay for some of their own health care or take a hit on their pensions. There will be no public executions of senior management forthcoming during any upcoming lunch break. I’m also guessing that the companies will pay executive bonuses this year.

If ever there were companies that absolutely deserved to be ground up and spit out by free market principles GM and Ford fit the bill to a T. Chrysler only slightly less so. The management history and practices at the “Big 3” frankly make the guys who ran the mortgage banking industry into the ground look like Mother Theresa.

And the political chattering classes, which includes both our current President and our current Presidential candidate, can’t wait to help out.

I feel a session of projectile vomiting coming upon me.