ARE REPUBLICANS FINALLY COMING TO THEIR SENSES? UPDATE

Update: It is a sad day for Free Enterprise.  The House approved the Carmaker Bailout.

A $14 billion rescue package for the nation’s imperiled auto industry sped to approval in the House Wednesday night, but the emergency bailout was still in jeopardy from Republicans who were setting out roadblocks in the Senate.

Democrats and the Bush White House hoped for a Senate vote as early as Thursday and enactment by week’s end. They argued that the loans authorized by the measure were needed to stave off disaster for the auto industry – and a crushing further blow to the reeling national economy.  (from here)

Cartoon from here.

Cartoon from here.

Are Republicans, that is the great, grand leaders of our august party, finally coming to their senses?  As far as the trend towards socialism is concerned, I would guess not.  Many are opposing that pathetic excuse for a bailout of the automakers, but their reasons have too little to do with any desire to protect Democratic Capitalism.

The plan would create a government “car czar,” to be named by President George W. Bush to dole out the loans, with the power to force the carmakers into bankruptcy next spring if they didn’t cut quick deals with labor unions, creditors and others to restructure their businesses and become viable.

Congressional Republicans, left out of negotiations on the package, blasted it. Their opposition reflected the tricky task of enacting yet another federal rescue in a bailout-weary Congress, with Bush’s influence on the wane.

“People realize that this bill is an incredibly weak bill, (and) is the product of an administration that wants to kick the can down the road and let somebody else deal with it,” said Sen. Bob Corker, R-Tenn. “I think it has minimal – very little support in our caucus.”

The scene so far has been somewhat reminiscent of the tense atmosphere of early October on Capitol Hill, when lawmakers argued, cajoled, threatened and lobbied one another, ultimately passing a $700 billion bailout plan that Bush signed into law for Wall Street financial firms.  (from here)

My guess is that once enough pork is added to the bill it will get get passed, just like that $700 billion bailout plan that Bush signed into law for Wall Street financial firms.  Yes folks, we are definitely in the Age of Pork.  Once Barack Obama is in office, he will not need a stimulus package pork to goose the economy.  No we already have plenty of pork in all those stupid bailouts.  Nonetheless, the wise guys and gals in Congress will no doubt happily spend more MONEY WE DO NOT HAVE.

Look carefully at what is happening.  This recession — which could easily become a depression — is the direct result of economic planning out of Washington D. C.  It started when POLITICIANS decided to get into the lending business and to give people house loans.  CONGRESS gave people house loans those people could not pay back.  Such easy credit drove housing prices up and created the bubble.  That bubble burst when CONGRESS refused to let our domestic oil industry build refineries and drill off our coasts for oil.  That drove oil prices up and sucked up money people needed to pay for the house loans could not truly afford anyway.

Now business people are finally beginning to realize just how weak certain critical sectors of the economy have become.  They are beginning to wonder if the PEOPLE will have the wisdom and will to make CONGRESS let the economy operate without government interference.

• We have a lending industry dominated by government.  That is why it is broken
• Unions, with government backing, have driven up labor costs.  That is the principle reason why American carmakers cannot compete.
• Government involvement in pension and “old age” retirement plans  threatens to drive costs through the ceiling.  Where are the cost controls on Social Security and Medicare?  Costs controls on government?  What a funny idea?  If companies (such as the automakers) go bankrupt, will Uncle Sam be able to cover the costs of their pension plans (as promised)?

As noted elsewhere (See here.), Uncle Sam has taken on over 54 trillion dollars debt.  Yet, Uncle Sam is riding to the rescue of failing corporations as if its policies had nothing with their failure.   Our heroes in Washington are jousting at windmills.  How long will it take the public to notice?

Other Views

United Conservatives of Virginia brings you a video from Senator Fred Thompson (see here).  The sarcasm is delightful.

Leslie Carbone explains what the House of Representatives is up to.  See here.

Below the Beltway holds out a little hope that the bailout will not succeed (see here).  He also notes the bailout of homeowners seems to flopping (see here), and that a Car Czar could doom all the Big Three (see here).

Cartoon from here.

Cartoon from here.