Bailout-of-the-Day

Today's bailout is of the auto parts industry. $5 billion. I'm wondering if that is for bonuses or what? They are "critical" to the auto industry, which is "critical" to the nation, or so the theory goes. I'm just wondering whom the government will bailout tomorrow. I can hardly wait to see. Perhaps me!

Bush: I was against the Bailout...before I was for it!

Got to love El Presidente. "First I was for the bailout, but now that I think about it, I'm dumping my free market principles (yet again) and bailing out the auto companies without congressional approval, because I am the King of America...well, Hank Paulson is the King anyway."

Automaker Bailout Bill Goes Splat!

For the moment, the bailout bill is assigned to the dustbin of history, but only for the moment. I predict one of two things will happen. The stock market will tank, and the senators who opposed the bailout will quickly "reconsider," or President Bush will simply assign money from the TARP bailout to the automakers, thus accomplishing a bailout by fiat.

Automaker Bailout and Uncovering TARP

This is an interesting argument about why the government should not bailout the automakers. The most fascinating part, however, was a summation of the $700 billion bailout and what a disaster that has been. I append his bullet point summation:

Since $700 Billion Bailout Passed

• The S&P collapsed from 1114 on October 3rd to 848 on November 17th. This is a drop of 24%.
• Paulson did not use the funds as requested.
• Bernanke promised to disclose how taxpayer money would be used but has refused to do so.
• Bloomberg has filed a lawsuit against the Fed under the Freedom of Information Act to find out just how Paulson has used the money.
• Not a single job was created with the money.
• Fannie Mae has announced it may need another $100 billion.
• Freddie Mac proclaimed it had negative net worth.
• AIG received another $37 billion.
• Cities and Auto companies now want a share of the $700 Billion.

There was not a single positive result out of the money that was spent.