Another Transfer of Wealth

Harry Reid claims to have a responsible plan (just ignore the oxymoron) to bail out the auto companies.

The usual suspects, Representative Barney Frank (D-FNMA) ansd Senator Chris Dodd (D-Countrywide), are already singing in harmony with the unions:

United Auto Workers chief Ron Gettelfinger warned Thursday that time was short.
“I believe that we could lose GM by the end of the month,” he said.

“Nothing concentrates the mind like a death sentence,” Dodd said. ( I thought the only thing that concentrated Dodd’s mind was a phone call from Anthony Mozilo)

Barney Frank said in a hearing involving the auto bosses that Congress invited “disaster” if it did not act.

Yet to be determined is whether the bailout money will come from previously appropriated “$25 billion in loans to the industry designed to spur development of fuel-efficient vehicles” , which point appears to be the only political fig leaf the Bush administration requires to hide behind in this otherwise totally indefensible intervention by the Federal government in an industry that should and would be in bankruptcy.

The matter of bankruptcy versus federal intervention is an important point because the latter displaces the historical party of interest (creditors that would ultimately determine the final outcome of any plan to emerge from bankruptcy) with political expediency and political payback (re: union money transferred to Democrat campaign coffers).

Put another way, politicians are going to use tax payer money to pay off the creditors of the auto companies. This act will ensure the future flow of funds (tax payer money) from the unions to Democrats in a convoluted scheme that is nothing more than political money laundering.

Lessons From Pearl Harbor
A Date Which Will Live in Infamy