So, George Bush and the Republicans have said they don’t want to give bridge money to the Big 3 to help them get through this downturn, or at least till Obama can restructure them properly. Nope, the 3 million job losses and two hundred billion cost of letting them go under is ok by Bush and Congressional Republicans. Hey, those suckers didn’t vote for them anyway.
I can only read this as union hatred. The Big 3 have a unionized workforce (one which has made concessions which put it on par in cost with Japan’s workforce, mind you) and unions are EVIL. So who cares about all the people in all the supply firms who will lose their jobs, all the counties, cities and towns which will become ghost towns, or any of that.
No cost is too high for Americans who didn’t vote Republican to pay, if it takes out a major union.
Note that the cost of bridge money to get the Big 3 (GM in particular) to where the new Congress and President can pass a bill to restructure them for long term viability is about 20 or 30 billion. Considering 700 billion has been put aside for financial firms who are paying themselves 70 billion in bonuses, you’d think the money could be found.
And Paulson and his enabler, Barney Frank, can spare me the cries of how their corrupt money pool was only supposed to be used for financial firms. In fact it was supposed to be used to buy up distressed assets, and now isn’t being used for that, but as a slush fund. It can be used for anything the Secretary of the Treasury wants it to be used for. Barney wrote it that way, after all. And if it wasn’t for the financial crisis killing the economy and car loans, the Big 3 wouldn’t be in half this much trouble.
But hey, lavish retreats for AIG executives and making sure Wall Street gets the bonuses it is accustomed to is much more important than 3 million jobs or keeping a strategic industry like the auto business alive. Or even paying 20 billion now to avoid paying 200 billion to clean up the collapse, after which you’re left with a completely devestated state with no jobs, in the middle of what is going to be the worst post WWII recession.
Too bad for the Big 3 that Republicans hate unions more than they love Americans.