The presidential nominees of the Evil Party and the Stupid Party both support a massive bailout of the auto industry.
Tack on another $25 billion to bailout-palooza. And forget conservative principles: Michigan’s electoral votes are at stake!
As I have said many times: God save us from bipartisanship.
If your blood pressure isn’t off the charts, you aren’t paying attention:
blog comments powered by Disqus
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.
It’s no coincidence that the legislation would help manufacturing states like Michigan and Ohio, whose voters could very well determine the outcome of the presidential election.
The loans would be used to help General Motors Corp., Ford Motor Co., and Chrysler LLC retool their factories to produce cleaner, more fuel-efficient vehicles as required under an energy bill passed last year.
The automaker loan program was established — but not funded — under the same bill. That sets it apart from the federal government’s intervention to prevent the collapse of Bear Stearns and a subsequent takeover of mortgage giants Fannie Mae and Freddie Mac.
Funding is needed before any loans can be made. The money would subsidize the loans, provide a cushion for possible defaults and absorb the cost of permitting automakers to defer loan payments for up to five years. The Congressional Budget Office says the $25 billion in loans would cost the government $7.5 billion…
…For his part, McCain initially opposed the program, but reversed course after coming under assault.
“Our auto companies are rising to the challenge of building the next generation of American cars,” McCain said last month, adding that the government should “assist Detroit and its suppliers in making it through this difficult time of transition.”
Husband of presidential candidate under federal investigation met privately with US Attorney General, but no big deal
June 29, 2016 08:47 PM by Doug Powers
June 28, 2016 10:50 PM by Doug Powers
Of course: Senate Dems blocking $1.1 billion Zika bill because Planned Parenthood isn’t getting a cut
June 28, 2016 12:50 PM by Doug Powers
Taxpayer-funded astroturf: NYC Health Dept staffers encouraged to join immigration protest during work hours
June 24, 2016 09:18 PM by Doug Powers
In the best of hands: AG Loretta Lynch travels to Orlando in search of terrorist’s motive, comes up empty
June 21, 2016 03:13 PM by Doug Powers