Grand Theft Auto D.C. has finally been hammered through. President Bush is tapping the $700 billion TARP funds to provide what the Democrats, and 20% of Senate Republicans, didn't get done in Congress. House Speaker Nancy Pelosi was asking for the president to do this yesterday.
Pelosi warned that the nation can't afford to add to the currently high unemployment rolls that are already zooming at a record setting pace. More than 554,000 people applied for jobless claims just last week.President-Elect Obama is also happy with President Bush's decision to use the TARP money to bailout GM, Chrysler, and the UAW.
The California Democrat urged Bush to decide quickly to come to the rescue of General Motors and Chrysler to prevent "the imminent insolvency of the domestic auto industry."
She said 2 million U.S. jobs are riding on whether Bush helps the beleaguered auto industry.
"Today's actions are a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our workers," [Obama] said. "With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together -- including labor, dealers, creditors and suppliers -- to make the hard choices necessary to achieve long-term viability."Isn't this the type of thing that the Democrats used to demonize as "corporate welfare?" Well, I guess if they call corporate welfare a bailout instead, then Liberals are just fine with it.
Now the big question is which industry do we taxpayers get to bailout next? My guess would be the healthcare industry, since it would provide the easiest method for the Democrats to finally nationalize healthcare.
Once again, thanks for proving that you can't spell WTF without W, George.
USMC 9971 OUT