The democratic leaders in Congress are pressing for tax payers to bail out the automobile industry along with the rest of the American economy. Read about it below.
Speaker of the House Nancy Pelosi and Senate Majority Leader Harry Reed have collaborated in sending a letter to Treasury Secretary Henry M. Paulson Jr. requesting he assess the possibility of assisting the auto industry as part of the current financial bailout. They argue that the auto industry is essential to a healthy economy. If their request is granted and the tax payers are saddled with bailing out the automobile industry, then that will further expand the government’s role in private industry and big business. In other words, yet another sector of our economy that will be socialized.
The carmakers want $50 billion in assistance. What’s another few billion dollars when we’re already spending billions upon billions. Just pile those bills on. That should really help the middle class.
It is worth noting that our recently elected President, Barack Obama, has had both Michigan Governor Jennifer Granholm and former Michigan Congressman David Bonior on his economic advisory committee. Its further worth noting that both are being appointed to positions in Obama’s cabinet. This is a little disconcerting considering the condition that Michigan’s economy has deteriorated to under the care of Granholm. Now both of these people will have expanded influence on the economic well being of the country.
I suppose its only the beginning of campaign favors being repaid during an Obama administration.
It seems that many people completely forgot that the democrats have been in charge of Congress for the past two years. When there was so much talk about ‘change’ and how bad the economy had gotten over the last few years, people pointed at the administration. But it was the democrats in charge. I think people must have forgotten that when they went to the polls to vote.
We might do well to remember that when the banks first started failing, it was called the Chuck Shumer Recession. Remember? But he’s still in the Senate and giving financial advice on how to fix the economy he allegedly helped bring down. Nancy Pelosi has presided over the least popular and most ineffective Congress in history. Barney Franks has been in charge of the finance committee for the past two years and it has strategically collapsed prior to the Presidential election. The democrats have refused to vote on issues to help the economy over the last two years in spite of how it might have affected the tax payers. Now they want to use tax payer money to bail out every sector of the economy and President Bush will not be there to prevent all their legislation from going through.
We have a democratic Congress, a democratic Senate and a democratic President. We have effectively removed all checks and balance. I hope your money is in an Obama proof investment because the rooster is guarding the hen house.