Thursday, November 20, 2008

Big Three Bailout Update: Strike One

In a move so obvious one wonders why it wasn't done during the first bailout wave, Congress decided against giving the Detroit auto manufacturers the bailout they've been seeking. The reason why is simple: The Big Three didn't show up with a plan as to what they would've done with the money.

Debates over whether the government should give them this money aside (see comments field), let's look at this objectively.

We are taught that corporations should be treated as individuals, as an entity with its own set of rights and privileges. Using that criteria, these goobers went to the bank asking for a $10k loan to pay off its gambling debts without collateral or a feasible plan that they would somehow pay it back.

I suppose we should be grateful that Congress learned some kind of lesson after the banking industry did just that the first time through.

1 comment:

Erin O'Brien said...

I wonder if they got off their private jets and crossed the tarmac in order to board fully loaded Hummers for their ride over to Capital Hill.