Not to mention one of the worst, if not the worst decision he has made in a running string of bad decisions. As I have written about before, the American auto industry is in shambles. It is partly about management, but most of this has been caused by the UAW. And make no mistake, this bailout is for the UAW. This will not work, and they will be back within months asking for more. But next time, Ford will be included.
LET.THEM. FAIL. Much like a forest fire is a healthy thing for the forest, when a bad business model fails, it is bad in the short term, good overall in the long term. There will be a vacuum that will be quickly filled by better, more efficient companies.
Not to mention that using TARP funds for this is illegal. The funds for TARP are for “financial institutions.” The Big Three are most certainly NOT financial institutions. Although the definition in the statute is very broad, with the phrase “including, but not limited to,” that does NOT give the government carte blanche to give money to anyone in need. Yes, it will be hard. Yes, a lot of good people will lose their jobs. If there is anyone who knows what that is like, it is me. But it is necessary. And exactly where is this money coming from? Where are these TARP finds coming from? The government HAS NO MONEY! They are in a deficit. A big one.
Bush has been a complete and utter disappointment over the last year. Other than his foreign policy, he has me completely disgusted with the government as a whole. We are slipping very quickly into socialism.