Wednesday, November 12, 2008

George Bush, Barack Obama and Nancy Pelosi: Dumb, Dumber and Dumbest

It is difficult to consider a more ill advised policy than propping up managements of large, poorly managed firms. Yet, Henry Paulson, Ben Bernanke and George Bush have decided to provide a massive subsidy to inept Wall Street executives. Few politicians in history have concocted dumber policies, but, believe it or not, the Democrats have come up with an even dumber idea: bail out Detroit as well as Wall Street.

According to the Wall Street Journal :

"Democratic leaders in Congress said Tuesday they will push legislation next week to use the $700 billion Wall Street rescue fund to bail out Detroit auto makers, and President-elect Barack Obama ordered his transition team to look at ways to aid the car industry even before his inauguration."

A good book on the mismanagement of the auto industry is John Z. De Lorean's and J. Patrick Wright's "On a Clear Day You Can See General Motors".

De Lorean's descriptions of massive incompetence and waste at General Motors in the early 1970s, 35 years ago, makes the reader laugh out loud. After four or five decades of GM's utter incompetence, the Democrats are eager to raise your and my taxes to force us to subsidize GM. If they made cars we wanted they wouldn't need the subsidy.

Isn't GM the company whose selfishness Michael Moore contemned two decades ago for moving half its plants to Mexico, stiffing American workers and thumbing its nose at Flint, Michigan in the name of "private property" and the prerogatives of private corporations? And now the Democrats are shelling out tens of billions of dollars to these self-indulgent incompetents?

Excuse me for my snit, but this is getting out of hand.

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