The Shrub Does Something Right

Saturday, December 20, 2008
Yesterday, President Bush announced that the Federal government would bail out U.S. automakers to the tune of $17.4 million.

The plan has some pretty significant conditions attached, including limits on executive compensation, dividend caps, federal review of transactions over $100 million and a restructure of wage and benefit agreements to be more in line with foreign auto manufacturers doing business in the U.S.

According to the Washington Post,

Spreading the risk and pain of the bailout across workers, debtholders and other "stakeholders" was necessary to justify putting taxpayers also at risk for the rescue of otherwise failed businesses, Bush said.
You think?

Crap. The Shrub finally did something right.

Who'd a thunk it?

3 comments:

Jerry Critter said...

Too bad they didn't put similar conditions of the $700 billion that was authorized to give (not loan) to the banks and other financial institutions. $17.4 billion is small change compared to %700 billion. It is only 2.5% of the $700 billion.

Obviously the auto industry is not as "Good Buddies" with the administration as the financial industry.

Janiece Murphy said...

Jerry, that pisses me off, too.

They would of done better to just buy up all the bad mortgages with that cash, IMHO.

Jim Wright said...

Who'd have thunk it?

Not me, that's for sure.