Author: Rory B. Bellows
Once again compassionate conservatism proves it is more about touchy-feely liberal emotions like compassion as opposed to conservatism. President Bush will authorize $17.4 billion dollars in loan from the “rescue” package that was intended to maintain integrity in the financial sector. I admit, I was wrong about the bailout. We should have let the financials go into bankruptcy. It has authorized failing industries that to line up with their hands out and hope their supposedly wealthy uncle same can save their industries in exchange for selling their sould and accepting government planning. The autos are going to submit to government manadates on pay, hiring and firing authority, how they compensate their executives and what kind opf cars they make.
This is Bush’s legacy: he grew government to the point where the default position in American society is that it is the government’s job to keep business afloat. The invisible hand of the market is a quaint concept. Kind of like the idea of World Series games played in the afternoon.
This is just a loan and thge complete nationalization of the auto industry will happen on Hussein’s watch, and probably would have happened without this loan, but Bush gave in to his “compassionate” instincts and stuck the taxpayers with more debt. Great. Industry rises and falls. There has to be winners and losers for capitalism to work. We no longer believe in that. Our guiding principle is now “too big to fail”.