President Bush and Republicans get blamed for everything. Whether its the war or the tax cuts very little respect rightly or wrongly. But this one Republicans cannot blame President-Elect Barack Obama for the Spending Bonanza. The ever changing $700 Billion bailout keeps morphing: First, to buy out bad mortgage securities that caused the housing collapse, then Treasury Secretary Henry Paulson changed it to bailout major banks; then changed their minds on to the buyout of bad mortgage backed securities.
The big three auto makers, General Motors, Ford Motor Company, Chrysler Corp which is owned by Cerbrus Corp( a private equity firm) has been asking for a bail out. Two week ago the CEO’s of the big three car makers asked for $25 billion or they go out of business. But they were rebuffed by a Democrat controlled congress which supports the bailout of the industry but were embarrassed and rather pissed-off when CEO’s arrived in company owned private jets(and no plan on how to save the companies and their UAW based jobs)
This week the CEO’s of the car manufactuers came back to DC all now in their products (and tin cups) But Senate Majority Leader Harry Reid says He doesnt have the votes to pass the bill in the senate. On Thursday, December 5,2008 The US Senate voted No on the bailout package. So the workers are in a holding pattern. While the White House promise a bailout.
Smart and silly 