SNL-Big 3 Auto-Bailout from the November 22, 2008

No one watches C-Span.

But Everybody Watches YouTube.

Live on YouTube–It is Saturday Night Live–From The Bankrupt Congress.

New game in town–Bailout or Bankruptcy!

To play the game you must Take a hike–walk to Washington D.C.–and walk home if you lose!

How much your company or union contributes to  the political campaign of the Democratic Party  determines the outcome–bailout or bankruptcy.

Congressional payolla on parade.

Congress raises taxes on successful businesses and subsidizes or bailouts failing businesses–Obamanomics.

A hell of a way to run an economy.

Since the American people pay for the bailout in higher taxes and inflation– they want no more bailouts– the United States is broke.

The American elites just ignore the American people and propose the Raw Deal–recession followed by hyperinflation and call it progressive, I call it socialism.

Background Articles and Videos

On the Skids: Are U.S. Automakers Running Out of Time?

Lawrence G. Hrebiniak: The Mismanagement of America, Inc.

Auto industry planning car pool to Washington

After being skewered by Congress and lampooned on NBC’s “Saturday Night Live,” the CEOs of Detroit’s three automakers may end up making their return trip to Washington by car as they seek a federal bailout.

 http://seattletimes.nwsource.com/html/businesstechnology/2008429358_apautobailoutcarpool.html

Correspondence with a Presumed Proponent of Auto Bailouts

Posted by Daniel Ikenson

“…I am opposed to interventions of any kind. The Wall Street bailout and the subsequent partial nationalization of what were private U.S. financial institutions is in essence a penalty on prudent behavior and a subsidy for risk taking. It is patently unfair and grievously unwise to use taxpayer dollars to insulate people or institutions from the consequences of their actions, as it is unfair and unwise to deprive risk takers of the full fruits of their efforts.

The story is no different in the auto industry. Yes, the industry employs thousands of workers and there are many jobs in related industries that depend on a healthy (or at least functioning) auto industry. I am sympathetic to your suggestion that auto’s woes are at least in some part attributable to the credit freeze, which is a response to, among other things, circumstances beyond its control. But there’s much more to the picture than the one you seem to want to paint of the auto industry as an innocent victim. 

The fact is that much of the Big Three’s problem is self-made. The credit crunch and the contraction of demand is just the latest dark cloud, and a problem that affects all industries, not just autos. Thus, if there is a bailout for Detroit, where, how, and why do we draw the line to exclude other manufacturers, home builders, coal miners, and masseuses, who are all suffering from the same contraction in demand caused in part by the credit crunch? Don’t tell me we should bail everyone out. For starters, we can’t afford that.

Detroit’s problems predate the financial meltdown. Management and labor, together, consigned the Big Three to a future of troubles when ridiculously liberal work rules that flew in the face of basic economics were agreed upon, requiring management to pay workers at 90% of their salaries when they were laid off. The “Cadillac Platter” of health and retirement benefits granted to the UAW also dramatically raised the cost of producing vehicles at unionized auto plants in the United States. And let’s not forget about the far-in-excess-of-average manufacturing wages that auto workers “won” through concessions by management over the years. Management agreed to all of these conditions — and labor pushed them — because both sides assumed that the U.S. governent would come to the rescue (that the industry was too big to fail) when the chickens came home to roost over this inefficient, uncompetitive cost structure. That, to my mind, reflects labor’s and management’s greed. …”

http://www.cato-at-liberty.org/2008/11/07/correspondence-with-a-presumed-proponent-of-auto-bailouts-2/

Citibail: Another in an endless series of doomed, late-night bailouts; 1 am Eastern update: Citicorp to receive $306 billion fed backing + $20 billion more from Crap Sandwich

By Michelle Malkin  •  November 23, 2008 10:45 PM

“…Crap Sandwich 2.0 is morphing again.

We’ve gone from the toxic assets purchase plan to the capital injection plan to the throw-it-all-against-the-wall-and-whatever-the-hell-sticks-sticks non-plan plan. In the latest late-night bailout plot — you smelled it coming, didn’t you — the feds are colluding with Citigroup to engineer another “rescue” that will not work.

Let’s repeat that not-so-bold prediction: It ain’t gonna work.

Unless by “work” you mean opening the floodgates to more and more and more bailouts of businesses that deserve to fail.

The details, such as they are: …”

http://michellemalkin.com/2008/11/23/another-in-an-endless-series-of-late-night-bailouts/

Related Posts On Pronk Palisades

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now! 

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

Frederic Bastiat–The Law–Videos

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Defeat the Cram Down Bullshit Bailout Bill: Emergency Economic Stabilization Act of 2008

Bailout Bill vs. Rescue Economy American People (REAP) Law

The American People Want A Full Meal Buffett Deal–Not A Bailout!

Stop The Bailout: The American Elites’ Bum Rush of The American People–No Sale!

Obama Bombs Bailout Meeting–Whitehouse Still Standing–McCain Saved By House Republicans

Obama–ACORN–CRA–Congress–Democratic Party–Fannie Mae–Freddie Mac–Bailout–Socialism– Just Say No!

ACORN–Association of Community Organizations for Reform Now–Obama’s Red Shirts 

Thomas Sowell and Conflict of Visions–Videos

Unconstrained Obama vs. Constrained McCain: A Conflict of Visions