I've had a word or two to say about what looked like the utter folly of Mr. Bush bailing out the United Auto Workers, the union equivalent of Iran as the GOP is the equivalent of Israel.
Bailing out the UAW makes absolutely no sense. Toyota sold 9.3 million cars and made $17 billion. As has been pointed out, last calender year, GM sold 9.3 million cars and lost $37 billion.
Bailing out such an organization makes no business sense at all.
Finally, apparently, Mr. Bush has figured it out: there is precisely no percentage; either business or political, in saving this particular political foe from committing fiscal suicide.
Bankruptcy would effectively break the UAW. And that would be best for the automobile makers specifically and the country as a whole.
Bush may let Detroit go bust
President weighs option of 'orderly' auto bankruptcy
President weighs option of 'orderly' auto bankruptcy
By JENNIFER LOVENTHE
ASSOCIATED PRESS
WASHINGTON -- The Bush administration is looking at "orderly" bankruptcy as a possible way to deal with the desperately ailing U.S. auto industry, the White House said Thursday as automakers readied more plant closings and a half-million new jobless claims underscored the deteriorating national economy.
With General Motors, Chrysler and the rest of Detroit anxiously awaiting a White House decision on billions of dollars in emergency federal loans, press secretary Dana Perino said it wasn't simply a choice between government rescue and the disastrous collapse of a major industry.
"There's an orderly way to do bankruptcies that provides for more of a soft landing," she said. "I think that's what we would be talking about."
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