So Much for the Free Market

I wake up on the first day of my vacation ... snow covers everything and the dogs are loving it. Then I watch the news.

First mistake.

I get to see the soon to be ex-President say that the Executive branch is taking action where the congress didn't. Because "the people" don't want the car makers to fail.

Uh huh. That's why the duly elected members of Congress voted down the plan - because of all the people calling their offices in support of the car makers. Right.

So the government steps in and props up a failing business with an unsuccessful business model and the unions win.

Citing danger to the national economy, the Bush administration approved an emergency bailout of the U.S. auto industry Friday, offering $17.4 billion in rescue loans in exchange for concessions from the deeply troubled carmakers and their workers.

*sigh* And of course the soon to be President praises the action ... which is easy for him to do since he doesn't have to take responsibility for the repercussions. He can just point back and say "it was the other guy's fault."

The news story in fact is already blaming Bush for the inevitable failure of this plan.

Bush's plan is designed to keep the auto industry running in the short term, passing the longer-range problem on to the incoming administration of President-elect Barack Obama.

And Paulson gets even more power.

What a waste of tax payer money. I'm extremely disappointed in the President and do not see this action helping the current economy.