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$25 B Auto Bailout Like Putting a Band-Aid on Sucking Chest Wound

The title of this post comes from a favorite columnist of mine, Mike Baker. He says that the really important question to ask is not whether you support the bailout but whether you think big business is best managed and overseen by politicians with no business experience like Nancy Pelosi, Harry Reid, Barney Frank and the rest of the gang on Capitol Hill.

Throwing $25 B at a business model that is broken is like putting a band-aid on a sucking chest wound, it will only prolong the agony. Massive government involvement in private business eventually results in a big steaming pile of crap. Instead of using the $25 B to restructure their costs, business model and product line, the Big 3 will continue to pay enormous legacy costs, suffer declining sales and deal with the continued credit crunch. The auto industry would have you believe that if they do not receive the bailout money 3 million jobs will be lost. Their use of fear tactics and the notion that if you oppose the bailout you are heartless is lamentable. I imagine the same kinds of things were said when the horse and buggy era was replaced by the combustion engine era. If you don’t support us and we fold to the competition from  the automobile industry you will be taking away the jobs of millions.

Another quote of Mike Barker puts this whole sordid affair into perspective.

It’s like handing money over to my teenage daughter… not only do I not know where it’s going, but the next day she’s standing in front of me asking for more.

I think it is time to show some fiscal responsibility and save the $25 billion, we can certainly use the money. After all, it may not be long before the underwater basket weaving industry comes to Capitol Hill with their sad tale of woe.

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