I am pretty shocked that the Republicans would take such an overt role in derailing the bailout. I thought they would be more, I don’t know the word, disguised in their actions. Like attaching poison pill amendments or hiding behing procedure.
Now, don’t get me wrong, I understand opposition to the proposed bailout. Such opposition is both reasonable and principled. Failed companies should fail. That is the free market. That is capitalism. The only reason this bailout got any traction at all is the workers GM and Chrysler employ and the disasterous affect of letting GM and Chrysler fail will have. Over 2 million workers across the United States will lose their jobs in a weeks’ time. Whole towns where the local GM or Chrysler plant is the main driving force of the local economy will be destroyed. Businesses that make parts and supplies for GM and Chyrsler will go under in a month or two. The untold number of people who work for those companies will be unemployed.
By the end of January or February, unemployment in this country will be in the double digits, perhaps in the mid teens. There can be no doubt now, we are in a Great Depression.
And I am just a little shocked that the Republicans would take such a public role in making it happen. Perhaps, since the GOP is on the hook for the entire economy anyway, they decided to push the Interstellar Fail button like Blago did this week. “If we are going to be blamed anyway, lets make the failure really spectactular!”