Monday, September 8, 2008

Freddie and Fannie aren't the only ones lining up to pick your pocket

How about Detroit's Big 3, as reported in Coyote Blog:

If the world's citizens will not freely lend the Big Three automakers money of their own free will, then Congress is considering using force to make it happen.

Auto industry allies hope to secure up to $50 billion in federal t loans this month to modernize plants and help struggling car makers build more fuel-efficient vehicles.

Congress returns this coming week from its summer break, and the auto industry plans an aggressive lobbying campaign for the low-interest loans.

I'd also like to highlight three of the comments:

I'm sure it's just a coincidence this issue comes up 60 days before a presidential election. I mean it's not like Michigan is going to be a crucial swing state, right?

There's a bit of talk that the Chevy Volt is less of a useful production model and more of a stalking horse for a government bailout. The more information that comes out about it, the more it's the wrong car, for the wrong price, with the wrong specs. But GM needs it to show that they actually are *trying* to develop more efficient vehicles. And why do they need to do that? To convince the government to bail them out.

I think we need a Constitutional Amendment barring the federal government for loaning money to or guaranteeing loans for any private enterprise.

I particularly like that last one; discussing it would at the very least force us to find out all the ways that the State now infiltrates private enterprise.

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