The first step toward GOP redemption is to stop the automakers’ bailout and roll back the creeping conversion of the Crap Sandwich 2.0 into an all-purpose bailout bonanza for every last American industry and corporate special interest in financial peril. The second step is barbecue Naked Emperor Hank Paulson and the Federal Reserve over their refusal to disclose how they are dispensing billions of dollars in loans.
John McCain screwed this up. The out-of-touch Republican leadership in Washington screwed it up. And let’s be honest: Too many of the same tired old faces now trying to reclaim seats of power — like Newt Gingrich — crumbled on the massive banking bailout and capitulated to Reid/Pelosi/Paulson/Bush when steel spines were needed most.
President-elect Barack Obama’s got Rahm-bo spearheading the push to fork over a piece of the banking bailout pie to the auto industry. This comes on top of the $25 billion loan package (supported by both Obama and McCain) to the car makers in September. And it comes at the same time that the feds are acknowledging that the multi-billion-dollar AIG bailout was not enough and is not working.
Has there ever been a starker case of throwing bad money after bad?
The auto industry’s troubles began well before the subprime crisis started. Is using the Crap Sandwich to rescue every “vital” industry from failure what House Republicans signed on to? Ask your congressional representative.