Thursday, November 13, 2008

Behind Bush's New Free Market Religion When It Comes To the Auto Industry

So why has the Bush Administration and Henry Paulson suddenly found Free Market religion when it comes to auto industry and is dragging its feet on an auto industry bailout?

The auto industry via the United Auto Workers union is a tool of the Democrats, not the Republicans. The blatant hypocrisy in this "bailout" never fails to amaze.

Bloomberg with the ugly details:

President-elect Barack Obama is pushing Congress this year to approve as much as $50 billion to save cash-starved U.S. automakers and appoint a czar or board to oversee the companies, a move that would require President George W. Bush's support, people familiar with the matter said...Still, the Bush administration so far has opposed bailing out the carmakers...``The intent of the TARP was to deal with the financial industry,'' Treasury Secretary Henry Paulson, who is administering the program, said yesterday in a press conference. ``My focus is on the financial sector, getting credit going, getting lending going.''

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