Perish the thought. I’ve watched this twice and still can’t figure out what, precisely, she has in mind if the new car czar — yes, we are indeed getting a car czar — doesn’t like the looks of the Big Three’s restructuring proposals come March 31. At 1:10 she says that at that point they’d turn off the financial tap; then, at 2:15, she says they won’t let the industry fail and would move to install more accommodating leadership instead, in keeping with the de facto nationalization. Like I said this morning, there’s no earthly way they’re going to compound The One’s economic headaches/approval rating by dumping auto workers into the unemployment bin come spring, so however much they, i.e. we, have to pay to keep the companies afloat, that’s how much we’ll be paying. Distinguish that from an endless flow if you can. Things are shaping up nicely already:
White House officials have just gotten their first look at the legislative language of the auto rescue legislation, and they don’t like what they see.
Officials say it doesn’t appear to be consistent with what, for them, is principle No. 1 — that long-term financing only go to companies that can show long-term viability.
54 percent, including 59 percent of people under age 45, oppose the bailout. Good luck, Barry.