President Bush announced a $17 billion bridge loan to GM and Chrysler today, out of TARP funds, something he vowed not to do just weeks ago. He said the bridge loans are necessary to avoid a “disorderly bankruptcy.” I still don’t understand why a bankruptcy, which I think is the only viable way to keep the American automakers in business, should be “disorderly.” What’s mostly going on here, I think, is that Bush can’t stand the thought of two of the automakers going bankrupt during the last 30 days of his administration. He’s kicked the can to Barack Obama, and at least the bankruptcies won’t happen on his watch.
That’s the bad news. The good news, for Republicans at least, is Governor Blagojevich’s vow to “fight…fight…fight” since he has done nothing wrong. Well, it makes sense for him to fight; there is a room reserved for him in a federal penitentiary. For us Republicans, the prospect of Blago fighting on for months to come is a ray of sunshine in an otherwise bleak landscape.
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