The bailouts continue. Michael Ramirez; click to enlarge:
Given the latest announcement by Secretary Paulson that none of the $700 billion appropriated by Congress will be used for the originally-stated purpose of purchasing distressed financial assets, it seems clear that neither the administration nor those in Congress who voted for the bailout had any idea what they were about.
As to the prospect of bailing out the auto industry, Jim Manzi says what needs to be said:
What would it mean to have GM go bankrupt? A change in ownership and a renegotiation of contracts.
GM needs to get free of its unsustainable obligations, and bankruptcy is the way to do it.
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