Monday, December 22, 2008

Sounds like we've got that nailed down

A couple of posts (here and here) from Adam Levitin on the auto company bailout. Obviously, I'm no expert in this branch of the law, but it's pretty frightening to realize, first, that the government (that's us) has very little hope of reclaiming these supposedly safe investments if things get worse, and second, that the "experts" in and around Capitol Hill don't know this.

We've heard again and again that, in all these many schemes, whether it be buying up troubled assets (now dropped) or "investing" in financial companies, we would have an excellent chance of making all the money back (and more!) when things turned around. It's becoming increasingly obvious that no one really knows that, that it's just more spin to get public support behind these things. What we are seeing for sure is that the big boys in the corner offices are still getting theirs, the workers who actually put cars together are demonized as we kill them to save a corporate brand, and contractors are licking their chops at the thought of pulling down some really big coin.

Joe Biden's got his work cut out for him.

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