The House of Representatives passed their version of a bill which partially bails out the auto industry in exchange for a controlling interest in those corporations. It appears that the bill will face an uncertain future in the Senate as the GOP has threatened a filibuster unless changes are made in the bill.
I have mixed feelings about this bailout.
While I do think that the people of Michigan have suffered enough, I don't think that government will do a better job of making the auto industry better. I do not like the idea of a "car czar," nor his/her power to put the companies into bankruptcy or withdraw potential bailout money without some protections for the corporations, as well as some oversight of the "car czar."
And the government is already into too much private business.
I also do not think that copying Venezuela's economic model is a very smart idea. In fact, it's a really dumb move.
And now that we have an incoming socialist President, I fully expect this nationalization process to accelerate. The debt he's going to inherit and his current "tax and spend" plan is going to put the economy deeper into the hurt locker that it's already in.
The government needs to come to it's senses before it's presented with a bill that it can't pay.
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