19 December 2008

Auto bridge loan

I already strongly expressed my view that of all the various "bailouts," doing something to make sure that the U.S. automakers don't just collapse is critically important. The plan announced by Pres. Bush this morning no doubt has many flaws, not least of which is that by all accounts it is maddeningly vague and will no doubt be interpreted to effectively prevent control and direction from the public sector, which it seems to me is essential right now to mandate major changes in direction. But at least it kicks the can down the road so that the Obama administration can do whatever it takes to ensure the long term survival of an auto industry in this country. To my way of thinking, this is of vital, actually strategic importance, and is more important than three quarters of the Pentagon budget to the security of our country.

No comments:

Post a Comment

Gyromantic Informicon. Comments are not moderated. If you encounter a problem, please go to home page and follow directions to send me an e-mail.