To follow up the post below, my piece on the UAW and Bush's stuttering admission that the free market is not, in fact, infallible is up at Global Comment.
But Friday morning, Bush announced a $13.4 billion loan to the auto companies from the TARP funds—better known as the $700 billion bailout. The loans are for a three-year period, but will have to be paid back immediately if the companies do not show themselves to be “viable” by March 31.
Lucky for the auto companies, there’ll be a new president by then.
Bush said, “Government has a responsibility to safeguard the broader health and stability of our economy. If we were to allow the free market to take its course now, it would almost certainly lead to disorderly bankruptcy and liquidation for the automakers.”
I don’t know about you, but I have to smirk at least a bit each time a Republican has to admit that the free market doesn’t always do the right thing. I also giggle each time Bush has to use the word “responsibility.”
While we’ve been watching the Republic Windows and Doors protest, the kind of successful workers’ action we haven’t seen in years, some of us have been reminded of what solidarity actually means. Politicians from Barack Obama to Rod Blagojevich stood up for the workers, and workers around the country demonstrated outside of Bank of America offices and threatened boycotts until the bank gave in and paid the workers their compensation.
Yet the UAW appears to get nothing but scorn from America.
as always, read on.