WASHINGTON (AP) - The government would order a major restructuring of Detroit's struggling Big Three auto companies in exchange for a multibillion-dollar bailout under a plan circulating in Congress
Great. Political hacks will now do for the Auto Industry what they did to housing and mortgages. And the same corrupt perpetrators, Chris Dodd and Barney Frank, will be in charge again. These two should be in federal prison but Democrats think they're doing a fine job.
The bankruptcy courts are where every other failing company gets restructured, but Democrats can't resist the prospect of taking over a major industry with Soviet style central planning. Besides, the Democrats union buddies would see their fat, uncompetitive contracts disappear in a responsible bankruptcy plan, so taxpayers will now be on the hook for something private investors and lenders wont touch with a ten foot pole.
This will also be an opportunity for the Big Government socialists to micromanage industry and force the big three to produce enviro-friendly crap boxes that no one wants. It looks like the Eco-Marxist's Global Warming hoax may finally pay off. Remember the Yugo?
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