Bush Approves Bailout

George "The Dopeman" Bush has given the Bailout-Junkies the fix of liquidity they have been jonsing for. He approved a $17.4 billion mainline for the addicts, via the TARP. Hank "Street-Slinger" Paulson, has already asked the pharmacists in Congress to release $350 billion worth of their finest Washington-Green product. Not wasting anytime so it can hit the streets. I guess we can forget about rehab in Chapter 11.

From Yahoo News,

WASHINGTON – Citing danger to the national economy, President Bush approved an emergency bailout of the U.S. auto industry Friday, offering $17.4 billion in rescue loans in exchange for tough concessions from the deeply troubled carmakers and their workers.Allowing the massive auto industry to collapse in the middle of what is already a severe recession "would worsen a weak job market and exacerbate the financial crisis," Bush said. "It could send our suffering economy into a deeper and longer recession. And it would leave the next president to confront the demise of a major American industry in his first days of office."

Dopeman fails to address the point, what if they still don't make it? Then we have a gaping hole in our economy plus $17.4 billion down the tubes.

And while the United Auto Workers said the plan would keep factories running, the union said it was upset by loan conditions "singling out workers."

These chumps just better shut the hell up. Can you believe the nerve of addicts who want street product with no stipulations? Not only junkies, but childish ones. You better remember their attitude America, they were willing to flush the rest of us over $3 an hour less.
Under terms of the loans, the government will have the option of becoming a stockholder in the companies, much as it has with major banks, in effect partially nationalizing the industry. Bush said the companies' workers should agree to wage and work rules that are competitive with foreign automakers by the end of next year.
Keeping the junkies on the hook through a little application of Socialist thought. Clever, Dopeman, really clever. Now that the Fed has a stake in the Big 3, you can pretty much call Barney "Fatman" Frank the CDSO (Chief Dope-Slinging Officer). Wagoner, move over, you've been replaced.

And he called for elimination of a "jobs bank" program — negotiated by the United Auto Workers and the companies — under which laid-off workers can receive about 95 percent of their pay and benefits for years. Early this month, the UAW agreed to suspend the program.

Dopeman is ahead of the power-curve, calling for the removal of something the junkies have already agreed to suspend. How nice of the cry-sacking, porn-stache wearing, backwoods thief, Gettlel-Giving America the-Finger, to give us a bone. Or maybe it should be giving us the bone. Thanks Ron, you are Aces in my book!!

Rep. Jeb Hensarling, R-Texas, chairman of the congressional oversight panel for the Wall Street rescue program, decried the decision, saying a Chapter 11 reorganization, not loans rewarding decades of mismanagement, would have been a better decision."Unless union contracts are renegotiated, and unless demand picks up for domestic autos, $14 billion, $34 billion, $74 billion — even $104 billion — will not solve the problem," Hensarling said. "I fear that a devastating precedent has been set that the federal government will now be pressured to bail out every failing company in America — something that taxpayers and future generations cannot afford."

Don't you fret none Jeb, this is GREAT for the economy! Somebody is going to have to print all that new money, can imagine the jobs opening up for printers? The Fed will have to expand its operation to all fifty states just to keep up. What a wonderful country we live in!

In all seriousness, the American people already got majorly hosed with the TARP ( The Highway Robbery Bill of 2008) and even though the $17.4 billion wasn't anything additional. It was used as an excuse to release the other $350 billion that had not been committed yet. In effect the middle-class just got it put to them by the Big Three, the UAW, Congress, and the White House. Wonder when the Supreme Court is going to get their shot in?

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