Industry leaders have argued that the loan guarantees are not a government bailout because it would hasten production of fuel-efficient vehicles and reduce dependence on imported oil.
Why weren't they hastening the production of fuel-efficient vehicles during all those years when they were sitting fat and happy raking in the profits from their huge gas guzzlers? How about some responsibility for your own behavior here...oh, that's right, that only applies to ordinary individuals that are struggling to pay the bills, not big corporations (I forgot for a minute that we have a fascist economic system in this country, not a real free market).
"This is not about benefiting Wall Street," said Ford Motor Co.'s President of the Americas Mark Fields, referencing recent federal support for the investment firm Bear Stearns and troubled mortgage companies Fannie Mae and Freddie Mac. "This is benefiting Main Street, the working men and women. The auto industry is part of the backbone of the U.S. economy."
Uh, yeah right.
"This industry could fall down, literally, or be absorbed if they don't get something in place very soon. I think it's that severe," said Rep. Joe Knollenberg, R-Mich. "Something has to happen pretty quickly because they can't compete paying 15 to 20 percent (interest)."
This same Rep. Joe Knollenberg voted for and was a co-sponsor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which made it much more difficult for individual consumers to file a chapter 7 bankruptcy, which many have need of because they can't make it paying 15 to 20 (or 30) percent interest to the credit card companies. Where's the bailout for all those taken advantage of by the loan sharks calling themselves banks, huh Rep. Knollenberg?
Democrat Barack Obama has criticized Republican rival John McCain for not supporting the full $50 billion loan program. McCain said last week he supported fully covering the $25 billion loan program in the energy law.
Obama, just another servant of his corporate masters. Agent of change my ass!
Oh, and the evil House Speaker Nancy Pelosi has promised "quick action" on the bailout this fall (this is the same bitch that said impeachment of the criminal George W. Bush was "off the table").
Don't you just love "democracy"?
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