The Great Rip-Off

First the banks, now the auto industry.

From Washington Post:

Scan the coverage today of GM's bankruptcy and you'll see a wide range of reaction, from predictions of certain doom to sheer uncertainty about the company's eventual fate. The word "gambling" comes up a lot in reference to President Obama's plan, never a good thing when you're talking about amounts of money ending in 10 zeroes. What you don't see this morning are predictions of success.

It's difficult to find more than a handful of analysts or commentators in the mainstream media (outside of Detroit) who believe that this blueprint is likely to work. Not that it might work, but likely to work. And that is worrying news for the White House, which is working desperately to forestall the company's complete collapse -- and the subsequent economic shock wave -- but may instead be fostering the public perception that it is throwing good money after bad without a clear endgame in mind.

A Rasmussen poll released Sunday pegged support for the GM plan at just 21 percent, with 67 percent opposed. A clear majority of respondents would rather let the company go out of business than provide any more government funding.

Maybe a voice of reason...

From Democracy Now:

Congressman Dennis Kucinich of Ohio urged the White House not to subsidize GM’s overseas growth at the expense of US workers. In a statement, Kucinich said, “We must not allow GM to use US taxpayer dollars to close plants in America in order to open markets for products made in China and other countries.” Residents of Detroit said they were saddened and anxious by the bankruptcy of GM.

I ask you Mr President: who will hold GM accountable on behalf of American taxpayers?



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