Obama totally wrong on auto loans program

I think the Big Three may only be second to Big Oil when it comes to whining about actual capitalism vs. “capitalism.”

They made their own effed-up bed for three decades on fuel-INefficient vehicles and then want government help?

NO.

Congress’ initial $25 bil in guaranteed loans this summer was bad enough. The idea of expanding it to $50 billion, fully supported by Obama, is ridiculous, and also enables a Big Three lie. (I had million, instead of billion, on the dollar amount originally; sorry.)

The lie? That this isn’t a bailout.

Wrong.

Because they’re down to junk bond rating, getting a loan on much better conditions than in the open market IS a bailout.

And, the lie is offensive and repulsive when coupled with Samuel Johnson-type statements about patriotism:

“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.”

The ridiculous?

If Obama REALLY wanted to help U.S. fuel economy, Toyota would also be eligibie for the guaranteed loans, to help it build its U.S. Prius plant.

Yes, in Washington terms, the amount of money may be chump change.

But, in Politics of Change terms, the principal being broken is anything but cheap.