Ken’s Take: All of these bailouts are flat out nuts. The worst is the seemingly inevitable tossing of money down the Detroit sink hole. There is no chance whatsoever that Detroit get on the road to prosperity. They can’t compete with a $1,500 or more cost disadvantage on every car sold, and the politicos are determined to patronize the UAW. Getting rid of senior management bonuses and corporate planes doesn’t even qualify as rounding error. A fundamental restructuring of overhead costs (i.e. massive white collar layoffs) and a competitive labor agreement are required. Neither will happen. If ever there were a case of putting good money after bad, this is it. No government loans will ever be repaid — either the companies won’t have the wherewithal to repay or the loans will be forgiven by Congress if the companies act like they’re doing something green.
To vent my frustrations, I emailed my Congressman — asking him to make a simple pledge to the dwindling number of taxpayers. I know it won’t change anything, but I felt better. You should try it.
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Congressional Accountabilty Pledge
Dear Mr. Congressman:
Stop wasting my tax dollars.
There is no chance that the Detroit 3 will repay bailout loans made to them.
If you vote affirmatively to approve any bailout loans, in any form, to any or all of the Detroit 3 automakers, you should accept personal accountability for your vote and make a binding, irrevocable public commitment to resign your government position on January 1, 2011 if the loans have not been repaid to the government in full by then, regardless of circumstances.
Period.
Your’s truly,
One of a dwindling number of taxpayers
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To email your Congressional Representative:
https://writerep.house.gov/writerep/welcome.shtml
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The Homa Files 
December 9, 2008 at 11:57 am |
The Detroit bailout is about two things:
– protecting Big Labor
– back-dooring sweeping changes in environment regulations.
Consider this from the Journal: “The legislation, among other things, would bar the companies from participating in legal challenges to state laws designed to impose limits on greenhouse-gas emissions.”
In effect, that would turn national mileage and emissions standards over to the State of California and save Dems and the Obama administration the annoyance of standing on their green convictions.