...so I got interested in this Big Three Bailout being championed by Democratic leadership and how it's a bad idea. Michael got me thinking - Is it just democrats in favor of this bad idea?
Turns out, there's what's called an "Auto Caucus" in the US Senate, with both Democrats and Republicans from states with a stake in the US Auto industry. And those republicans are waving the bailout flag themselves.
From today's Houston Chronicle:
With so much rancor on Capitol Hill, lawmakers from states with some of the biggest stakes in the auto industry were angling to come to the rescue.
Sen. George Voinovich, R-Ohio, and Sen. Kit Bond, R-Mo., said they were drafting a compromise measure that would speed access to the $25 billion in loan guarantees.
I know Voinovich, a republican, is a member of the Auto Caucus, and I bet Bond is too.
So what we have here is politicians doing what politicians do best - representing their constituencies. It just so happens that democrats are in charge right now, and Michigan, the biggest of the auto states, has long been an instrumental swing state, hence the support of party leaders like Obama and Pelosi.
(Side thought: I bet, if this ever gets to a vote, that representatives of states with a big presence of foreign automakers (ie - Alabama, Tennessee, I believe), will come out strongly against the bailout.)
I'm still not saying it's a good idea. But putting this all on "O Ba Ma" is ignoring what's just politics as usual. If the Big Three were based in Texas, I bet the major players in this story would have markedly different stances.
Oh, and the bank bailout received such strong bipartisan support because, let's face it, every politician wants to play nice with the investment bankers.
EDIT:Furthermore, it wouldn't surprise me if, in their heart of hearts, the politicians standing behind this know they don't have the votes. They just need to be able to go back to their constituents (in the case of national leaders, that includes unions) and say that they stood for them. In the end, this may just be a case of sound + fury = nothing and everyone knows a change is gonna come.
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Here, here. I couldn't agree more.
ReplyDeleteMy problem is what the "local politics" are lobbying for and how they are lobbying for it.
a) Government bailout of horribly run companies is wrong (democratic, republican, bi-curious, whatever)
b) The sensationalism has got to go. How did we go from business as usual to sh!t hits the fan so fast? Oh wait, I know why, someone offered up $700b.... quick, scramble, get your share now!
Maybe the more hopeless the cause, the more vociferous supporters get?
ReplyDeleteThen they can emphasize to their constituents that they fought hard, and play b-roll footage of themselves crying on the senate floor, carving emo lyrics onto their arms.
And for what it's worth, Nader's been talking about this since 1966 - clamping down on needless subsidies of the private sector.
ReplyDeleteSo I voted for perhaps the staunchest anti-bailout candidate. So there. Nyah-nyah.
"Then they can emphasize to their constituents that they fought hard, and play b-roll footage of themselves crying on the senate floor, carving emo lyrics onto their arms."
ReplyDeleteI agree.
I believe the impending election had EVERYTHING do to with this bailout getting rammed through so fast. No one wanted to be the cause of the earth crashing into the Sun, not even Millard Filmore.
Dude, I keep telling you: Fillmore came out strongly against terran-solar collision, and history will judge him kindly for that.
ReplyDelete