Say it ain't so, George!
According to The Wall Street Journal, among others, the White House spent the weekend deliberating over how to provide stimulus to the beleaguered auto industry in the wake of Friday's defeat of a bill in the US Senate.
The only way such a proposal would make sense is if any company receiving government assistance would enter into bankruptcy, renegotiate union contracts and restructure entirely.
A bailout of the Auto Industry would lead to a downward spiral of Federal Tax Dollars being "loaned" to other companies and state governments.
How would they decide which entity gets which money? This would set a dangerous precedent that could threaten the very core of capitalism and the free-market system.
It seems as President Bush is intent on two things: (1) Provide enough short-term assistance to get him through the next month and pass the mess onto his successor Barack Obama and (2) Not be known as the President who let the auto companies fail!
In his shoes, we would throw the problem to Obama as well!
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