Thoughts from a Yellow Dog Democrat living in Olympia, in the great BLUE state of Washington

I am a liberal because it is the political philosophy of freedom and equality. And I am a progressive because it is the political path to a better future. And I am a Democrat because it is the political party that believes in freedom, equality and progress. -- Digby

Friday, November 21, 2008

Spineless Democrats

From AP: "Democratic congressional leaders say they are prepared to return to Washington next month to continue a post-election session and approve federal loans to the automobile industry if automakers submit plans to restructure by December 2.

"Until they show us the plan, we cannot show them the money," said Speaker of the House Nancy Pelosi.

Senate Majority Leader Harry Reid echoed the comments."

What a crock! What skills and expertise does Nancy Pelosi have to evaluate a plan to restructure? If the auto companies had a good viable plan, they wouldn't need the Federal Government to bail them out, there would be investors lined up around the block. What her request REALLY is -- 'please cover our butts to our constituents -- make it look like we're not just caving in.' Meanwhile she's doing the car company's bidding and driving the last nail in the coffin of organized labor. Labor has given up more than their fair share of concessions for the past decade and it was obvious from the testimony of the auto company executives that they are clueless and unmotivated to accept any personal responsibility.

It drives me crazy when the auto executives (and now Senators Levin and Stabenow) try to blame the credit markets for slow sales. Have any of you noticed a line of folks wanting to buy a SUV or other car but can't because no financing is available? No -- banks and credit unions would be thrilled to make good car loans. I heard last week the auto auction market has crashed -- banks can't even unload repo'd vehicles at the auction yards because consumers do not recognize ANY value to a cars currently.

Oh, we'll bail out the auto companies for a few more years but we shouldn't. They should be forced to come up with a REAL reorganization plan. If they did, real investors would be clamoring to invest in these companies. We are feeding and enabling the junkie executives and delaying their need for rehab. Unfortunately, organized labor is going to be the victim here -- all of those auto executives will pillage all they can from their companies and then retire with a HUGE settlement. Meanwhile, the hundred of thousand of workers who agreed to deferred compensation when the auto companies needed them in the past will be reneged on. Pensions and health care plans that were the deferred compensation these hard workers agreed to will be scrapped.

Thank you Nancy Pelosi! May I have another . . .

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