Hot off their sweeping victories in the elections last week US Democrats are pushing legislation to bail out the “Big 3” US Automakers (GM, Ford and Chrysler)
In spite of campaign promises of “change”, this legislation is just more government benefits to big business, exactly the kind of activity that President Bush has been demonized for all during his presidency. Obama and Pelosi appear to know that this is not what voters are expecting.
To forestall a voter backlash, Obama aides and Ms. Pelosi separately made clear they intend to impose significant conditions on federal aid. Auto makers would have to offer the government equity stakes or warrants, one Obama adviser said, and would have to accept the same rules on executive compensation that financial-service companies have swallowed with the Wall Street rescue.
I had really hoped it would take more than 7 days for Barak Obama’s campaign promises to drift away like a wisp of smoke…