No sooner had I hit "save" on that last post than I saw this release from Lindsey Graham, which actually came in before the DeMint one:
“I’m disappointed with President Bush’s decision in many respects.
Program) funds to bail out the automotive companies. These funds were supposed
to be used to stabilize financial institutions. The TARP legislation would
certainly not have passed it we had known it was going to be used for this
reforms which will make these companies profitable. The only viable solution is
for them to enter Chapter 11 reorganization.
costs to make them competitive in the global marketplace. It would also allow
the reorganization to be accomplished without political considerations.
Presidential or congressional restructuring will end up being a political
exercise more so than a business exercise to make these companies profitable.
government payments to the Big 3 automotive companies.”
Needless to say, I also agree with Graham. I'd like to see a little more indignation from him on this, though.
This is a bad situation we're in, folks. A lame-duck president takes it upon himself to throw $17.4 billion of money that was NOT appropriated for this purpose down a hole (and yes, I think the sudden failure of the Detroit Three is a bad thing to be avoided, but the whole managed bankruptcy thing sounded like a less bad option to me), and the only people who disagree with what he did is members of his party, and they're too loyal to get outraged about it. The Democrats love this, so they won't have a critical word to say.
And I'm too sick and eager to go home and hit the sack to get into it. Again, I recommend the Will column coming up on Sunday — he gives him both barrels.