What? Apparently, Congress authorized $25 billion in low-interest loans to high-risk borrows, and surprise! Detroit car makers are lining up with hat in hand. Only Detroit, never to think small – as in fuel-efficient cars – is not satisfied with a paltry $25 billion and wants to double the bailout.
So let me get this straight: Washington is putting up at least $200 billion for Freddie Mac and Fannie Mae, and up to $50 billion for the U.S. auto industry.
A few billion were already spent on rescuing Bear Stearns and the FDIC must put billions into rescuing failed banks. Despite the latter being a form of insurance, the FDIC will probably run out of cash and require taxpayer assistance.
I’m confused about capitalism. I’ve been told by so many entrepreneurs over the years that if only our government would stay out of business affairs, we’d all be so much wealthier.
I have an even better idea: if business would keep their hands in their pockets, taxpayers would be so much wealthier.