Junk the Automakers' Bailout
That $700 billion rescue package for the banks is in danger of turning from a safety net into a slush fund. The scent of money has attracted lobbyists for every interest group in Washington. Now comes word that Treasury secretary Henry Paulson might dip into the fund to bail out struggling automakers GM and Chrysler. If car companies can qualify for a piece of that $700 billion, then there are no theoretical constraints on its use. Full Story »
Posted by Kaizar Campwala
