If the evaporation of credit had indeed occurred, I might be inclined to agree with you, but despite the now $750 billion bailout to the financial industry, credit has not been freed up–instead, it has evaporated as financial institutions have used the money for other things (multi-million retention loans, purchasing struggling companies, I don’t know, new towels for the executive washroom?)

I’m not against some automotive restructuring–what I am outraged at is the handwringing, hypocriscy and intervention being suggested when the size of the LOANS is so much less. The Administration (3-page memor) and congress were falling all over themselves to shower money on an industry that had not just been greedy, but failled spectacularly. The automotive industry by comparison was the good ship lolipop and would have actual sailed along if not for the collapse of the financial industry and the massive hike in oil prices (both of these being brought on by 30 years of deregulation).

Now if we can just get all those free market hawks to let loose of their ideology long enough to grasp how serious a massive auto bankruptcy would be, we’ll be in good shape to invest in these companies with strings attached.

The difference here is simple–the Bush administration and congress are beholden to the obscenely wealthy and the middle class had to ensure they could continue living, well, obscenely. The middle class union workers are getting screwed both ways.

Typical