Planet Gore

Why the Bailout Is Bad Medicine

Detroit, Mich. – Despite the rational advice of the Wall Street Journal’s insightful former business editor, Paul Ingrassia, a bailout for America’s automakers looks increasingly likely under a union-beholden Democratic president and Congress.

President-Elect Obama put the auto industry’s plight on the front burner in his first press conference Friday. Yet an auto bailout — as opposed to government-appointed receivership, as Ingrassia suggests — would open the companies to the special-interest priorities of Washington’s hyper-green politicians.
Consider this line from Obama’s press conference: “I have made it a high priority for my transition team to work on additional policy options to help the auto industry adjust, weather the financial crisis, and succeed in producing fuel-efficient cars here in the United States.”
Has The One noticed that gas prices have plunged to a national average of $2.15 a gallon this week? ($2.05 here in Michigan)
With last summer’s $4 price shock, consumers are still wary of big vehicles. But if low prices continue, will fuel efficiency be a priority 12 months from now? Of course, Obama could set a market price signal (as writers like Tom Friedman suggest) and goose gas taxes to a permanent $4 a gallon, but no incoming pol is going to go there.
Smelling bailout, green interests are already lining up behind Obama for their pound of flesh.
Activists with TheClean.org and 40MPG.org on Tuesday demanded that the bailout come with long green strings attached. “If Washington is going to give yet another loan-guarantee bailout to Detroit automakers,” their press release read, “the price tag for doing so should include requiring the car manufacturers to end their four-year-long legal assault against global warming laws in California and three other states.”
“Further,” said Pam Solo of 40MPG.org, “Congress should insist that every penny of the $25 billion in new loan guarantees that Detroit is seeking be targeted to building the cars of tomorrow (hybrids, clean diesels and other highly fuel-efficient vehicles), not the gas-guzzling dinosaurs of yesterday.
But if politicians demand that cars be built for a market that doesn’t exist, taxpayers’ bailout investment will be for naught.

Most Popular

Elections

Vote Your Conscience

At the 2016 Republican convention, Senator Ted Cruz spoke a controversial phrase: “vote your conscience.” I think about this phrase, this idea, fairly often. I’m not one to give advice on voting (or much else). But when asked for advice, I usually say, “Vote your conscience.” Sweet conscience! One of ... Read More
Elections

Vote Your Conscience

At the 2016 Republican convention, Senator Ted Cruz spoke a controversial phrase: “vote your conscience.” I think about this phrase, this idea, fairly often. I’m not one to give advice on voting (or much else). But when asked for advice, I usually say, “Vote your conscience.” Sweet conscience! One of ... Read More

Hunter Biden on Tape?

In a newly released recording, a man purported to be Hunter Biden is heard rambling about (a) his legal representation of Patrick Ho, a convicted former Hong Kong official he refers to as “the f***ing spy chief of China”; (b) his business dealings with Ye Jianming, the corrupt Chinese high roller, whom Hunter ... Read More

Hunter Biden on Tape?

In a newly released recording, a man purported to be Hunter Biden is heard rambling about (a) his legal representation of Patrick Ho, a convicted former Hong Kong official he refers to as “the f***ing spy chief of China”; (b) his business dealings with Ye Jianming, the corrupt Chinese high roller, whom Hunter ... Read More
Music

Stevie Nicks, Like Springsteen, Preaches and Preens

In the 1970s, Stevie Nicks and Bruce Springsteen made impressions on pop-music culture with romantic rock landmarks, Fleetwood Mac’s Rumours album and Springsteen’s Born to Run. But their new 2020 releases, Nicks’s single “Show Them the Way” and Springsteen’s Letter to You film and album, make the ... Read More
Music

Stevie Nicks, Like Springsteen, Preaches and Preens

In the 1970s, Stevie Nicks and Bruce Springsteen made impressions on pop-music culture with romantic rock landmarks, Fleetwood Mac’s Rumours album and Springsteen’s Born to Run. But their new 2020 releases, Nicks’s single “Show Them the Way” and Springsteen’s Letter to You film and album, make the ... Read More

The Pollster Who Thinks Trump Is Ahead

The polling aggregator on the website RealClearPolitics shows the margin in polls led by Joe Biden in a blue font and the ones led by Donald Trump in red. For a while, the battleground states have tended to be uniformly blue, except for polls conducted by the Trafalgar Group. If you are a firm believer only in ... Read More

The Pollster Who Thinks Trump Is Ahead

The polling aggregator on the website RealClearPolitics shows the margin in polls led by Joe Biden in a blue font and the ones led by Donald Trump in red. For a while, the battleground states have tended to be uniformly blue, except for polls conducted by the Trafalgar Group. If you are a firm believer only in ... Read More