I think the voting populace are so very dissappointed with the recent results of the bailout of the financial system that they are even more reluctant to bailout the big US auto makers.

We heard that the bailout of the financial players was necessary to keep the economy from a meltdown. Since the bailout we have seen a 30% drop in the Dow and a comensurate drop in investor’s 401k’s and investment accounts. Unemployement is growing rapidly and car sales and other credit dependent purchase are at record lows.

The automobile manufacturers are crippled by CAFE regulations, UAW benefits and pay, a bloated dealership system, and other excesses. It needs a total restructure that will happen much more effectively with a bankruptcy than with a bailout.

The public has little sympathy for another industry where the bailout will maintain pay and benefits far in excess of what most of the voters get. The public had little or questionable support for the first bailout; they have even less for this one.

The new regime is likely more interested in bailing out the union that the companies. By letting the companies go bankrupt; the company can suspend the contracts.

I hope Bush passes on any temptation to bail out the auto workers. He certainly has nothing to gain politically by doing so.

Expect Obama and Biden to honor their commitment to the unions very soon after inauguration.

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