Apr 29 2009
Auto industries versus the banks
Presdient Obama held his “100 days” press conference tonight, and there was much that he had to say that struck me as simply wrong.
In this country we elect a President, not annoint a king. The President doesn’t have CEO powers over banks and auto industries. In fact, the President doesn’t even have the power to give them money, he can simply ask Congress to do it.
Which he did in the case of the banks. He got Congress to authorize a massive abilout for the abnks - no strings attached. The banks haven’t lent any more to people, and they haven’t been modifying loans. In fact, the bank abilout was so unsuccessful that there was an Administration official saying that the banks are going to need more money.
And then there is the case of the auto industry. The auto industry has to present plans to the Administration - and get President Obama’s approval on those plans - before anything can happen with them. The President is acting as king of the auto industry. There is nothing in his background to suggest that he has the knowledge to apporpriately restructure the auto industry. In fact, with his labor credentials, there should be cause for concern when he says that “Labor unions have given up so much, too much,” when refering to the auto industry.
The two industries are being treated very differently, and it is strikingly unfair. They should fail, all of them. The choices were made, and now the CEO’s need to pay the consequences, as do the people who have loans they cannot afford. Individual responsibility has lost its role, and in this press conference, nothing was clearer than the fact that President Obama thinks that the government needs to be in everyone’s life, and that the individual should step back and give over to the government.
Not in my lifetime.


