Bailout Fails

So far, no bailout legislation has been passed to keep GM for falling into bankruptcy. Senate Majority Leader Harry Reid said, “The executives of the auto companies have not been able to convince the Congress or the American people that this government bailout will be its last.” In other words, we won’t give you money unless you at least pretend like you might pay us back.

Of course, flying into Congress to testify on private jets costing 20,000 dollars doesn’t exactly give off the impression that you are ready to trim the fat. The money caused on irate Senator to mock the auto exec’s,”They got off those private executive jets with tin cups in hand.”

It is unfortunate that several million people may lose their jobs in the next year or two as a result of the looming bankruptcy of GM, Ford, and Chrysler. However, it is difficult to wrap one’s brain around giving $25 billion to a company that gave its CEO a $9 million bonus last year.