Bush Approves $17.4 Billion Auto Bailout

Sure. Why not? We’ve already spent more on bailouts than we have every war this country has ever fought (including Iraq) combined. Obama is already promising “economic stimulus” spending (as if government spending could stimulate the economy) that will amount to 5% of our GDP, which is more than defense spending which equals 3.2%.
So why not toss a few more logs on the bonfire?
And just you never mind the fact that this bailout only keeps the auto companies solvent until March.

WASHINGTON — President Bush announced $13.4 billion in emergency loans on Friday to prevent the collapse of General Motors and Chrysler, and another $4 billion available for the hobbled automakers in February with the entire bailout conditioned on the companies undertaking sweeping reorganizations to show that they can return to profitability.
The loans, as G.M. and Chrysler teeter on the brink of insolvency, essentially throw the companies a lifeline from the taxpayers that will keep them afloat until March 31. At that point, the Obama administration will determine if the automakers are meeting the conditions of the loans and will continue to receive government aid or must repay the loans and face bankruptcy.

If the auto companies are already facing bankruptcy, how on earth are they going to repay the taxpayers?
On, and by the way, these “loans” are coming from the Treasury Department’s bailout slush fund.

The money to aid the automakers will come from the Treasury’s $700 billion financial stabilization fund and shortly after Mr. Bush’s announcement, the Treasury secretary, Henry M. Paulson Jr., who will oversee the aid to the auto industry, said Congress would need to release the second $350 billion for that program in short order.

The American taxpayers were told that bailout was for the financial industry. Now it’s going to the auto industry?
What a travesty this bailout nonsense has become.