December 12, 2008

About the crash of the auto bailout...

Oblivion roller coaster at Alton Towers, England

I think Sen. Saxby Chambliss (R-Ga.) may have learned his lesson this time -- and just as well, as I didn't have enough time to call and let his office know this time.

Voter anger over Chambliss' support of the Wall Street/TARP bailout back in September nearly cost him his Senate seat in the November elections, and certainly was instrumental in forcing a runoff between he and Democratic challenger Jim Martin in early December (Chambliss won the runoff, by the way).

During the TARP bailout talks back in September, I called his office and let them know that I was against it. The clerk asked me whether I thought that was wise (what did she do that for!?). I told her then that if we gave Wall Street this money that they or someone else would be back with their hands out within months. Well, here we are.

I figure someone else will be next -- the airlines? (or were their bankruptcies enough to wisen them up) No, how about the newspapers and "old media?" After all, Tribune filed this week (which includes the Los Angeles Times, Baltimore Sun, Chicago Tribune, WGN and my beloved Cubbies), and there are published reports that the Detroit Free Press will drop to a two-day-a-week delivery -- Thursday/Sunday -- shortly after first of the year.

We can't continue to print money to continue to hold up this house of cards. It's all gonna come down, and the longer we put it off, the worse it'll be when it falls.

It's gonna be a long, hard, dark ride. Fasten your seatbelts and hang on.

Posted by: mhking at 11:37 AM | Comments (409) | Add Comment
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