Stop The Bailout Insanity

The definition of insanity is doing the same thing twice and expecting a different outcome.

By this definition, the federal government is clinically insane.

I opposed the seven hundred billion dollar bailout for financial institutions because I believed it would not work. Moreover, I believed the taxpayer funded measure to be creeping socialism, in the form of the largest government intervention in the free market in American history.

I don't mean to say I told you so, but...

The United States economy continues its downward spiral, and the credit market remains a frozen river.

Now, Uncle Sam, bruised and battered as he may be,has set his considerable sight upon the American automobile industry, in the form of a automotive industry bailout.

The market is crashing, the U.S. economy is collapsing. Many Americans will not have a Christmas to speak of.

The American People cannot afford to bailout GM, Chrysler, and Ford. These corporations have been failing for decades, and throwing billions and billions of more taxpayers' money at them will not save those corporations. The American car companies are failing because of stifling labor union costs, enormous government regulations, a non existent business model, and poor quality product.

The federal government can give the three corporations a trillion dollars of our money and it will not solve the underlying problems that have suffocated 'The Big Three" for many years before this current economic collapse we are enduring.

GM, Chrysler, and Ford should declare Chapter Eleven bankruptcy. In doing do, the corporations may continue to function while they re-negotiate the suffocating labor union benefit costs that have stunted their prosperity and prevented all three from turning a consistent profit over the decades.

At The same time, the government should establish an 'Employment Superfund' so that employees of these corporations may receive financial assistance and job skill training so that they may more easily find a new job in a different American industry that is prosperous.

The three American car companies must reorganize just like every other American corporation has done in the bast, in good and bad economic times alike, they must go into bankruptcy, enabling the corporations to relieve themselves of debt and paralyzing overhead.

The three auto companies that were once the pride of the American People can continue to survive in the years ahead if they take such steps without needing the scarce money of the American People.

Otherwise, they should be allowed to fail.