On Thu, 4 Dec 2008 23:57:45 -0500, "Ed Huntress"
wrote:


That's a good summary of a legitimate point of view. I don't know if it's
right (nobody really does, I think), but it's good sense.

I think that most of the people who object to a bailout are frustrated. They
aren't in a mood to be pragmatically analytical. It *is* frustrating. It is
tempting to say "I'll take a hit myself, rather than bail those *******s
out." And the *******s are the UAW, car company management, and the rest of
the voodoo dolls they keep in the dark places they store their resentments.

It's hard to keep one's head while something like this is going on, and I
think it's pressing Congress and the rest of the government really hard,
trying to rise above the politics and to focus on what's good for the
country. IMO, they've looked pretty good on stage, expressing their own
frustrations fairly openly while trying to come to a sensible resolution.

But that's no assurance they'll stick to it. There are some easy outs, and
there are plenty of other people to blame. My fear is that they may wind up
doing nothing because they don't want to wrestle with all of the conflicts
and the political risks, and doing nothing looks like it could establish a
new equilibrium for our economy, in which shining each other's shoes looks
like economic growth.

How much will the government be on the hook for in the Pension Benefit
Fund if auto makers fail?