SEARCH BLOG: AUTOMOBILES
Michigan Rep. Thaddeus McCotter comes across more like a logic professor than a U.S. Congressman. A leads to B and B leads to C therefore A leads to C.
Unfortunately, the federal government doesn't necessarily use sound logic when establishing its programs and provisions. Let's look at the loans to General Motors and Chrysler as an example. The government is lending these manufacturers money to continue their operations. As part of the deal, they must jump through various restructuring hoops and come up with plans for producing and selling vehicles that will save our planet from the non-threat of CO2. These companies are doing just that. People are being laid off and engineering teams are whipping together fanciful vehicles that run on a variety of propulsion fuels that have no supporting infrastructure. Regardless, Congress can feel good about its efforts to "fix" these companies.
Here is where Rep. McCotter, the Diogenes of Congress, looks around and sees the hypocrisy and duplicity of the government and says [via Jameson Cunningham in McCotter's staff]:
“As our American auto industry’s working families continue to endure a painful and perilous restructuring process, the Federal Reserve must help – not hinder – these working families and our auto industry’s chance to survive and, one day, thrive.What is he saying... for those who miss the obvious... is that the government can't offer money to the auto companies on the condition that they do what the government says and then make it impossible for these companies to sell their vehicles because the government fails to ensure that the dealers who buy these vehicles have access to the credit from the banks which received much more from the government... but are refusing to provide dealers with credit.
Unfortunately, the Federal Reserve’s Term Asset-Backed Securities Loan Facility (TALF) may not include credit access relief for domestic auto dealers to purchase cars from manufacturers. This past Wednesday, in the House Financial Services Committee, I reaffirmed the Federal Reserve must help make TALF work for auto dealers, consumers, and every working family in the American auto industry.
“Bluntly: if the American auto industry receives an enhanced bridge loan and continues its painful restructuring on the path to viability, the Federal Reserve cannot put this immense road block in the way of working families’ efforts to keep their jobs, their homes, and their dreams for their children.”
The left hand doesn't know what the left wing is doing.