A Divided Senate As Auto Industry Crumbles

The Senate is a swirl with arguments today as US Senators have been debating whether or not to bailout the auto industry. The GOP is completely opposed to any attempt to bail out the Auto Industry claiming that it is “a dinasour” .

“Companies fail every day and others take their place. I think this is a road we should not go down,”                  said Shelby, the senior Republican on the Senate Banking, Housing and Urban Affairs Committee.

“They’re not building the right products,” he said. “They’ve got good workers but I don’t believe                         they’ve got good management. They don’t innovate. They’re a dinosaur in a sense.”

The Democrats came back with their own statement saying that it “doesn’t hurt to try”.

“The House is ready to do it,” said Democratic Rep. Barney Frank of Massachusetts, chairman of the                   House Financial Services Committee. “There’s no downside to trying.”

What I find especially troubling is the GOP’s sudden resistance to a bailout. Is the Republican party using the bailout money to benefit themselves and the their rich banker buddies or are they concerned that this truely is a waste of money? Republicans have been all for every other bailout except this one.

I am going to take sides with the Democrats on this one. Millions of jobs are in jeopardy, we must  at least try.  If we try and fail, then we can assume the GOP’s logic–new companies will come in their place.  I don’t think now is the time to stop bailing out. It’s like everything else in politics, once you go–there is no going back. The only thing I hope for is that they regulate. We can’t afford to pay these CEO’s 25$ million  a year . We need to regulate the wages and set a maximum pay no higher than 500,000$ a year. Which is plenty of money for anyone.