So AIG gets 150 billion dollars without any significant hearings, yet there doesn't seem to be enough political will to divert 35 billion to the auto industry.
Why is this?
I think it's largely because the American people, as dense as they often are, do fully understand that the plight of the Big 3 is largely due to their own mismanagement and incompetence, whereas the mismanagement and incompetence of the mortgage industry and big Wall Street investment banks is just too complicated for Joe the American to comprehend.
We know that Detroit dropped the ball on electric cars and hybrids, but we are just paralyzed with incomprehension on how the sub-prime mortgage guys screwed everything up.
Of course, there's the alternate explanation that the Wall Street guys simply made more campaign contributions. Ya think?
Thursday, December 04, 2008
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