Bailout? More like failout.

http://www.cnn.com/2008/US/12/11/auto.bailout/index.html

I don’t have a lot of time to dissect this, what with my torts final coming up and all, but I actually laughed aloud when I read about it.

Did anyone else catch the irony of the United Auto Workers’ refusal to drop domestic guaranteed pay rates to parity with the rest of the industry? That was, in large part, the cause of the bailout’s failure in the Senate. I’m so glad to hear that all of those union auto workers won’t be losing their salary level. You know, because they’ll still have jobs at which to make that salary. I’m sure GM, Ford, and Chrysler will still be in perfectly healthy financial shape without that $11B. Right? Those union guys are GENIUSES!

And on the political side, there’s yet more irony. The Republicans were bitching that the bailout proposal didn’t come with enough strings attached, and said bitching sealed the deal (or lack thereof). They seemed to ignore the White House’s warning that without the bailout, they’d likely divert TARP funds to the automakers. Those funds are likely to come without any strings attached whatsoever.

Basically, we’re looking at a clusterfuck of gargantuan proportions. The unions have, by attempting to protect their workers in the least sensible way possible, doomed thousands of them to having no job whatsoever. The government is probably going to step in and barely save the Big Three at the cost of billions of taxpayer dollars, not really force them to change the core of the idiotic policies that led to their near demise, and set them up for failure again in 10 or 20 or how ever many years until the global economy goes kerplunk again.

God save America from itself.