Sunday, December 28, 2008

Like bailouts? You'll love Bailout 2.0

Investor's Business Daily reports General Motors is already trying to build support for its next round of bailout money.
"It is our anticipation that working with the new Congress and administration, we'll be able to further shore up our liquidity needs through 2009," (GM spokesman Greg) Martin said. He described the current loans as "an interim measure."

With Barack Obama working up a trillion dollar bailout for cities and states, it will be interesting to see when mayors and governors decide to label their money "interim" as well. Before long, the only people who will have learned anything from the bailouts will be the taxpayers who fund them.

They aren't the ones who need the lesson, of course. Gov. Steve Beshear is one who hopes you are too busy planning your New Year's Eve designated driver to consider where all this is headed.