So why "tough love" for Big Auto, and not for the banksters and the "health" "insurance" parasites?
Politico (sigh, but it's all administration leaks anyhow):
In surprising [why?] findings to be outlined at the White House on Monday, President Obama has concluded that neither GM nor Chrysler as they now exist deserve more bailouts. But the White House is sparing them for a month or two, and is promising American consumers that the government will stand behind warranties if the automakers fail. ...
The administration found that both carmakers had failed to prove their “viability” as required under the terms of the massive government loans they’ve already received, and determined that neither should receive another bailout.
“We have unfortunately concluded that neither plan submitted by either company represents viability, and therefore does not warrant the substantial additional investments that they requested,” a senior administration official told reporters on a conference call Sunday night.
"Tough love hurts," said a source familiar with the discussions. "The members received the briefing with a sense of anxiety.” The source said the timeline and funds to be announced Monday are "not good enough."
I'd be the last to hold up the auto companies as corporate models, and the automobile economy and car culture aren't sustainable.
That said, the auto companies didn't suck trillions of dollars out of the taxpayer's veins after killing the economy out of greed; the banksters did, and Obama's proposing to give them more trillions. No "tough love" for banksters!
And the auto companies don't take money from well people, and then deny them care when they get sick, killing them; the "health" "insurance" companies do, and Obama's defending their "entitlement" to keep collecting fees from us as hard as ever he can. No "tough love" for health insurance parasites!
Where's the justice in this? And why is it happening?
1. The auto companies have unions, and Versailles wants to bust them.
2. Both the "health" "insurance" companies and the banksters own Congress.
3. The banksters run Versailles, and the world. (What better test for that than that they've raked in trillions of dollars with no accountability and not transparency after shitting the bed with their own "innovative" financial products?)
4. The "mystique" of finance: Versailles culture sees financial manipulation as important, useful, and interesting; the dull business of manufacturing is none of those things.
All of which goes far to explain why Obama's "we're all in this together" rhetoric is so deeply bogus to anybody outside Versailles (which is doubtless greatly comforted by it). For one thing, Obama's equating restructing an entire industry (the automobile industry) with raking back a few millions in one year of bonuses from executives. For another, some of "us" are responsible, and should be held accountable for the crisis, and others are not: Nobody I know leveraged their house 30 to 1 making bets on the derivatives market.
Plus ça "change," plus c'est la même chose...
NOTE Of course, I've got to give Obama props for taking on this problem, especially given how MI gave their votes to him in the primaries. Oh, wait...