Bailout or Christmas Bonus

If you have followed the banking debacle over the last several months, you know that the banks were given $700 billion with no oversight as to how it was spent or applied.

The automakers saw an opportunity to cache in on the governments lottery and went begging for there share. Begging usually involve asking humbly, the US automakers went in with there usual arrogance.

As part of the auto industry, I watched this with great interest. Congress seemed to have re-thought the process and told the big three to go back and come up with a plan that would make congress feel they were investing my money more wisely than they had with the banks. Chalk one up for congress.

The only problem with this process is that the auto makers were having these problems due to the irresponsible action of the banks and credit industry. Make no mistake, the "big three" have managed their industry poorly, been less innovative than other major car companies and been saddled with unions however have survived all these detriments for years.

After coming back with their plans, congress wised up and declined to help. Now rather than have to accept that and get lean and mean, dubyah decided to take money that congress had allocated for one purpose and reallocate it to a less worthy purpose. Feels like 2003 all over again. Wonder where the "Mission Accomplished" banner will be this time?

Kudos do need to go to Ford, who did not participate and of course congress, who seem to have seen the error of there ways with the banks.

GMAC however gets the bonehead award in all this. They reduced there eligibility to qualify from a credit score minimum of 700 to one of less than 620.