More White-Collar, Corporate Welfare: Now TARP Bails Out The Auto Industry Ownership Class

So the Treasury/Fed/Administration is now giving the last $15 billion of the Wall Street Welfare Fund called TARP to the the to bail out the guys who TOOK RISK by buying stock or lending money to the auto industry, or the "blue collar" folks who work there making six figures every year.

Perhaps the single biggest lie that these socialist Republican/Democrat bureaucrats tell you is that they can create confidence in the market place by continually doling out welfare and changing the laws that have dictated commerce and finance in this country for the last many decades. Knowing that the laws matter and that those laws will be upheld is the only thing that creates confidence.

But instead your socialist Republicans/Democrats are destroying our laws and they're certainly not interested upholding the right of contract law, which would mean all those people who had enough spare capital in their lives to risk on the following would have to deal with the losses that came from those risks all on their own:

* risked their money and livelihood on buying the future earnings (or losses) of a company (like GM or Chrysler, say), even as they watched these companies use that capital by buying back more stock and paying out dividends to the other shareholders til the company has now completely run out of viable earnings potential for their shareholders

* risked their money and livelihood on lending some company (GM or Chrysler or Ford or GE) or person (like the overleveraged, under-water home owner or the overleveraged credit card holder) that might or not have gotten paid back even as these companies and people in debt borrowed more and more to pay their other debt holders back (not to mention the above buying of shares and doling out dividends with money they also could have used to pay back those who TOOK RISK lending this money!)

* risked their money and livelihood on buying future earnings and lending money to people and companies who supply this industry that's forever been VERY CYCLICAL and full of boom and bust cycles.

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A couple other parting shots then --

You guys realize these car companies get tens of billions of dollars in tax breaks, subsidies, tariffs and other forms of corporate welfare that has destroyed any chance of smaller companies ever being able to compete with these big three automakers? Too big to fail, only because wealth redistribution and regulated/mandated unlevel playing fields have made them so. These guys haven't played on a level playing field in decades, if ever.

How'd you like to be one of the banks who would have gotten some of that last $15 billion but instead your gameplan just had to change again. This is how we instill confidence?

How many times has Paulson told us one thing to get his cronies to give him power with new rules and regulation and access to welfare to give to white-collar crooks and insiders and then completely flip-flops not only what he says, but even changes the rules...it all comes back to the idea that giving one dude the right to write the rules and not be questioned ever is a bad idea?

Paulson used billions of dollars of Goldman Sachs' shareholder money to buy back Goldman Sachs stock when it was three and four times higher than it is right now, just a couple years ago. Just before he became the Finance Czar. And now this guy's going to be the Car Czar? I wonder if he still wants hot dog vendors in Portland to give his son and him tens of millions of welfare directly so they can make a profitable business off their bad risk they took when they bought a team that can't be profitable without taxing the hot dog vendors and construction workers who actually live in that community.

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Feeling better about the credit crisis and economy now? No, not so much? Wow, I'm shocked that central control and welfare for the rich isn't helping.