Auto Makers bailout gains steam!

Politics: THe " We are too big to fail" argument is scaring people which means as early as next week taxpayers are going to prop up yet another failed business model.

Congressional Democrats are pushing legislation to send $25 billion in emergency loans to the beleaguered auto industry in exchange for a government ownership stake in the Big Three car companies. House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., hope for quick passage of the auto bailout during a postelection session that begins Monday. Legislation being drafted by Rep. Barney Frank, chairman of the House Financial Services Committee, and Sen. Carl M. Levin, D-Mich., would dip into the $700 billion Wall Street rescue money, approved by Congress last month, for the auto aid. ...Pressure is building on lawmakers in both parties to back a more sweeping rescue that could extend far beyond the Big Three. Auto suppliers, which represent the largest manufacturing sector in several politically important states, including McConnell's, are clamoring for a piece of any rescue. "There's so much connection between the buyers and the manufacturers that we feel that the program has to be inclusive," said Ann Wilson of the Motor and Equipment Manufacturers Association. Suppliers are also the dominant manufacturing presence in Michigan, Indiana, Missouri, Ohio, Tennessee and Illinois, she noted.

There you go, we have to be "inclusive."