Wednesday, December 03, 2008

Michael Moore has a DKos diary up giving his thoughts on bailing out the auto companies. As usual he makes sense, and it's worth a read. He points something out I didn't know: though they are asking for tens of billions in loans, you could buy all the common stock of GM right now for just $3 billion. So, he says, we shouldn't give them the loans, the government should just buy the companies, and convert them to building for the public works projects we need to construct a green infrastructure.

This lets him oppose the loans and be for the auto workers and their millions of jobs. The problem of course is that back here on planet Earth we're not going to do that - buy the companies, no matter what we did with Amtrak in the 70s. So, the question remains: what to do about the loans for the auto industry?

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