Bridge Loan to Nowhere

The House and Senate both appear close to finalizing a $15 billion dollar bridge loan to GM and Chrysler. Two different versions are in the works, with the House version requiring the auto companies to comply with all state emission requirements. This would include California's tough emissions standards, which are fiercely opposed by the automakers. The bills are both packed with all sorts of "oversight" and "taxpayer protection" including the creation of a "Car Czar" who would have oversight and significant control over the companies. All the usual feel good stuff is in there, limits on executive pay, no "golden parachutes", "firm deadlines" for action(adjustable, of course), etc.

Senate Republicans seem willing to filibuster to prevent the bill's passage, with varying levels of enthusiasm. Although I am against the bailout, as anyone who actually thinks the plan through should be, it is hard to be happy about being on the same side as such statesmen as David "whoremonger" Vitter (R-LA), and Mitch McConnell (R-KY). President Bush and President Elect Obama both support the bailout, so I think we can expect it to pass after a few more days of grandstanding from both parties.