What’s good for General Motors is good for the country

How ironic.

Congress is entertaining a $25 billion bailout of the autos. The President and Secretary of the Treasury are OK with this as long as it doesn’t come out of the $700 billion TARP money.

To the average person, the problem with GM is well known. Indeed, most realize that there have been fundamental, structural problems for the past 20 years.

We have been beaten at a game that we invented.

Children in the candy store

The bad news keeps piling in:

• $150 billion commitment to a non-bank, AIG
• GE Capital (which is not a bank) gets FDIC Insurance backup for $139 billion
• American Express and CIT Group are now banks – I guess everyone is a bank
• Wachovia shareholders being urged to reject the Wells Fargo deal so Wachovia could apply for Treasury dough
• Hartford Financial agrees to buy Florida bank for $10 million to get access to $3.4 billion in TARP funds (now there’s a return on an investment)
• Autos looking for some loot too

It is like children in the candy store – ironically, as our economy accelerates its downward spiral.