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I think that the bailout of American automobile companies was a big mistake. "The Nation" (a liberal magazine which I detest and have also written a rant against) says that the auto-bailout is the only time they will ever agree with Dick Cheney. Cheney was reported to have said that if the auto-bailout did not pass, "It would be Herbert Hoover time." First of all, the auto-bailout funds could have been used to completely revitalize American public transportation. Western Europe has fast, luxurious public transportation that keeps drunk-driving deaths very low, saves a ton of gas, lowers pollution significantly, and simply makes more sense than automobile traffic congestion.
Secondly, I believe that it is going to be "Herbert Hoover time" anyway (eventually), regardless of what we do. I believe in EVERYTHING being cyclical and am a pessimist. In this case that means that I believe the entire world is heading towards a terrible economic depression and probably another "World War".
Letting the American auto-industry go under would have been sad and troubling, but this is America. There would have been three or four new American car companies within a few months. Plus they would be making more fuel efficient and alternative energy-using cars. I thought one of Obama's big things was getting away from petroleum dependence.
Obviously the jobs were the main concern. I'm sorry, but the automobile industry killed the passenger transport railroads. Let me rephrase that: The car companies perpetrated hostile takeovers of railroad companies and their property, with the specific intent of making America run on cars and petroleum. You cannot have it both ways. The American car companies are ruthless competitors that used to love unregulated capitalism. It is their fault that they made ugly gas-guzzlers that were overpriced. They should pay. On a final note, my pessimism tells me that they will pay anyway. Dearly.