Bush: “Boom!” : Market to decide carmakers’ fate

CBS suggests that the “market-driven” Bush administration has no problem letting 60,000 American jobs go down the toilet, so long as there’s no government guarantee of loans to keep union members working at Ford and/or GM.

So, what does the President have to say about the prospect of watching America’s two biggest domestic carmakers go under? Here’s a tidbit, but you really ought to read the whole thing.

“I think it’s very important for the market to function,” he said in an interview in the Thursday editions of The Wall Street Journal, which said Mr. Bush suggested that he was optimistic about the companies’ prospects. He said companies need to manufacture “a product that’s relevant” and that his administration has discussed new fuel technologies with the nation’s top two auto makers. …

Asked whether he had talked with the chairmen of Ford Motor Co. and General Motors Corp., the president said: “Not about their balance sheets. And I haven’t been asked by any automobile manufacturer about a bailout.”

Together, the two companies plan to cut about 60,000 jobs over the next few years and there is concern on Wall Street that one or both could wind up seeking bankruptcy protection. That, in turn, has raised the prospect of one or both seeking government assistance as Chrysler did in 1979 when it won $1.5 billion in loan guarantees.

“I have been very reluctant —,” President Bush said, cutting off his sentence. “I’m mindful of the past where at one point in time, a predecessor of mine was faced with that same dilemma. I would hope I wouldn’t be asked to make that decision.”

The mind boggles at the prospect of what he might decide to do. Here’s a man who cheerfully participated in throwing people who had worked for years to pay off their mortgages out into the streets so the City of Arlington could take their homes under eminent domain intended to build a bigger BallPark; a man who lied our nation into a war that has cost us more than 2200 soldiers and has killed literally untold thousands of Iraqis; a man whose gall knows no bounds, and he’s “reluctant” to consider what 60,000 American workers’ fates might be?

If you’re not scared yet, America, you’re not paying attention.