... it's a bailout of the UAW.
Imagine you are an American citizen working at one of the many plants building Hondas, Toyotas, BMW's, KIA's and more here in the USA. Or say you work for a supplier to those plants. Well, several hundreds of thousands (millions?) of Americans don't have to imagine. They work at places like BMW's expanding, successful plant in Greer, SC or one of the hundreds of smaller companies in the South Carolina Upstate supplying parts, materials, uniforms, and such to the plant and its workers.
Now imagine looking at the news every day and reading about how the grand new majority in Washington DC has promised to take your tax dollars and send them to your competitors in the legacy, union-crushed, moribund US auto industry.
It must feel like the way the people at, say, BB&T felt when they learned that what they got for avoiding sub-prime loans was....... a ringside seat for viewing their competitors receiving huge gifts from the taxpayer.
The auto industry bailout is actually a bailout of the United Auto Workers labor union. And you are paying for it.
When governments get this far into the picking of winners and losers and the rewarding of failure it's little wonder that the markets are plunging. Meanwhile the feds think the markets are in freefall because they need to do even more.
The truth? Do less. Tax less. Regulate less. Get out of the way.