I have been less than generous is my opinion of the Detroit automakers appealing for a Federal Bailout. I have been less than generous with my opinion of the companies and their executives. Now it's Congress's turn.

After the first session of Corporate jet facilitated begging Congress sent the auto execs packing. This may be the first - and last - thing they got right in this entire economic crisis. They told them go back to your executive suites and work up a plan for how you plan to use the government's money to save your businesses.

So the executives flew back to Detroit and had their people write up some plans. Then they headed back to Washington, wisely deciding that begging from a corporate jet wasn't going to help their cause, they decided to drive. Once they arrived they went to hearings and more hearings and presented their plans to congress.

Here's the problem. How many people are there in Congress who are competent enough to pass judgment on the viability of the business plan of a large multi-national corporation? For that matter, how many people are there in congress who are competent to pass judgement on the business plan for a fourth grade bake sale?

Remember, this is the same group of morons whose policies got us into this mess in the first place. And this is the same bunch of financial wizards who handed Bush and Paulson $350 billion and said go forth and bail however you see fit.

We're going to trust their judgement on how good someone's business plan is?

What about the executive branch? Based on his past record of business successes are we going trust W to determine if the plans are any good?

I suppose we could always ask Paulson. The man who sold congress on giving him $700 billion to buy troubled assets then decided to just buy up a few banks instead. How well has his judgment worked out?

I think it's time to re-write the first amendment. I might be willing to live with and officially established national religion as long as we could build an impenetrable wall between economy and state.

Posted by: Stephen Macklin at 07:38 PM | No Comments | Add Comment