Bailout Just First In What Will Be An Endless Series

The hapless Detroit automakers renewed their pleas for a bailout from the public treasury by presenting plans not to achieve viability but, instead, for appeasing and pandering to the fantasies politicians have about how they ought to make automobiles -- high mileage and environmentally friendly but not profitable vehicles.

Thus we're going to have the likes of Light Weight Harry Reid, Nasty Nancy Pelosi, and Blustering Barney Frank dictating how the former big three will build cars and run their businesses in the future. They are just as qualified to do that -- and we can expect them to be as successful -- as they have been in conducting the operations of Fannie Mae and Freddie Mac.

In other words, the coming bailout will be just the first in what is sure to be a series of very expensive raids on the public treasury to keep the three dinosaurs on life support with our grandchildren's tax dollars.

In addition, the leg up that Congress is readying for the unsuccessful companies will give them an undeserved advantage over, and undermine the positions of their successful and independently viable competitors. But it's of no great moment -- just another display of the politicians' penchant for rewarding and supporting failure and punishing and undermining success.

For an excellent analysis of the situation, take a look at Bridge Loan to Nowhere.