Follow the money trail

Why was the bank bailout bill defeated the first time, yet passed feverishly the second time when the vast majority of Americans were vehemently against it?

Did our Congress do what's best for America? Sadly, no. Video below explains it all.

GOP Senator Warns of 'Riots' if Automakers Are Bailed Out

By Jeff Poor

Business & Media Institute

Time and again we’ve heard about the lost jobs and economic impact of failing to bail out the beleaguered American auto manufacturers. But little mention has been made of the consequences of going through with the bailout, and how such an action would be viewed by other Americans.

In an interview following a Dec. 10 press conference where he and four other senators aired their opposition to the proposed bailout deal struck by congressional leaders and the White House (and approved by the U.S. House of Representatives 237-170 that evening), Sen. Jim DeMint, R-S.C., warned that the perception that some industries are being bailed out and some aren’t could lead to violence.

“We’re going to have riots. There are already people rioting because they’re losing their jobs when everybody else is being bailed out. The fairness of it becomes more and more evident as we go along. The auto companies may be hurting,” he said, but “there are very few companies that aren’t hurting and they’re going to hurt. We don’t have enough money to bail everyone out.”

DeMint blamed the unions for pushing this issue as far as it has gotten. The senator said the notion that reorganization under bankruptcy would not work was generated by the unions for fear of losing their power.

“The primary driver behind this is the unions, because bankruptcy allows the auto companies to basically restructure all their contracts in a way that a bankruptcy judge says will make them sustainable,” DeMint said. “And if they do that, then essentially the unions lose all their leverage. It’s the unions that have brought them to the brink. So definitely, I think the reason they want a political solution and a car czar is because a car czar can protect the unions through this whole process at the expense of the taxpayer.”

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Bailout? More like failout.

Looks like the the Senate finally grew a pair and stood up to the unions. Leading the charge is Bob Corker (R-TN), who seems to be one of a few in Washington that knows the real problem facing the Big 3 and actually has a spine. Everything out of Bob's mouth has made absolute sense, perhaps too much sense for thick-headed House democrats, but I digress.

Now that the current bill is dead in the water, here comes the fear mongering. Harry Reid has stated that he "dreads Wall Street's reaction today." I'm sorry Mr. Reid, but you and your confidants just spent weeks speaking against Wall Street and the bank bailout, yet now you are afraid of the effect on Wall Street? That's strange indeed.

I don't doubt that the Dow will plunge several hundred points today, throwing gas on the fire. We've all seen this picture before; in response, the Dems will run around with their heads cut off, demanding that the Republicans pass a new version of the bill or else the country will descend into a black hole. Does this sound familiar? I believe it does. Lets just hope that somebody, ANYBODY, in Congress is smart enough to stop it this time around.

I'm not holding my breath.

UPDATE: The Dow is open and down less than 100 points. So much for Harry Reid's scare tactics.