Another $15B down the toilet? Money to be given to the Big 3 within a few days...

The House tonight passed the UAW bailout bill 237-170, with 1 voting present and 26 not voting. Ford said it will need more help if sales didn't improve next year...

DO you think that the Big 3 can be saved by $15b? The taxpayers have given the AIG, Wells Fargos, and JPMorgans between $40and $45 billion each recently. Do you really think the Big 3 deserve a $15b bridge loan? We heard House Speaker Nancy Pelosi said it represented “tough love” for U.S. auto companies, and “giving a chance — this one more chance — to this great industry.”

I know we all feel bad that the economy is in bad shape, but can’t we see enough is enough? I think it is better for the government to say no now than to just go down with more taxpayer cash burning in the ruins of another failed company. Do you really believe the legislation developed in recent days is an effective and responsible approach to deal with troubled automakers and ensure the necessary restructuring occurs?

Earlier in the week, General Motors' execs said they would file bankruptcy before Christmas if a bailout deal failed. Bankruptcy wouldn’t be a bad thing as it would allow the company to reorganize and get out of some its current contracts… but to announce it like that...and added Christmas in the mix, was just a little too much. They should have filed for Chapter 11 instead.