The debate over loaning money to the auto industry shows that people do not have the ability to think rationally. How is it that with the $2.75 Trillion the US Federal government is lending American business, most of the debate is on the $25-$50 Billion that is being suggested to help the auto industry survive?
Most people are aware of the US government's $750 Billion bailout for the financial industry. However, the majority of people seem unaware and unconcerned that the US government is also loaning another $2 Trillionand will not even disclose to whom this money is being lent.
The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
The fact that people spent lots of time and energy debating the initial $750 Billion bailout, but then ignored the $2 Trillion additional secret loans is crazy. How do we not demand accoutability and transparency for $2 Trillion in extra loans? The answer is obvious. People can't think for themselves.
But not only do we ignore the $2 Trillion while focusing on the $750 Billion bailout, we now are directing all our frustration and anger at the auto industry. That's real fair. Any objective analysis would conclude that the economic implosion and the previous manipulation of the oil prices which are devastating the auto industry were the fault of the financial industry. So, why do we not want to help the important American auto industry when they are asking for less than 2% of the US government loans? The answer is that people, even liberals, want to punish the auto industry for everything. And that is stupid!