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Madam Speaker, well, here we go again, rushing into another bailout without appropriate congressional hearings. And what have the Big Three auto boys done to restructure their businesses after they first flew up here on their big private jets? Absolutely nothing. They just showed up here again demanding American money.
They say they are too big to fail. Madam Speaker, they have already failed, but they want the American citizen to pay for their mess.
So with the option before us today, we are going to let the Federal Government take over the auto industry and even decide what kind of car we should build. Not only that, we are going to appoint a ``Car Czar'' to manage how it is done.
The underlying bill gives the ``Car Czar'' complete control over the auto industry. Can you imagine what a Federal Government-made car will look
like? Most likely it will have a sail, solar panels, or even a windmill on top. It will be the typical Federal project. It will be too expensive, won't work, and we will never get rid of it.
With this bill, we are subsidizing failing companies. It is not the American way to subsidize failure. This is just like what we continue to do with Amtrak. Taxpayers pay millions of dollars every year to subsidize the failing passenger rail industry. So if we like Amtrak, we are going to love the new Federal car industry.
As President-elect Obama said on ``Meet the Press'' Sunday: ``We don't want government to run companies. Generally, government historically hasn't done that very well.'' I agree completely.
What the Big Three need to do is reorganize under the bankruptcy laws to prevent failure and job loss, just like the airlines did. The Big Three saying bankruptcy will cause 100 percent job loss is nonsense. It is just the politics of fear.
People say this isn't a bailout, but that is exactly what it is. It is not a bridge loan. And if it is a bridge loan, then it is a bridge loan to nowhere.
Folks, this is nothing more than a down payment on a future bigger taxpayer-funded corporate welfare bailout.
And that's just the way it is.