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The Neverending Bailout   February 4th, 2009
Now automotive parts suppliers want a piece of the pie       


More observations...


U.S. auto suppliers are seeking $25.5 billion in federal aid as falling sales and production cuts push more towards the brink of bankruptcy...

"Without immediate assistance to suppliers, the country will face massive job losses and the eventual breakdown of the entire automotive sector in the United States," according to a copy obtained by Dow Jones Newswires.

Suppliers account for more than three-quarters of auto sector employment in the U.S., according to a Chicago Federal Reserve study, with staffing estimated at around 600,000 across the industry.

This goes back to what conservatives worried about before. Once the government is open for business when it comes to bailouts, the floodgates are open.

First it was the financial industry. Then realtors were pushing for a $100 billion bailout. Then the automobile industry requested a bailout. Now we're being told that the automobile bailout was actually the tip of the iceberg because unless we bailout the automobile parts suppliers with $25.5 billion, then the whole industry collapses anyway. Next we'll have to bailout the suppliers of the suppliers. And God forbid anyone ever talks seriously about the government bailing out the media.

The whole bailout is a course of action we should've never embarked on and it needs to stop immediately.

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