Here is an interesting clip on the auto bailout form MSNBC’s Harball featuring Pat Buchanan (looking more like an idiot really, though he makes an occasional reasonable point) and James Gattuso of the Heritage Foundation.
In addition, here is your bailout thread for Friday.
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I listened to about the first half of this. The two were doing a bit of talking past each other. Gattuso was saying that in order to keep the big 3, they must “reorganize” (read declare bankruptcy). Buchanan was saying that they need this bailout to go forward.
From what I have seen, taking a bailout would be a poison pill which will insure that the big 3 will eventually go out of business anyway.
Of course, I think Buchanan is off base on free trade and protectionism, too.