The Failed Bailout

I am attempting to figure out, and failing, what the Senate Republicans got out of blocking the $14B bailout for the Big 3 from coming to the Senate floor.

It was okay to hand over $700 billion to financial institutions and AIG with no strings attached so, say, completely worthless institutions that should die and die horribly like the insanely crappy Capital One can go acquire a very nice bank like Chevy Chase at the taxpayers expense. It is okay that AIG sends executives on junkets and gives out “retention bonuses” (who exactly would ever hire an AIG executive?) with taxpayer money. They’re Republican Senate Donors!

But no, it is the evil unions who would not suddenly, without any negotiations, give up huge chunks of benefits and pay for the workers so no bridge loan. I would like Senate Republicans to be forced to give up pay and benefits with no negotiations.

And of course, the US Treasury is handing the money out of TARP because they have to. The alternative is GM goes under the first week in January and unemployment spikes to 10% and entire Midwestern states are wiped off the map.

I am so full of froth I have no idea where to start.