Remember that tiny little $700 Billion bailout for the troubled banking industry? The one where the Treasury Department is supposed to buy out toxic assets? Such as Ben and Jerry's flopped toxi-licious flavor "Everybody Loves Radon?"
Detroit's Big Three automakers have some toxic assets for you too, but you might know them by other names, like the Chevy Tahoe, the Ford Expedition and the Jeep Grand Cherokee.
Democratic leaders in Congress are pressing the Bush Administration to help bail out the Big Three automakers, who are hemorrhaging money right now and high-fiving themselves for continuing to make giant SUVs as gas prices hit $4/gallon. It's not that they are too big to fail, but rather that they are too "In a State That Went for Obama by 16 Points" to fail…
"In order to prevent the failure of one or more of the major American automobile manufacturers … Congress and the Bush administration must take immediate action," stated House Speaker Nancy Pelosi.
Democratic leaders are attempting to draft a compromise to allow emergency funds, up to $50 Billion, to be given to the auto industry, but any bailout would include government oversight and limits to executive compensation.
There is no word on whether the companies would required by law to stop making giant crappy gas pump-fellating vehicles that nobody wants.
Tags: Barack Obama, Economy, Michigan, Nancy Pelosi