John McCain: No Federal Loan Guarantees for Detroit
The Detroit News reports that presidential candidate John McCain "declined to support any of several proposals to provide loan guarantees to the domestic carmakers." (Whatever happened to Just Say No?) During a campaign swing through Michigan, McCain dismissed calls to help Detroit make the cars they should have been making in the first place, or should be able to make now on their own damn dime given all the profits they banked during the SUV and pickup boom, or something like that. Anyway, McCain's rationale: supporting bail-outs would unleash karma that would jinx Detroit's automakers. No, really. "Asked if he backed such proposals, McCain suggested that such support might create a sense of doom around the companies. 'I have heard many of these proposals, but I have also had meetings with the Big 3 automakers, and they are confident that with the new hybrids and flex-fuels and other technology advances … they can succeed. So in all due respect, I worry a little bit about us predicting failure on the part of the automakers when they're struggling mightily.'" "Barack Obama supports loans and tax credits to retool the nation's auto plants and build the next generation of American cars," Brent Colburn, Obama's economic adviser, advised soon thereafter.
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