Thursday, December 11, 2008  Automaker Bailout  The democrats
seem intent on replicating the structure of a bankruptcy
proceeding for the automakers without having them go into
bankruptcy.  It appears the car czar (or commissar if you
prefer) is nothing more than an ersatz bankruptcy judge.
 However, this all leads me back to my original point regarding
the bailout, if what the automakers need is a massive
reorginization then what they should do is go into bankruptcy.
 If they bankruptcy is not a tenable option because automakers
cannot obtain debtor in possession financing on credit markets
the government can provide the DIP financing.  The only purpose
this legislation seems to serve is to kick the bucket further
down the road and in the mean time give democrats hope of
creating a government sponsored enterprise in the form of the
domestic automobile industry.  This is a stupid bill.  That
said, I am not sure the republicans shouldn't vote for it.  It
could be that this bill as awful as it is, is simply the