Those That Voted For The Financial Bailout Are Responsible For Auto Bailout

It gives me great pleasure to yet again say, I TOLD YOU SO. When the Congress and The Senate voted back in October to allow the FED to buy into banks, both those solid and those on the brink of collapse, it set the stage for a new way of thinking about failed or failing industries

Whereas in the past, bankruptcy was the path for struggling companies or industries, today it is bailout. But don't take my word for it. Here is an expert opinion.

Gordon Bethune, the former CEO of Continental Airlines (NYSE:CAL), now a CNBC contributor, told CNBC's "Squawk Box" on Dec. 19 the political process is being substituted for what otherwise should be a bankruptcy judge in determining the fate of the big three automakers.

"Wow, what makes them exempt from reality? What are the bankruptcy laws invented for?" Bethune asked. "I mean - if it works in airlines, works in steel - what's the matter with these guys? Why not have a judge decide instead of the political process? And, you know - you get some fairness in the federal court, so there's no excuse for this whole debacle I don't think."

Bethune is famous for saving a beleaguered Continental Airlines from near liquidation after it had filed for bankruptcy several times, giving him a different perspective on how to turnaround a failing corporation.

"The status quo is preferable to an unknown future and what a federal judge may kind of slice and dice you up to," Bethune said. "Here's - you know they got competitors, like a horse race, right? These guys got a 300-pound jockey on their butt. I don't care how good of a car they make, that's too damn heavy of a jockey. They got to clean it up and the only place they can do it fairly is in the courts."

So gone are the days of allowing companies to fail. From now on if it looks like that failure will have even the slightest negative impact on the economy, it's tax dollars to the rescue.

I place blame for this catastrophe at the feat of President Bush, John McCain and all of the Republicans in Congress that voted for the bailout of the financial markets. If time would have been taken to craft real repair instead of political season panicking, we would not be watching President Bush push us closer to Socialism with the $14 billion he gave to auto manufacturers that everyone knows are as dead as dinosaurs.

Thanks a lot guys.

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