Auto Industry to be all but nationalized if bailout goes through
There is nothing "temporary" about this attempt to bailout Detroit. This is as close to the permanent nationalization of an industry we have every gotten if Obama gets his way:
Top advisers to President-elect Barack Obama are helping to draft an auto industry rescue plan that would bring new government oversight, including the possibility of an auto czar who could ensure the money was being used wisely.
Aides said Obama is also open to an oversight board that would perform the same function as one individual. The proposals come as the estimates of the cost to fix Detroit's three largest automakers continue to mount.
"Certainly he wouldn't believe in it being a blank check," said an Obama adviser, who spoke on condition of anonymity due to not being authorized to speak publicly on the topic. "He wants oversight to be making sure the auto companies have figured out how to become viable, ongoing concerns."
Obama also wishes to force Detroit to "go green" by drastically reducing emissions and drastically raising fuel efficiency standards. No doubt this is what Obama means by ensuring that the industry spends money "wisely."
I have more on this at my own blog.