http://themoderatevoice.disqus.com/enThu, 04 Dec 2008 18:05:55 -0000http://themoderatevoice.com/at-tmv/random-reads/24800/bailout-bungling-likely-to-continue/#comment-4176356<p>The prospect of a federally managed bankruptcy of the Detroit Three (or, say, a forced "Penn Central" merger of Chrysler and GM, then to be periodically infused with taxpayer funds as the ultimate form of "American Leyland" or "Amcars") is bad enough. But the rest of bailout fun and games have only started. The states are expecting a lot from Washington and from the new Obama administration. (Santa Claus will be arriving after Christmas this time.) At least some cities are going to ignore constitutional federalism and smaller, shallower pockets and look directly to Washington for bailouts. (How much taxpayer money will go to the NYC metro area, and not only to its Metropolitan Transportation Authority if certain people in NYC metro have their way?) None other than Bernanke is now saying that the federal government needs to do more for homeowners in trouble with their mortgages, and the plan by Sheila Bair may be pursued, or something like that, soon. (Barney Frank &amp; Co. like Bair, though Obama may want her shoved aside or kept in a lower profile than people like Frank would want. But the plan may still get reconsideration.) Change of one kind or another is coming eventually, that's for certain.</p><p></p>DLSThu, 04 Dec 2008 18:05:55 -0000