and not the Congress.
Three headlines today, all dispiriting examples of political irresponsibility that display a cavalier disregard for markets.
From the AP: GM, Chrysler agree to reconsider dealer closings
General Motors Co. and Chrysler will reconsider decisions to close thousands of dealerships as part of a compromise meant to stave off federal legislation that would require them to keep the showrooms open.
…Rep. Christopher Van Hollen, D-Md., who has criticized the dealer cuts, said the GM and Chrysler plans “still fall short of what is needed to help reinstate profitable car dealers and put their employees back to work.”
Wonderful. My congressman will tell GM and Chrysler which dealers are profitable and which are not.
From The Times: Senate Blocks Use of New Mammogram Guidelines
The Senate on Wednesday night agreed to bar the federal government from relying on the findings of an independent panel of health experts that recently recommended women should begin having routine mammograms at age 50 rather than at age 40.
Great. Who needs scientists when we have elected officials to decide what women need?
One more from The Times: Black Caucus Seeks to Ease Radio’s Woes
This story explained that the Congressional black caucus is holding up financial regulation reform its members want the administration to bring pressure on Goldman Sachs and GE Capital to renegotiate their loans with a troubled but well-connected radio company called Inner City Broadcasting:
In a rare break with President Obama, the caucus, made up of black members of Congress, is holding back support for the legislation because it wants the administration to help minority-owned businesses, including Inner City, whose financial plight has been specifically identified in meetings with top administration officials.
So while Republicans did favors for Halliburton, the Democrats twist arms on behalf of Inner City Broadcasting. Isn’t this what they call crony capitalism in Russia?
You have to say this about this Congress: They’re consistent.
Arrogant in thinking they know what’s best.
And generous in giving away other people’s money.