Barney Frank is in favor of bailing out the auto industry largely because bankruptcy might “bust” the auto unions. What Barney doesn’t get is that the only way to make the U.S. auto industry a viable industry again is to do just that.

The unions have absolutely crippled the auto industry to the point of near extinction. It’s impossible to stay competitive or get anywhere near competitive when unions have a choke hold on things. It costs an average of $73 an hour to employee a union auto worker. Contrast that with the $43 an hour for the non-union auto workers of Japanese car companies in the U.S.

In a free market system if your business doesn’t generate a profit — you go out of business. The only reason the big 3 auto makers didn’t go bankrupt years ago is because we keep propping them up.

We can give the auto industry 25 billion or 50 billion and it won’t matter. In a few months, they’ll be standing before Congress with their hands out again. Their current business model is simply unsustainable. To keep it going artificially simply for he seek of greedy unions is an outrage.

The fact that Barney Frank is still a member of congress is also an outrage given his responsibility in the Fannie/Freddie mess — but that’s for another day.

-Chris Jones

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This statement from the McCain campaign via Drudge:

MCCAIN: America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen.

Last Friday, I laid out my proposal and I have since discussed my priorities and concerns with the bill the Administration has put forward. Senator Obama has expressed his priorities and concerns.This morning, I met with a group of economic advisers to talk about the proposal on the table and the steps that we should take going forward.I have also spoken with members of Congress to hear their perspective.

It has become clear that no consensus has developed to support the Administration’ proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.

Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me.

I am calling on the President to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem.

We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved.I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night’s debate until we have taken action to address this crisis.

I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people. All we must do to achieve this is temporarily set politics aside, and I am committed to doing so.

Following September 11th, our national leaders came together at a time of crisis. We must show that kind of patriotism now. Americans across our country lament the fact that partisan divisions in Washington have prevented us from addressing our national challenges. Now is our chance to come together to prove that Washington is once again capable of leading this country.

I really just don’t know enough about all this economic stuff to really have an opinion on it. It sounds serious enough that I’m guessing we should probably do something about it, but I’m certainly not convinced that handing over $750 billion dollars to anyone with only a few days discussion is necessarily the most prudent course of action.

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