By John Auchter
Admittedly, comparing the financial crisis that precipitated the Great Recession to the one we’re currently experiencing is kinda apples-to-oranges.
Go back with me a dozen years to a time when senators from southern states pontificated at great length about budget deficits and fiscal restraint. Remember how they knitted their collective brows in grave concern about prudent spending of taxpayer money. In particular how Senator Richard Shelby threatened filibuster over bailing out automakers calling the money a “bridge loan to nowhere.”
As we now know, those loans turned out to be a pretty good deal — for Michigan and the country. Our manufacturing base was saved, the loans were paid back, and we enjoyed a decade of tremendous prosperity. I hope we will be able to say the same about the current bailout to the travel and lodging industry. It’s just more than a little galling the way those same senators are selling this bailout to us.