Saturday, September 23, 2006

The DM&E bailout: this isn’t what Republican control of Congress was supposed to mean...

Porkbusters... a $2.3 billion loan to a failing and unnecessary - but politically well-connected - railroad.
What makes the DM&E expansion so special, and worthy of such a huge loan? Absolutely nothing. Two railroads already service the coalfields. DM&E itself is among the worst-run railroads in the country, with the worst safety record of the major railroads. It is financially overextended already, and if the feds approve this loan, they will have a debt-to-equity ratio almost twice the industry average.

Citizens against government wasteMore here... Taxpayers Could be Railroaded by Largest Ever Government Bailout to Private Company. George Landrith, President of Frontiers of Freedom Institute:
"The American taxpayer is being railroaded again...

"This enormous government giveaway is a textbook example of a stealth pork project that drives up the federal deficit. Congress and the President should put a stop to it...

"The loan and the secret way it was engineered are outrageous. We don't even know who we're giving billions of tax dollars to, because we don't know who owners of the privately-held DM&E railroad are...

"The magnitude of this secret bailout is stunning. It is larger than the famous Chrysler bailout, which was debated vigorously in the halls of Congress and by the American people, but in this case almost no one knows it's happening"
Oxymoron: "Big government Republicans".

Update: Pork bill signing... bloggers leading the way!

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