According to the news report I heard this morning, the Big Three and our governor, Jennifer Granholm, are earnestly pressing for this. However, (the news reported), some people object because the funds shouldn’t be used to prop up companies that have grossly mismanaged their resources. I paraphrase, but that’s the gist.

So here’s my question: As I recall, the package was precipitated by the apparently impending failure of Fannie Mae and Freddie Mac, plus a few other financial institutions that had apparently either been instrumental in originating most of the mortgages that have since been deemed overly risky (you know, when they went into default – hindsight being 20/20 and all that) or had purchased them as investments (because we know risky investments NEVER fail and ALWAYS bring high returns)…doesn’t it seem like…well, you know…the package was designed for companies that have grossly mismanaged their resources? Or is it just me?

And now I hear the City of Detroit is trying to get in on the action. Well, they definitely qualify as having grossly mismanaged their resources…