With growing frenzy about one of the Detroit Big Three automakers going under, the rush is on to fund a new bailout.
What has not been given the attention that it, perhaps, deserves is how much the Detroit automakers have been spending over the years to “win friends and influence” Congressmen and Presidents.
In the last ten years they have spent almost $250 million in lobbying activities, and over the last five presidential election cycles another $20 million in campaign contributions.
It’s not surprising they expect a bailout — they’ve paid for it!
In a new article on the AIER website, I discuss all of these spendings in more detail.