The U.S. government's $700 billion market rescue plan (BailOut) could assist automakers (Auto Mobile) such as General Motors (GM) Corp by buying up distressed auto loans, a top lawmaker said on Tuesday. "Under the buying up of assets, they could buy up automobile loans," said [Barney Frank], a Massachusetts Democrat who chairs the House Financial Services Committee.

These guys have been living off the SUV market for decades. They deserve to get stripped.

Though the PensIon plans will be a mess. But bailing that out might be cheaper than bailing out the companies, then having to bail out the pensions later anyway.

Note that John Snow, now a Private Equity guy, is lobbying his successor Henry Paulson.

Dec14: Tom Evslin has a Plan C.

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