Marathon Pundit: Report from the bloggers' conference call with Sen. Lamar Alexander about the Auto Stock for Every Taxpayer Act

Sen. Lamar Alexander (R-TN) possesses a great deal of common-sense, which is a commodity in short supply in Washington these days.

The morning I joined in on a bloggers' conference call with the onetime governor, who has a lot to say about the government's takeover of General Motors--and how the feds should divest itself of the former auto behemoth.

Unless you've been living under a rock--or in the trunk of an old American Motors' Gremlin, you know that the federal government owns 60 percent of General Motors and eight percent of Chrysler.

This is not change that I can believe in.

Nor is it change Alexander believes in.

He has an exit strategy for the federal government--it's his "Auto Stock for Every Taxpayer Act."

Talking about that bill, Alexander said, "It would require the government within a year after GM comes out of bankruptcy to distribute all of the stock the government owns in GM and Chrysler to the 120 million or so Americans who pay taxes on April 15."

"This is the fastest way to get the auto stock out of the hands of the government," the Tennessean added, "and into the hands of the taxpayers."

What does your humble blogger think? I believe the government, which by the way operates Amtrak, badly, needs to get out of the car business.

Alexander is in a generous mood these days. Noting that this morning the president named another czar, a pay czar, the senator said he's giving out "car czar" awards.

The first recipient is Rep. Barney Frank (D-MA), who Alexander said, called the president of GM and convinced him not to close a warehouse in Massachusetts.

"The single biggest impediment to the success of the car companies, Alexander stated, "may be the political the political meddlers in Washington."

About that meddling, Alexander added, "They're probably 60 committees and subcommittees that have the authority to investigate and hold hearings--and they probably will--and the car managers will never have the chance to make a car, they'll be reduced to the status of some unfortunate assistant secretary who is traipsing from subcommittee to subcommittee carrying a briefing book."

What do the Democrats think about his legislation? "I haven't much about much from the Democrats (about the bill).

As for how those GM and Chrysler shares should be divided, rather than giving those who pay the most taxes the highest amount of shares, Alexander proposes dividing them equally.

The senator also address something that has been troubling a lot of Americans, the unfair treatment of secured creditors as the GM and Chrysler bankruptcies have played out. "The private property and the rule of law are essential to the American character," Alexander explained, "and we've damaged both in this (bankruptcy) proceeding."

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