“We also have other auto manufacturers who are doing quite well,” McConnell said, naming Toyota’s Georgetown, Ky., operation. “It happens not to be American companies and that is sad. But it’s not like we don’t have success in the auto industry. We do.”
Toyota, in fact, has seen its stock drop more than 50 percent since the beginning of the year:
McConnell, along with Sens. Richard Shelby (R-AL) and Bob Corker (R-TN), may have their own “parochial interests” at heart when staunchly opposing the auto-bailout. “If Detroit folds, then that’s way more market share for Japanese-owned, non-union factories in their home states,” Matt Yglesias notes.