So, let me get this straight. The Senate said they would not support the auto industry bailout because they want the United Auto Workers to agree to a pay cut?I guess that makes sense. Yeah, that makes sense. Why should we help the auto industry to pay employees the money they deserve for actually doing their jobs when their bosses can't do it themselves? I think the American taxpayers' money is much better spent helping to pay multi-million dollar bonuses (or bonii as Mr. Burns would say) to bank executives whose "great leadership" translated in to millions of dollars in losses for their organizations.
On the surface, you probably think that sounds like an asinine comment, and you'd be right. But, that's exactly what the Senate is saying by approving the $700 billion bailout for the banking industry and rejecting the auto industry's bailout request for $34 billion.
Now, RoadRage doesn't like giving handouts to anyone, but I think that the auto industry deserves a little helping hand right now. While it may not be the "backbone' of the country's economy any more, the auto industry plays a tremendous role and employs hundreds of thousands of people across the U.S. -- add in the people employed by service providers and other industries in business due to the auto industry, and that number is in the millions.
If the auto industry fails, millions of jobs would be in jeopardy, and the billions of dollars these people would pour back into the economy would be lost, leading to even harder times for the nation.
So, Senate leaders, I implore you to take your collective head out of your collective ass, and get this passed, so that we can save the "Big Three" before they fail and bring the country's economy even further down into a black hole.
Personally, I much rather help save auto manufacturers than the banking industry. Why? Because, the ineptness that is prevalent in the auto industry can be corrected -- this money can actually do some good for the ailing auto manufacturers, and I think they can turn their fortunes around.
And, while you can help ineptness, you can't cure greed. By throwing money at the banking industry, were just putting money into the hands of executives who are more interested in their own welfare than how the banks are going to help the nation's economy (the reason they were given the money in the first place). Banking executives have proven their greed by seeking exorbitant bonuses for themselves and spending hundreds of thousands on parties to celebrate the bailout approval.
But, more importantly... why haven't banks started giving out more business loans and personal loans to help jump-start the economy? What are they doing with the money they have already received, besides pocketing it for themselves?
It's all bull shit, and the Senate needs to take a look at that right after they approve the auto industry bailout.
But, right now, I say the U.S. Senate sucks!
RoadRage
1 comment:
Yes the U.S. Senate does suck.
The banks are doing what they were doing before and taking our tax dollars and making speculative investments.
I am glad Congress didn't do the same thing again and give G.M. and Chrysler the money because giving them the money will not incentivize the consumer to buy their products. Senator Harkin (D) from Iowa, suggested that the money be given to low-income wage earners who have been driving a ten year old beater for more than year. The government would give vouchers to the consumer and they would leave their car at the dealer to be destroyed by the government; they would be obligated to purchase a car that gets at least 25MPG. I thought that was a great plan and it would really stimulate the economy (and keep government out of the auto industry). If the car industry gets the money the consumers still won't be able to buy.
The UAW has made our American auto industry less competitive with the foreign auto industry here on our own land. I think the southern Republicans have a point about the unions. In the south, Americans are working for great wages at Nissan and Toyota with benefits. I think unions are fine if you live in a "Right to Work" state, but if you don't, it's just plain strong arming the workers of the states where there is no choice. When you have to pay "fair share" to unions, they become more powerful than the individual's rights.
The public was against the Wall Street bail-out, but Congress did it anyway...we no longer live in country with representative government and I think it will get worse before it gets better. Where have "Checks and Balances" gone?
"If the auto industry fails, millions of jobs would be in jeopardy, and the billions of dollars these people would pour back into the economy would be lost, leading to even harder times for the nation." You're right, but I don't think the bailout (loan) would solve the problem; it would just put it off for a month. Congress got us into this mess in the first place; both sides.
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