If anyone else had gone to Washington and gave Congress an ultimatum that if they didn’t give $25 billion to bail their company out of hot water or one to three million people would lose their jobs and throw America into economic ruin, they would be going to prison on charges or extortion. But this is the Big 3, so people will be looking the other way.
You wont be seeing those headlines because General Motors (GM), Ford, and Daimler feel they are above the law and the main stream media doesn’t recognize extortion since they don’t even recognize that they committed treason many times over while reporting on military matters based on the fact that it was news and it’s freedom of the press (which is a different story for another time).
President Bush felt it was necessary to “help out” the economy even though it isn’t his responsibility to bail out businesses who fail at being a profitable business, by offering a $700 billion safety net. The House of Representatives were smart enough to vote it down. However, the Senate wasn’t so bright, and they passed the measure.
At that time, I stated it was a huge mistake and it would set a trend that this country doesn’t need to start. Company after company have gotten in line for tax payers money to save their failed mortgage companies, banks, and so on. Remember Bear and Stearns, one of the largest global investment banks and securities trading and brokerage firms, got a huge handout of tax payers dollars. Blew that wad, and then sold out to JPMorgan Chase.
Having contributed a combined $1,842,297 to federal candidates, according to data gathered by the Center for Responsive Politics, Fannie Mae and Freddie Mac stepped up to the line asking for handouts. AIG is on the rescue list. This trend should never have started but at least these failing companies only “asked” for help. The big 3 went over the line and is attempting to extort the government and the American citizens.
I’m afraid I have to say two things, let them fail and arrest the big 3. But wont that kill the economy? Michigan Gov. Jennifer Granholm answers questions during a news conference in Troy, Mich., Wednesday, Nov. 12, 2008. Granholm said that “the crisis in the auto industry is urgent”, arguing that “the national economy rests on this”. However this can not be farther from the truth. The Japanese’s own Big 3- Toyota, Nissan, Honda, and other prominent foreign car manufacturers are ready and waiting to fill the production capacity and demand vacuum left by the Big 3’s failure to continue dominating the North American market.
Another cause for this failing business, unions. Union workers get on average double to triple the wages of a non-union worker. If union workers are laid off, the big 3 are required by contract to pay 95% of their base pay during the time they are laid off. These among other costs not mentioned have to be absorbed by the companies which ultimately go into the sale of the vehicle.
So what do we have here: Car companies who charge us 3 times what they should be for the sale of a vehicle, Car companies who would rather (according to their bean counters) pay out on lawsuits for wrongful death caused by their malfunctioning vehicles rather than fix the defects because its “more cost effective” to pay the lawsuits than recall vehicles, Car companies who have fought for years not to produce more and more fuel efficient vehicles because there isn’t a big enough profit in the effort, (and the list goes on) and now they want our tax dollars to bail them out of their failing business?!?!
LET THEM FAIL! The answer here is simply that they need to file bankruptcy like every other failing business which isn’t an honorable thing to do when you fail, but it is the right thing to do in this situation. Suck it up and file.
My Fellow Americans, Call your Senators and tell them to STOP the trend. Its going to have a lasting ill-effect for the next 30+ years and our children will be paying the price.
Bravo! as always. Once upon a time companies thrived or failed on their own merits…. not on the backs of all of us…
Happy Day After, Scary Dragon Guy!
Thank you for your comment Angel. Congressmen and Congresswomen are hired to be the voice of the people in government. I don’t recall hearing a public outcry to our representatives to hand over our tax dollars to failing businesses, let alone being asked which businesses we would favor to bail out. It’s been far too long since our representatives have felt their jobs on the line. The one single qualification to be in congress should be “will you be the voice of the public or not?” and do “our” bidding, not dictate to us what they are doing in congress against our wishes.