The bailout/loan packages for the Big 3 (That's the three major US automakers) that are now going through congress reek of class bias. Congress (and many of those who hold influential media positions) seem to look down on those people who work with their hands for a living. They passed $-7-0-0 BILLION dollars off to financial companies without so much as reducing the golden parachutes given to Wall Street CEOs, while they ask Chrysler's CEO to take a pay cut to $1. All evidence points to financial institutions hoarding the money, or in some cases, using it to buy smaller, healthier, banks without repairing their own deficiencies. Meanwhile, blue-collar workers are losing their homes because their mortgage company went bankrupt (not because they couldn't pay) and then their jobs are being threatened simply because they dream for a better life. Wanting to be paid well isn't a crime, it's the american dream. The CEOs who get to keep their jobs earn over $1000 a second, while these workers earn about $20 an hour, plus benefits worth about $15 an hour. Congress should call the financial firms and demand some sort of restructuring from ther big banks. Smaller banks have already begun (see Charles Schwab, who became FDIC insured and have weathered much better than, say, WaMu). And Congress should take some of the $700 billon back from AIG and the like and send it to GMAC (GM's Bank), Chrysler Financial (Chrysler's Bank), and Ford Finance (Ford's Bank). They've been hit from all sides, and have stopped leasing cars, and GM will now only loan money to those who have credit score above 900, less than 2% of the US population.
So why are we waiting? So congress can debate whether these "money-grubbing" and "entitled" auto workers can have a job in six months. Pass the bill. Save 1.8 million workers.
Dec 8, 2008
What's with the bailout?
Posted by
Sam Gross
at
7:52 PM
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