During the almost 2 year long race to be the next President, I didn't once post something political. I guess I did, but it was in the form of comments on Pete's blog. But this is when I feel the need to post something controversial.
I site here as I do most mornings eating cereal, drinking coffee, and reading the Times online. I have been keeping an eye on the bailout of the American Auto Industry and I am finally scared of the decision. A month ago it seemed as if Washington was going to sit back and do nothing, after all the falling stocks of GM and Chrysler are just following everything else.
As of this morning it appears that the Democrats are ready to hand over $25 billion to the Big Three. I know unemployment is up and jobs have been lost, Vail Resorts just fired 50 people and eliminated 92 open jobs. Is the American public ready and more importantly do they understand that the government may be the biggest shareholders in some pretty powerful companies?
Please take a few minutes to read this New York Times article. And pay attention to the fact that Congress only "hopes" they know what Mr. Paulson will do and the fact that the $25 billion is only the beginning.
I'm sorry if this seems like a heated rant but I'm scared of what a bunch of people are doing and are capable of doing when they don't have a real grasp of our economic plight.
Handcuff's
15 years ago
6 comments:
Didn't read the article but I attended a good speech in which the speaker was asked about the Auto bailout. He responded that at the current loss rate, the $25B will last 3.4months. If they can fix their business model in 3.4 months, then it makes sense to give them the money, if not....
BTW - how is the snow?
Fix it in 3.4 months? Doesn't seem likely since Ford is going on 100 years and they have always been concerned with quarterly earnings.
Snow? Not bad, it is coming finally and I did hit a run during work today where it was about 8" of powder. Finally, no more man made crap.
Exactly the point that the speaker was making. Mgmt problems, union problems, product problems, too large of a dealer network, etc, etc,
i've said it before....
our economy is in the pits because of greed.
everyone is guilty.
plenty of blame to go around.
hope you're having fun in colorado, buddy.
The banks are the criminals and have been for years. They are to blame for our downfall yet we gave them billions like it was nothing.
Chad
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