Obama to Detroit: Drop Dead?
From WaPo: "Neither General Motors nor Chrysler submitted acceptable plans to receive more federal bailout money, the Obama administration said as it set the stage for a crisis in Detroit that would dramatically reshape the nation's auto industry."
Funny how if your business involves moving money around or paying off CDS bets by the billions to foreign banks, you're prima facie viable and worthy of tens of billions in Federal bailout money; but if your business actually makes real stuff - that Americans actually buy and would have to be made up for in more $billions of imports if you stopped making it - USG suddenly gets real picky about your business model.
Funny how if your business involves moving money around or paying off CDS bets by the billions to foreign banks, you're prima facie viable and worthy of tens of billions in Federal bailout money; but if your business actually makes real stuff - that Americans actually buy and would have to be made up for in more $billions of imports if you stopped making it - USG suddenly gets real picky about your business model.
posted by ziel | 3/30/2009 07:49:00 AM
2 Comments:
GM and Chrysler's backs are against the wall for certain now. They only have one option...........they will have to tell their retirees "sorry" and stop paying retirement, throwing these people on the state. Thats the only thing they can do to hope to be viable.
Obama has no idea about wealth and how its created. Bush didn't either. We have had mediocrity after mediocrity for so long now.
If people were allowed to "invest" in foreign brokerages instead of Wall Street, Wall Street would find out just how "viable" it was in merely a few years. Do you know who is flourishing in our economy? Those whose employment cannot be outsourced, and no competition has been insourced to compete with it-----lawyers, health care, retirement planning (the company that handles your 401), banking, government jobs, etc.
I rather suspect there is a strong PR aspect to this "tough" stance against Detroit. After the fiasco with the AIG bailout bonus money, Obama's handlers probably felt it was necessary to burnish his image by posturing against some corporate fat cats. The MSM,ever in his hip pocket, obligingly gives us the "Obama fires Rick Wagonner" headlines.
As to the obvious preference for the Wall Street "financial products" crew, as opposed to the heartland, actually makes a usefull product industry. Curious and curiouser. Perhaps Wall Street knows who to pay off, or maybe there is some special affinity between the banksters and Obama's handlers. Oh, I don't know, educational backgroud, ethnic or whatever.
Post a Comment
<< Home