With Panties In A Huge Wad, Liberals And Union People Furious Over Auto Bailout Rejection

12-13-08

Wait just a minute here I thought the liberals despised the big greedy corporations in this country? You know like GM, Chrysler and Ford. Those nasty evil corporations that plunder the environment of raw materials to build stuff, turn an insanely huge profit on the backs of struggling workers barely getting by on low pay and anemic fringe benefits all the while lining the pockets of all those rich and rascally Republicans.

The liberals and domestic autoworker union members are bellyaching all over the place about the Senate voting down the automaker bailout bill and of course blaming the Republicans for its demise. (While these union people lash out only at the Republicans that voted against the bill and not the Democratic senators that were opposed to it they fail to mention their union gave $1.9 million to Democrats but only $11,500 to Republicans in the 2008 election cycle.) In actuality if the Democrats that voted NO and the ones that didn’t vote at all would have stepped up, including Harry Reid the Senate majority leader, and all voted YES it would have been a done dealeo since at least 10 Republicans voted against the wishes of the American people and followed the herd for passage of this abomination.

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The American people were just as adamant against this automaker bailout as they were to the $700 billion Wall Street free-for-all but for some strange reason our elected representatives, for the most part, don’t seem to get the message. Why are the very people that are asked to foot the bill on these bailouts so opposed to them? Easy, because they have a damn good idea of what will happen when taxpayer funds are distributed to people that more than likely had a large part in the particular financial mess they are now facing. Chances are good they will simply continue down the same path that leads to the problems that got them in trouble in the first place.

Recent data suggests that many borrowers who received help with mortgage modifications earlier this year tended to re-default on their payments, a top U.S. banking regulator said on Monday.

“The results, I confess, were somewhat surprising, and not in a good way,” said John Dugan, head of the U.S. Office of the Comptroller of the Currency, in prepared remarks for a U.S. housing forum.

“Put simply, it shows that over half of mortgage modifications seemed not to be working after six months,” he said.

Mr. Dugan is shocked. Probably because he has little knowledge, like most people working in government, about how the real world works. I guess we just write off the losses again but no worries, it’s not the results that count, it’s that fact that we tried and it’s all “monopoly money” anyway right guys?

I chronicled the outrageous salary and benefits the domestic auto unions have secured for their members here and what strikes me as odd is not a single media article I have come across makes a play for the guy, making three times less than the typical auto worker, having to foot the bill to bail them out! Can you imagine being asked to help someone out that is pulling down over $100K a year putting a right front wheel on a new car in a heated and air conditioned factory when you are lucky to be banking a third of that busting your ass roofing houses? I think many folks would have suggested saving some cash for a rainy day as most people know the automotive market has been in trouble for some time now.

Like I said the liberals hate corporations, evidently too stupid to realize that they are also heavily regulated by their beloved government, so why all of the crocodile tears? Because this is a union saving effort that’s why. Bankruptcy will allow the companies to break the union contracts and start anew putting the domestic automakers on essentially the same level playing field with foreign auto companies building in the U.S. who’s workers are non union. Naturally the union leaders do not want to lose their political clout and fewer members means less union dues heading into Democrat politicians’ campaign coffers.

Toyota and GM sold roughly the same amount of vehicles last year but while Toyota was making a profit GM lost millions of dollars due mainly to company strangling union contracts, inefficient factories largely attributable to union workplace rules, mountains of debt and no doubt some serious problems in management. How will a bailout help automakers out of this predicament?

Ford says it has enough cash on hand to get through 2009 and Chrysler is owned by a company that holds controlling or significant minority interests in companies around the world that currently generate over $100 billion in annual revenues which makes me think they can find a way to take care of their own financial problems. GM seems to be the only company in an immediate world of hurt.

That said there are $25 billion other reasons why so much of the electorate is skeptical about all of these handouts like the homeowners re-defaulting on their bailouts. $25 billion I say? Yes, the money Congress approved as a loan to these very same automakers all the way back in September! That’s right, all of two months ago.


By Richard Simon
September 25, 2008

Acting with unusual speed and bipartisanship, the House of Representatives on Wednesday approved funding for a $25-billion loan program to help the auto industry build more fuel-efficient vehicles.

The aid package enjoyed support from both parties because of its election-year importance to battleground states such as Michigan and Ohio, where many cars are manufactured.

Supporters portrayed the bill as small change compared with the $700-billion Wall Street bailout proposed by the Bush administration, and Michigan lawmakers said they were preparing to seek another $25 billion over the next three years.

“In the midst of all the economic dark clouds that are in the sky, it’s nice to report a bright spot this morning,” Sen. Carl Levin (D-Mich.) said at a Capitol news conference.

Funny I haven’t heard much from the union people or the liberals about this $25 billion already in the pipeline and if these guys are already back before Congress asking for more what the hell is going to happen when the Democrats take complete control of the government in five weeks?

“As a liberal I am already obligated to be pragmatic…”

Yeah, right Bawney. At least you are honest about it not being about saving the companies.

…..from the mouth of one of the chief architects of the current financial crisis. Hang on to your wallet folks, just a regular guy is pretty confident your taxes are about to go sky high.

This entry was posted in Economy, U.S..

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