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The announcement of the GM/Chrysler bankruptcy President Obama’s Press Conference on GM and reorganization has caused a flurry of heated debate and criticism, but very little of it talks about the key message: we’ve bailed out banks – a corrupt industry full of mainly white men who made bazillions off the average working American, but regulated the auto industry – one comprised mainly of blue collar working Americans.
I don’t get it. And I certainly don’t get the outrage, finger pointing, fear and concern of regulation. If anything, I’m pissed off as hell that one more time, the average worker gets a kick…while meantime, it’s business as normal on Wall Street. You know everything is just hunky dory in the banking industry….because, er, that’s what the banks are saying:
Housing crisis – it’s over, it’s not as bad as everyone says it is yet foreclosures are up even higher than predicted.
Economy: it’s recovering and we’re making gains, yet Unemployment is up and the real numbers of unemployment are actually higher. I have questions reports of declining unemployment claims as a good sign – it’s more likely a sign of benefits expiring and the recipient no longer entitled to them, not a change in job status.
Credit Cards – don’t even get me started here. But . Yet despite this, the senate voted against limiting credit card interest rates. And instead, the Administration touted the passing of a Credit Card Reform Act that forces credit card companies to notify us of changes in terms, fee disclosures, interest rate increase notifications and that’s about it.
Certainly there are many more examples and deeper discussions in just these two areas, but my point here is this: how come the financial industry (aka banks, credit card companies, student loan lenders, mortgage service providers et al) aren’t regulated, or at the very least audited or even more, have the book thrown at them?
From what I can gather, weren’t they the ones who created the housing mess, contributed to rising interest costs while grossing unbelievable amounts of money and then when things turned south, they got bailed out with taxpayer dollars???? This makes absolutely no sense whatsoever. While Madoff is on trial, not one of the leading lenders or mortgage service providers have been held accountable for what has been likened to the biggest ponzi scheme of our time. Sounds fair and equitable right?
But as the President points out: “the plan is fair – it will require the United Auto Workers to make further cuts in compensation and retiree benefits….” While I don’t applaud the managers / leaders of GM, how it’s “fair” to ask auto workers to agree to cuts in compensation and retiree benefits without asking the banking industry to do the same seems like a double standard, and I do share the sentiments of putting American workers first and getting back to rethinking manufacturing here in this country versus outsourcing.
One of the most angering (I want to slap the face off this asswipe)interviews aired today featured (who else) but – though I have to say, the Mayor spit right back in his face (video is at the bottom of the page).
At least someone had a reasonable thought around all this – thank you Jason Linkins.
The auto workers have been hit hard time and time again, yet meantime, it’s kid gloves and a slap on the wrist for those on Wall Street – this from a President who generally advocates on behalf of the average person.
From my perspective, it’s looking more and more like the banks are the ones running this country, not our government. What do YOU think? |
