When Congress just gave $700 Billion dollars in bailout money to Wall Street, without conditions or oversight?  This inquiring mind would like to know, because my personal opinion is that any industry that was foolish enough to use deregulation to feed at the corporate trough and bleed it dry – usually they have to do what other failing businesses do; either file a Chapter 11 BK and reorganize, or go out of business, and usually take the local economies with them.  Now that the Auto Industry is coming jet in hand to ask for a handout from Congress, suddenly, Congress wants to act like they’re going to provide oversight:

Democrats insist their plan would put conditions on the companies in return for the loans. House Speaker Nancy Pelosi said Saturday that to qualify, automakers would have to commit to producing more fuel-efficient vehicles using new technologies, and craft a new restructuring plan to “assure the long-term viability of the industry.”

And the detractors like Hank Paulson, are against it because:

Democrats are pushing a measure that could force the Bush administration to tap into the $700 billion Congress approved to rescue Wall Street and offer automakers a loan in return for an equity stake. (emphasis mine)

What is most confusing to me is the auto industry isn’t even asking for 5% of what Wall Street got in bailout money.  Not to mention that 52% of the $700 billion is already earmarked for CEO bonuses and hoped we taxpayers wouldn’t notice.

I already pay 35-40% of what salary I used to earn in taxes.  I can’t afford to pay bailout money to anybody and my relatives already know if they get thrown in jail, don’t call me because I have no money to spare for bail.  If I had to choose, the auto industry should get the bailout package, and stop the check to Wall Street until it agrees to come under regulatory oversight and accounting of where the money will go and to whom.  First step would be to stop that first check paying out a portion of the $700 billion dollars to the Financial Industry until they tell Congress no CEOs are going to get bonuses this year or in the years to come until they show a profit.

I don’t know about y’all, but I’m tired of getting taken for rides I didn’t ask to go on.

Related Posts with Thumbnails