Big Three Bailout?
Posted by eemilla on November 14, 2008
While I cannot imagine anyone who would argue that failure from the Big Three US auto makers would be devastating to our slumping economy, I am enraged that anyone is even suggesting that Detroit deserves a bailout. The financial industry has been overly greedy, and no, I don’t believe they deserved a bail out; however, Detroit has been in jeopardy since the eighties. I watched Roger and Me over ten years ago. Since the Big Three seem to blame all of their financial woes on their pensions and the credit crunch, it seems to me that they should’ve gotten behind universal healthcare years ago. However, I think we should be realistic and place the blame where it truly belongs: greedy short sightedness. Detroit should not have stood in the way of producing higher fuel efficiency vehicles for the past twenty years; they should have gotten behind universal healthcare. Research and development money should have been spent on more fuel options not more cup holders and DVD players.
It is outrageous that this bailout was passed in the first place, and who is going to be brave enough to stand up and say enough is enough?
I am not an economist, but I want the bailout to stop going to corporations that have been exacerbating the gap between the classes in this country; I am angry that although the banks have been given the cash injection, they still don’t want to lend. It disgusts me that Congress has no problem writing checks to major corporations with huge accounting departments that should know better, but there is never enough money for healthcare. There is never enough money for a public transportation initiative, and even after the August 2007 bridge collapse which followed the 2005 levy failure, there isn’t enough money to maintain the existing infrastructure of this country.
Enough with excessive and reckless corporate welfare; help the unemployment and underemployment problem by putting people to work on both our aging infrastructure and the infrastructure of new energy. Follow Senator Clinton’s plan to give funds to cities and local governments so they can purchase foreclosed homes, and help homeowner’s get their stupid and reckless loans refinanced; if taxpayers have to help out people that made bad decisions and should have known better, I would rather help out those that don’t have finance degrees over those that do. Assistance should go to actual citizens not corporations.
Not that I do not enjoy a lump sum payment from out of nowhere, but I think it would be pandering and ill advised to dole out another economic stimulus payment to the general public. I don’t recall exactly where I heard this, but someone said that a repeat of the recent payments would be a nice boon to China and Mall Wart as everyone would rush to buy another big ticket television or maybe just more cheap, plastic crap. Besides, spending too much is part of what created this nasty mess.
Sacrifice and conservation are on the menu for the foreseeable future, and I hope we can take this opportunity to improve our country and economy.