Automaker bailout - Why I'm losing faith
Does Congress really care about the people?I was just watching some coverage on CNBC about how a number of Wall Street firms are using taxpayer bailout money to fund executive bonuses. Thus, our taxpayer money is funding the bonuses of executives whom lost 100's of billions of our wealth because, according to one expert on the panel, Congress left loopholes in the bailout bill, as usual.
Thus, as we sit on the verge of an automaker bailout, I only feel anger. Yes, I want the US auto industry to succeed. Yes, I want to protect US auto jobs. Yet, I cannot trust this Congress, nor the corporations it protects. This Congress has proven that Democrats and Republicans suck.
Besides, if the auto industry is bailed out, how many more hybrid cars will the US auto industry make next year, or the year after? Probably none.
At this point, I'll take a depression and give my house up to bankruptcy rather than watch any more of my tax dollars go to some incompetent, greedy, rich executive's bonus. Perhaps, the auto industry isn't Wall Street, still I can't take any more, I've lost all faith.
Labels: Congress
posted by Dahcredyns at
6:19 PM
8 Comments:
Goodness, you are starting to sound like me! :)
I think that Congress needs to repeal the Federal Reserve Act and I am always asking my representatives to do such. Of course, they never will. Without the Fed, we would not have wild boom and bust economies and rampant Government spending that includes buyouts. Take a moment to review the not so distant past and see who our government has bailed out in the past...companies like Rockwell, Chrysler and innumerable numbers of banks. Without the Fed, these bailouts are much less likely.
I hate to say it, but I think it will take a private militia and a bloody revolution to get America back on track. Of course, these militia's are allowed in our Constitution and our genius forefathers saw the day when the country would/could digress to a state like today.
700 billion and more our government just authorized. That number is staggering. That money also just came out of thin air as the Fed merrily goes to the printing press and starts collecting the interest.....
Sorry I am rambling, lingered at the bar too long this evening! Something needs to be done and an overthrow of our government and political system (that includes all lobbyists) seems the only way out to me, as awful and destructive and unlikely as it seems...
If I'm not mistaken, the Founders believed a little revolution was in order now and again, especially if the people didn't believe they were being represented.
This bailout proves that Congress doesn't represent the people. Even worse, Congress has spent decades successfully dividing the people.
Why?
The majority of the wealth in this country is owned by less than 1 percent of the population. Why should the rest of us be so divided? We're fighting over crumbs.
It simply doesn't make sense, except for those whom control us, and keeping us divided makes us so much easier to control.
Damn, I wish I had stopped at the bar today.
I hear you. The thing that pisses me off the most about the car buyout is it rewards idiocy. I feel for those people that rely on the jobs from the auto industry - but how can you sustain businesses that have no common sense from management? That doesn't make sense at all to bail these CEOs out. If it is about jobs - put the money into forward thinking (be emphasis on thinking) companies or industries that would create jobs with the boost. Even if it means giving a bunch of tax breaks or money to a foreign car company to take over or build a factory - at least they have some sense.
Ha - must have touched a nerve. Thanks for your post.
Dahc...
I think you're seeing the light as I am. I've been saying this all along.
Screw these companies. They deserve to go under...plain and simple.
What's amazing is that such activity would have been considered illegal and done in private out of public view. Now look what's happening...everything is out in the open and done in front of our eyes.
This is how pathetic and dumb the population has become.
I have no faith whatsoever in people of this country...no matter what is said. I just don't.
That's funny!
I called and e-mailed all three of my Congressional reps and begged them not to vote for the bailout, to no avail. Then I saw reports where 80 percent of all respondents to Washington were opposed. So what gives? Just like you said, Congress no longer listens to its constituents and merely makes decisions based upon their own higher intellect! As if... :)
How refreshing would it be to see a Senator or Representative being interviewed on CNN saying, "My constituents stated loud and clear that such and such, and that is how I made my decision". I think we would all fall over if that happened!
Well, I would like to say that I think the Big 3 are far more deserving of a bailout than Wall Street, and I think Wall Street's handling of this bailout proves that quite clearly.
Most of the executives running the Big 3 weren't the ones making decades of bad decisions. Really, it's the boards of these companies - the same people that run and profit from Wall Street - that are most at blame. For these people, shareholder value is ALL that matters.
I just think bailouts are a sign of bad business. Do bailouts really fix bad business models?
After a great fire, new growth emerges. Sometimes destruction is healthy, and that's what I think America needs - creative destruction - not just in the auto industry, but on Wall Street, and, more important, in Congress.
That's why i'll be voting against every Congressional incumbent again this election, as I do every election.
Obama can't Barack decades of Congressional incompetence.
How can any wall street firm that accepted a bailout give out any bonuses? It's unbelievable and disheartening.
contractual obligations. these bonus contracts were written before the bailout was needed and as long as the companies are still in business then the contracts are still applicable. congress either totally over looked this, didn't think about, or didn't really care.
hopefully, with public pressure, which is building, many of these bonuses will be reduced as a PR matter, but i doubt it.
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